AML Requirements

The KYC process checks the source of funds raised. We do so by verifying each buyer’s identity and residency. This is required by governments and regulators, but also by the banks, large corporations, and public bodies.

Identity

Basepay accepts the following documents for identity verification: Passport, identity card or drivers license that is internationally recognized.

Address

Address verification requires a utility bill, bank statement or an official government letter that shows your address.

Anti Money Laundering

Watch the video to learn more.

Added Benefits

• Credible to Banks
• Required by SCP
• Reduce Fraud
• Government Compliant
• Long Term Legitimacy
• Protect Token Holders

Compliance Protocol

Complying with Anti-Money Laundering (AML) laws requires financial institutions (FIs) to know not only who their customers are sending money to but who their customers are receiving money from. In some jurisdictions banks are able to trust the AML procedures of other licensed banks. In other jurisdictions each bank must do its own sanction checking of both the sender and the receiver. The Compliance Protocol handles all these scenarios.

Compliance Server

The task of an anchor is handling regulatory compliance, like Anti-Money Laundering (AML). To accomplish that, you should use the Stellar compliance protocol, a standard way to exchange compliance information and pre-approve a transaction with another financial institution.

Join the Revolution

Basepay is a fee-less digital payment application in development for the web, iOS and Android. Designed for SCP: Stellar Consensus Protocol; a construction for (FBA) federated Byzantine agreements and powered by the Basepay token.

Financial Inclusion

Basepay leverages the Stellar Platform to promote financial inclusion worldwide through an ecosystem of consumer-facing financial technologies: virtual cards, merchant POS interface, digital asset trading, crypto loans and a digitized wallet.