Overview
SkolX uses a risk-based approach to KYC (Know Your Customer) and AML (Anti-Money Laundering). Our goal is to keep exchanges safe, reduce fraud, and support compliant operations across corridors.
- We verify users and businesses before enabling higher-value or higher-frequency activity.
- We apply behavioral risk signals to detect suspicious patterns.
- We may request additional information where required by risk, partners, or regulations.
Why we do KYC/AML
Verification tiers (example)
Verification is tiered. The exact thresholds may vary by corridor and partner requirements, but the structure below illustrates how SkolX manages risk:
- Email / phone verification
- Low limits, limited matching options
- Basic fraud controls
- Government ID + selfie (liveness)
- Higher limits, better matching
- Reputation signals (ratings/history)
- Business documents + beneficial owner verification (where applicable)
- Higher limits, escrow access, business features
- Additional monitoring and controls
Checks we perform
- Identity verification: ID capture, selfie/liveness check, and consistency checks.
- Device & account integrity: device fingerprinting, duplicate account detection, and session security signals.
- Trust & behavior: rating history, completion rates, dispute patterns, velocity, and anomaly detection.
- Business verification: registration documents, authorized signatory checks, and basic ownership validation where required.
Data & privacy
We collect only what’s needed to verify identity, prevent fraud, and operate the platform safely. We protect your information with access controls, encryption-in-transit, and least-privilege processes.
- We do not sell personal data.
- We retain records only as long as required for operations, safety, and legal obligations.
- For full details, see our Privacy Policy.
Sanctions & PEP screening
Where required (by corridor, partner, or regulation), we may screen users and business principals against sanctions lists and politically exposed person (PEP) indicators. Matches may trigger enhanced due diligence, additional verification, or restricted access.
Ongoing monitoring
Verification is not a one-time event. We monitor activity for suspicious behavior and may:
- Temporarily hold a transaction for review
- Request additional information
- Restrict or close accounts that violate policy
Reporting & escalation
If we detect suspicious activity, we may take steps including restricting accounts and escalating to partners or relevant authorities where required by law. We also encourage users to report suspected scams or coercion immediately.
Contact
For KYC/AML questions, verification issues, or policy requests: