Transaction Review

What does transaction review mean

This is a standard procedure that helps us understand that cryptocurrency assets do not pose any risk to our service or our clients' funds. Due to the specific features of blockchain technologies, crypto assets are always associated with certain risks. Malicious users often use the anonymity of the blockchain for illegal schemes or as a tool for legalizing funds.

Wallet is a custodial service that operates in accordance with the regulatory requirements, so we must perform AML review. Wallet reviews all transactions to comply with cryptocurrency business standards and the regulator's requirements.

What is the transaction review performed for

  1. Combating illegal activities: reviews help detect suspicious patterns and high-risk transactions associated with money laundering, terrorism funding, or other illegal activities.
  2. Law Compliance: we must comply with the law and regulatory requirements, including KYC (Know Your Customer) and AML (Anti-Money Laundering), prevention of terrorism funding and violation of international sanctions.
  3. Users’ protection: transaction reviews enhance user safety by preventing security threats and financial risks.
  4. Business Image protection: Wallet, like other cryptocurrency services, aims to uphold its reputation as a reliable and secure platform, thus making transaction reviews essential for the platform.

How long it takes to review the transaction

Due to the increased load, the transaction review time may increase up to 4 business days. In rare cases, it may require more time or additional information from the user for analysis.

For example, it may be identity verification, information about sender or recipient, proof of address or proof of funds document. In such a case, we will send you a notification in the chat with Wallet with the further instructions if we need some more time for the review.

You can find Wallet’s terms in the User Agreement here.

Which documents are accepted as Source of Funds or Wealth

In some cases we may ask for the documents confirming the source of the cryptocurrency, funds or wealth to make a decision regarding your situation.

It can be either:

  • Letter from Bank/Accountant stating assets;
  • Bank statement and/or equities statement;
  • Pay stub(s) showing previous two years income;
  • An accountant’s letter stating a client’s real estate holdings and inheritance suffice for net worth;
  • Contract of sale (real estate, moveable property);
  • Statement of dividend payment.

We will send you the request for document upload in the chat with Wallet. The review may take up to 24 hours after you successfully submit the documents. The functionality of your account may be limited while under review. We will send the following notification with the results.

My transaction has not passed the review, what does it mean

When reviewing a transaction, various parameters are considered, such as transaction history and crypto origin.

There are multiple reasons why cryptocurrency may not be credited, which may not be solely linked to the sender's wallet address. You may receive a transaction from a friend, but the crypto could be associated with sanctioned exchanges or darknet transfers.

If your transaction fails the review, it cannot be credited to Wallet or withdrawn to the target wallet.

My transaction has not passed the review, how to avoid this in future

We cannot predict if a transaction will pass the review due to numerous parameters. If you want to trace your transaction history, consider using AML review services. Although third-party reviews do not ensure approval in Wallet, they can provide insights into the cryptocurrency's origin, ownership, and associated services.

My transaction is being reviewed, and I am asked to pass verification, is it mandatory

Yes, it is. Identity verification is mandatory to pass if you’ve received such a request when your transaction is under review.

Additional information by you is required for us to analyze the transaction and make a final decision after successful verification.

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