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⍰ ASK Despite being exempt from some regulations, what rules do EMI accounts still need to follow?

cryptohunter

cryptohunter

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EMI accounts provide enhanced security compared to conventional financial establishments. EMI accounts are exempt from the identical regulatory obligations as conventional banks, yet they still need to adhere to anti-money laundering (AML) and know your customer (KYC) regulations. Consequently, EMI account providers must authenticate their customers' identities and implement measures to inhibit money laundering and terrorist financing.
 

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