Frequently Asked Questions for AML / KYC / CFT / CIP / Compliance

Who is responsible for anti-money laundering? Know your customer? Compliance?

The solution provider is. That is the beauty of this setup. You are not legally responsible for any such issues as AML, CFT, PF, KYC, KYCC, CIP, Compliance. All the 3-letter acronyms you can throw at it, the service provider is responsible for it. You are not responsible for such areas.

Needless to say, if you are a licensed entity, then you are responsible for regulatory compliance.

Who does the ID verification? Do I have to hire a third-party company for this or it is included in the software?

The solution provider does and it is provided in the API.

Aside From the API only to be provided by PLH, are we required to integrate any form of KYC on our platform or apps hence the PLH is the one responsible for KYC?

The API itself would integrate and provide you with the necessary KYC mechanics. You do not need to integrate with any other else.

Who will be in charge of ID verification process or KYC process? Will it be myself or someone else?

The principal license holder (i.e. the solution provider) is responsible for it. Not you. The API has the KYC mechanics built into it.

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