How to Verify Your Account on SpectroCoin

Until recently, SpectroCoin users could enjoy a variety of our services without having to go through a KYC verification procedure. However, as a company, we operate under the EU AML regime and applicable local laws. With the 5th Anti-Money-Laundering Directive being transposed into countries’ laws effectively from January 10, 2020 (further referred to as AML5 regulations), all SpectroCoin users will be required to verify their accounts. Otherwise, we will not be able to provide you with our services.

We are well aware that a profile verification procedure can be a time-consuming endeavor; however, with a comprehensive overview of the entire process, and an in-depth guide – you will have a fully verified SpectroCoin account in no time at all.

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AML5: Same Rules for Everyone

This post has been updated on January 16th, 2020, after the transposition of the EU AML5 directive.

The boom of new cryptocurrencies issued through ICOs and the rising interest in the crypto market have led to the implementation of regulatory requirements for the entire financial market. In 2018, the European Parliament issued a proposal for the AML5 directive, which was transposed to local laws of all EU countries by January 10th, 2020 – in some countries, it happened even earlier, in mid-2019. AML5 is a commonly used abbreviation for the fifth EU Directive on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing.

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