Stablehouse is a regulated financial services company operating in Bermuda. As such, we are required to identify anyone who wishes to use our platform. Identity verification ensures that we remain in compliance with KYC/AML laws in the jurisdictions in which we operate.
AML, short for Anti-Money Laundering, refers to a set of laws, regulations, and procedures implemented to combat the illegal activity of disguising unlawfully obtained funds as legitimate income. The primary objective of AML measures is to detect and prevent money laundering, as well as the financing of terrorism.
KYC, also known as Know Your Customer or Know Your Client, is a standard practice in various industries, particularly in finance and investment. It serves to protect both clients and service providers by ensuring that detailed information about customers is obtained and verified. KYC requires businesses to collect essential data about their clients, including their identity, financial status, risk tolerance, and investment knowledge.
AML and KYC go hand in hand as they are interconnected processes that help identify and confirm the authenticity of customers. They involve multiple steps and checks to prevent the creation and misuse of fraudulent accounts, ultimately aiming to deter and detect money laundering and terrorist financing activities.