MKYC will meet Cayman Islands AML Compliance
Prevention and Detection of Money Laundering in the Cayman Islands
MKYC will be AML (anti-money laundering) and CFT (countering the financing of terrorism) compliant.
What does this mean? All prospective MKYC token owners will have to register on our ICO website and provide basic information.
What does this mean?: You will need to provide KYC info
Why? To meet CIMA framework requirements
Is this mandatory? Yes!
It’s important that we perform these checks because it protects you as a contributor to the project.
Why do you need my info?
The KYC (Know Your Client) process is the only way that we can verify the source of funds raised during the token sale, and we do so by verifying each buyer’s identity and residency. This is something that isn’t only required by governments and regulators, but also by the banks, large corporations, and other bodies.
Aren’t tokens supposed to support anonymity?
While some may have an opinion that KYC defeats the purpose of the creation of the cryptocurrency world, for My Cayman Condos to be a legitimate organization and to conduct business with other companies — or even just to our banks — we need to be sure that the sources of all funds raised in the token sale are legitimate. No funds can come from illicit sources, people under sanctions, or organizations with terroristic links.
The True Benefits
It’s important that we do these checks because it protects you as a contributor to the project. It will eliminate the risk of the project being identified as a fraud, which could lead to unnecessary financial investigations and the possibility of frozen assets and funds.
The hard truth is that we are doing this not only to protect the project but to protect you, as token buyers, from the possibility that anyone could claim these funds are illegal or come from illegitimate sources.
Having read the “Guidance Notes on the Prevention and Detection of Money Laundering in the Cayman Islands“, we understand now why financial institutions are strict about documentation and how it impacts us all. We will commit to it’s purpose and stand firm in the fight against money laundering and we will never support any type, shape, or form of terrorism!