Over 99.9% of the 4.2 million registered ETN users have completed this KYC/AML/CTF process.
However, we know there is frustration from some users about the KYC/AML/CTF processes that are in place, so we thought it might be helpful to clarify a few points, so everyone is on the same page.
KYC means – Know Your Client/Customer:
It is the mandatory process of identifying and verifying who we are dealing with.
AML means – Anti-Money Laundering:
“Money Laundering is the process by which the proceeds of crime are converted into assets which appear to have a legitimate origin so that they can be retained permanently or recycled to fund further crime.” - Anti-Money Laundering is making sure that that doesn’t happen.
CTF means – Counter-Terrorist Financing:
Making sure that the ETN systems are not used to help fund terrorist activity.
"Your processes are way over the top, and excessive."
We understand that this process might be frustrating but it is very important and we take the protection of the ETN Community and the ETN ecosystem VERY seriously.
No one individual is more important than the ETN Community as a whole and so we must protect all our users equally. No exceptions.
The ETN-Network bases the security of your ETN Wallet on global standards set out by global organisations, for global implementation, namely:
- The Joint Money Laundering Steering Group (JMLSG) is a private sector body that is made up of the leading UK Trade Associations in the financial services industry.
- The Financial Action Task Force (FATF) is the global money laundering and terrorist financing watchdog.
This is global. That means everyone should be doing this.
"This whole process feels like a scam. Why deny access to our ETN Wallets?"
It is important to note that at no stage does the ETN-Network benefit from any users ETN Wallet being suspended.
We want you to have full access to your ETN Wallet as soon as possible. This is our aim.
The purpose of the ETN ecosystem is to extend and enable the legitimate use of ETN globally. Suspending ETN Wallets is effectively contrary to the ETN-Network business model and is only done as a last resort when the ETN user is not compliant with the mandatory KYC/AML/CTF processes and procedures.
"I keep uploading what you asked and nothing happens?"
We know this can seem frustrating but, we’re just trying to protect your ETN Wallet from potentially malicious access (we must be cautious in order to look out for you).
So, if for example, the address on your ID doesn’t match the address on your updated source of funds information (if that became required), or if there are other inconsistencies in the information that you send us of course that is going to raise concerns.
We are protecting you and the ETN ecosystem from abuse.
If you keep uploading the same information and expecting a different outcome each time, that is not going to progress matters for you, and this will lead to you becoming even more frustrated.
We don’t want that. We want to help legitimate ETN Wallet holders gain access to their ETN Wallets in a legitimate manner.
We get it, we know people move house and things change, so if this happens the support team are on hand to assist you. Please explain your issue calmly and you will get your issue resolved promptly.
"If you don’t let me into my ETN Wallet...!"
We take a zero-tolerance approach towards bullying or threats.
As described above, we are following global standards laid out by the JMLSG and the FATF therefore this will not be deviated from. We must ensure ETN Wallets are only being accessed by the rightful owners of those ETN Wallets.
We will always do the right thing, even if it isn’t the easy thing to do or the popular thing to do. The ETN Community always expects our integrity and that is very important to us.
The best way of breaking any deadlock is to engage properly with our support team; they are there to help. Please make sure to only raise one support ticket, the support team are working hard to get back to all users within 5 working days so having multiple tickets from the same person with the same request won’t get your tickets answered quicker.
Require further help?
Join the Electroneum Discord server.
Alternatively, send a request to the Support Team and one of the team will respond within 5 days.
Follow the ETN-Network on social media for updates and announcements on Facebook and X.