This the Cowrie Exchange approach to anti-money laundering (AML) and know-your-customer (KYC) processes
Money laundering is the process whereby the financial proceeds of a crime are disguised to give the impression of legitimate income. Often criminals target financial service providers through which they attempt to launder criminal proceeds without raising suspicion. In many cases, laundered funds are used to fund further crime or to finance terrorism. Sometimes both.
As a means to combat money laundering and to counter terrorist financing (CTF), most countries have implemented AML and CTF legislation which imposes obligations on financial service providers. Although it is not always clear in some of our countries, where we have a presence, whether these obligations fall on cryptocurrency providers, these laws, together with guidance from regulators, applicable task forces and industry best practice, form the cornerstone of Luno’s approach to AML and CTF. As such, Cowrie Exchange has implemented systems and controls that meet the standards applicable to regulated sectors such as banking. This decision reflects our desire to prevent money laundering and terrorist financing.

Key components of our AML and CTF framework include the following: