Dear friends, have you already heard the news about the situation at the well-known LocalBitcoins exchange? Last week first complaints started to be raised by the exchange users from several countries. Clients’ accounts were blocked and deleted without any specific reason making it impossible for them to withdraw bitcoins from their accounts. Some users link this incident to the European Union’s new AML law and the requirement to expand the scope of application of AML measures thereby removing anonymity intrinsic to transactions with virtual currencies in order to prevent their fraudulent use.
The WDIA shares the concern of the clients of the LocalBitсoins and considers that no such incidents shall occur! This is why we give specific attention to the problem of compliance with AML and KYC requirements in today’s digital world. To avoid fraud by users, we create the possibility for partner companies to share their experience of working with specific clients. Furthermore, if one of providers would notice suspicious activity on a user’s account other members of the company would become aware of this and would notify the client of a possible problem.