Check wallets for Illicit funds | AML Check

Written by Elizabeth Saul

28 Sep 2020

AML Check

By accepting illicit funds, you may be allowing criminals to use you for illegal activities.
AML Check will give you confidence that your funds are clean.

What is AML?

As a relatively new type of currency, crypto became attractive for money-launders, terrorism financing, and other financial criminals, which was quickly noticed by governments and financial regulators. At that point, financial institutions dealing with crypto have been racing to make themselves fully compliant with all applicable regulations.

Anti-Money Laundering (AML) is a comprehensive set of processes, regulations, and rules that together cohesively combat money laundering, terrorism funding, and other financial crimes such as identity fraud.
AML aims to detect and disrupt money laundering activities.

How does it work?

Guarda partnered up with AML Bot to screen crypto wallets and transactions for connections to illicit activities. This is required to maintain compliance with supervisory authorities and can protect you from fraudsters.

Why would I need it?

By accepting funds from suspicious wallets, you run the risk of regulatory actions from supervisory authorities. A simple AML check can help you avoid that.

Even if this may not occur, your wallet could be marked as having illicit funds associated with it. Consequently, your reputation may be jeopardized for an extended period. What happens on the blockchain remains on the blockchain forever.

Great! What’s next?

Next, you’d need to download or open if it is already installed Guarda Mobile app for iOS or Android. Go to the main menu, and choose “AML check” in the additional menu at the top left. As of right now, you can do 5 free checks, if you are interested in more then make sure to subscribe to our newsletter and we will let you know when paid options will be available.

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