Legal Guild: Bridging KYC / AML & Due Diligence in crypto

The Legal Guild is happy to start 2022 by announcing the arrival of brand-new content created in collaboration with the community.

Our second arrival has a double delivery format, shaped with the OpenWebSandbox team (OWS), @vrdoingthings, @sofia_Alum, and @mecsbecs; this document addresses one of the main concerns that our team has identified as key in the community: Know Your Customer (KYC) and Anti Money Laundering (AML) control, to consider implementing as good practices in our crypto-based operations.

The second document collects a series of recommendations regarding Due Diligence, in general terms, and specific tools and controls to keep in mind as valuable resources.

The following documents showcase good legal practices, intended to be considered as guidance, in general terms, for implementing a risk-based approach in our activities.

  1. Open Web Sandbox AML/CFT Risk Assessment and Recommendations:

One of our first use cases on the most common entry ramp into the NEAR Ecosystem, the Legal Guild team assesses the importance of implementing a risk assessment procedure in AML/CFT (Anti Money Laundering and Counter Financing of Terrorism) with the Open Web Sandbox. The legalities are continuously evolving as a flexible and multilayered program to welcome, reward, and incorporate new users and builders into crypto-based environments.

  1. AML Compliance & Due Diligence:

This document aims to help navigate the importance of AML Compliance and why it is necessary to implement it in our activities. Organizations and communities currently face growing pressure to identify and understand who they are interacting with while doing business transactions, primarily due to the potential risk of financing crime and terrorism. The manifestation of this concern is the so-called Know Your Customer (KYC) procedures and regulations and several Anti-Money Laundering directives.

This Playbook intends to collect a series of good legal practices and recommendations that any organization may consider while doing business internationally and specifically focused on the blockchain ecosystem.

Visual is one of our favorite formats to share content and to simplify the complexities of the Legal Blockchain world. We are proud to share the graphics that we created using #LegalDesign to bring you clearer and more focused information about:

  1. AML Compliance and Due Diligence, it’s a visual guide featuring some controls to consider in Crypto transactions:
  1. AML/CFT risks (Anti Money Laundering and Counter Financing of Terrorism) closely working with the OpenWebSandbox:

Very apt considering the new funding process for community members, great stuff :tada:


Well done legal guild, is a nice content, will really go a long way to help an put many things in regulation.