Blockchain Academy
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AML

AML refers to all activities of preventing, discovering, and reporting the crime of money laundering of finance companies. The purpose of this anti-money laundering law and regulations is to eliminate the motivation of financial crimes beforehand by strong restriction of profits of crime, to block the crimes committed, to preclude continuous crime activities, so to keep the normal economic activities safe.

In case of ICO, which is a way of obtaining the invested funds by crowdfunding, the investors invest and get tokens in return. Since a token is a digital asset, the government demands the ICO companies to follow AML. In actual, the personal information such as KYC, which asks the investors at some level to show their faces with a matching ID card, or the copy of bank statements, or the ID card with the actual addresses is required from the investors.

The actual procedure of AML is as follows.

(Image source : www.datamation.co.kr)