AML stands for Anti-Money Laundering, and KYC stands for Know Your Customer.
They’re part of the checks financial companies use to understand who their customers are, keep accounts secure and help prevent financial crime.
What is KYC?
KYC is the process of confirming that you are really you.
When you create a Calen account, we may ask for information such as:
Your full legal name
Date of birth
Address
Country of residence
A valid government-issued ID
A selfie or facial verification check
Depending on your account and activity, we may also ask for additional information later.
What is AML?
AML refers to the systems and processes financial companies use to help prevent money laundering, terrorist financing, fraud and other financial crime.
This can include:
Verifying customers
Monitoring transactions
Screening against sanctions and other relevant lists
Reviewing unusual activity
Asking for information about the source or purpose of funds where necessary
Why does Calen need to do this?
Because moving money safely means knowing who is using the platform and understanding activity that may present a higher risk.
These checks help us:
Protect your account from fraud
Stop people from using Calen for illegal activity
Keep the platform safe for everyone
Meet the legal and regulatory requirements that apply to financial services
Think of it in the same way as opening an account with a bank or another regulated financial service. They need to know who you are before giving you access to financial products. Calen does the same to help keep your money and the platform secure.