TrustLabs is registered as a federal Money Service Business with the Fincen Crimes Enforcement Division (FinCEN). Therefore, we must adhere to certain regulatory requirements.
Know Your Customer (KYC) is a regulatory and legal requirement for banks and other financial institutions to identify and verify the identity of their clients. We do this to be compliant with various anti-money laundering (AML) and counter-terrorism financing (CFT) regulations.
KYC is accomplished by verifying various documentation and information obtained from the customers against a pre-approved list of sources. The ultimate goal is to ensure that TrustLabs is successful in keeping suspicious activity off its platform.