What is KYC/AML/CTF?

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.

"Can’t you just stop with all this boring stuff and just give me access to my account?"

This might be boring and frustrating for some but as you can see 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 have to protect all of us, even if that means potentially becoming unpopular with some of us.

Sorry, but this is how it has to be. No exceptions.

"Your processes are way over the top, and excessive. My friend has a wallet with someone else and he doesn’t have any hassle getting into his account."

Understood, but let’s look at this for the security of your ETN account. We base it 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.

Have a look, you can see very clearly what they say “Good” looks like. If your friend's wallet isn’t putting this in place, he should think again. This is global. That means everyone should be doing this.

"This whole process feels like a scam. You guys are up to something. Why deny access to our wallets?"

It is important to note that at no stage does the ETN-Network benefit in any way in relation to any ETN belonging to any ETN user whose account is suspended.

The purpose of the ETN ecosystem is to extend and enable the legitimate use of ETN globally. Suspending ETN user accounts 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, how is that fair?"

We are honestly not trying to catch you out, we’re just trying to protect your account from potentially malicious access (we have to be a bit 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.

“The definition of insanity is doing the same thing over and over again and expecting different results.” – whether Einstein actually said this or not, it rings true.

We don’t want that. We want to help legitimate account holders access their accounts legitimately. We get it, we know people move house and things change and life moves on, but if you don’t engage with our support team and just get angry instead, we won’t be able to help.

"If you don’t let me into my account, I’m telling on you! That’ll convince you to do what I want."

Everything we just told you about the JMLSG and the FATF being global, is true, please, check for yourself. By all means, speak to whoever you like and report us to whoever you want, we have nothing to hide and no problem engaging with the authorities and/or law enforcement, however, we are not going to deviate from what is right.

How furious would you be if we let the wrong person access your account just because they threatened to make life difficult for us? 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 expects our integrity at all times 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. But please only raise one support ticket, we are working hard to work through this but having multiple tickets from the same person with the same request won’t get your tickets answered quicker. We have recently doubled the support team to speed the process up.

"If you don’t let me into my account, I’m coming down there! That’ll make you do what I want."

Turning up in person is not recommended. Please don’t do it. We are not set up for visitors and all our teams are busy helping the ETN Community online – that is how it works.

As we said before, how furious would you be if we let the wrong person access your account just because they tried to bully us into it? At the risk of repeating ourselves: 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 expects our integrity at all times.

The best way of breaking any deadlock is to engage properly with our support team, they are there to help. But please only raise one support ticket, we are working hard to work through this but having multiple tickets from the same person with the same request won’t get your tickets answered quicker. We have recently doubled the support team to speed the process up.

"My cousin/best friend works there / I know someone important, I’m telling him/her and then you’ll get sacked for not letting me into my account."

That is lovely for you, but there is absolutely no “old-boys network” here.

“No friends and family free-passes.” No exception. How furious would you be if we let the wrong person access your account just because they tried to pull some strings?

We definitely are repeating ourselves now: 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 expects our integrity at all times and that is what is important.

The best way of breaking any deadlock is to engage properly with our support team, they are there to help. But please only raise one support ticket, we are working hard to work through this but having multiple tickets from the same person with the same request won’t get your tickets answered quicker. We have recently doubled the support team to speed the process up.

"I've been waiting over 30 days since I raised my support ticket and haven't yet received a response"

We're extremely sorry to hear this. If your support ticket is over 30 days old, and you feel that your support ticket should have been reviewed earlier, please notify us using the Google Form below and we'll endeavor to reach out to you as soon as possible.