As a rule, we assume a threshold of EUR 15 000, which means, more or less, that above this amount you should expect a source enquiry.

In such a situation, it is sufficient to confirm the purchase of cryptocurrencies for FIAT currency on another exchange and to confirm the transaction history that generated the profit deposited into the account with zondacrypto.

In this case, confirmation of the transfer of funds between the donor and the donee is sufficient.

Depending on the situation, we suggest the following solutions:

In such a case, we suggest showing the process of savings accumulation by generating a statement with the credits in your savings account showing how they were accumulated.

In such a situation, we can accept history in the form of screenshots showing the exchange transaction.

In the context of the GDPR, the cited provision mentions that obtaining this information and processing it by obliged entities for the purposes of the AML Act (Estonian Anti-Money Laundering and Terrorist Financing Act of 26.10.2017) is possible because the implementation of the AML Act is in the public interest mentioned in the GDPR.

A mere statement is not sufficient and must be supported by appropriate documentation (Article 43(1) of the Estonian Anti-Money Laundering and Terrorist Financing Act of 26.10.2017).

The process of verifying the source of funds needs to be updated from time to time (Article 20(1)(6) and Article 23(2)(1-3) of the Estonian Anti-Money Laundering and Terrorist Financing Act of 26.10.2017).

The zondacrypto exchange is a regulated exchange with an Estonian licence for "Providing a virtual currency service". Therefore, the exchange is subject to the regulations of the Estonian jurisdiction.

In the event that, without the support or involvement of the Customer (i.e. providing relevant documentation), zondacrypto is unable to determine and confirm the source of funds deposited on the exchange, in accordance with the law (Estonian Anti-Money Laundering and Terrorist Financing Act of 26.10.2017), zondacrypto fails to implement one of the financial security measures to which it is obliged.

Verification of the source of funds on zondacrypto is mandatory due to the Estonian license (AML) and is intended to prevent money laundering. This requires the submission of documents (e.g., transfer confirmations or tax returns), and failure to determine the source may result in termination of cooperation.

In accordance with regulations, zondacrypto may request supplementary documentation when it considers that the documentation sent to date is insufficient. Insufficient documents are those from which the funds paid to us cannot be deduced and linked to their source

This is most often the case when documentation about the source of funds deposited to the exchange is queried by the payment operator.

In such a situation, it is best to use e-mail confirmations of execution of deposit or withdrawal instructions to/from the exchange. If this is also not possible, please describe in as much detail as possible the flow of funds that are being verified so that it is possible to verify information about them in external sources of information related to the blockchain.

Verification of the source of funds is usually required when the transaction amount reaches or exceeds €15,000. However, the final decision is made on a case-by-case basis based on the customer's risk assessment.

The zondacrypto exchange is a regulated exchange with an Estonian licence for "Providing a virtual currency service". Therefore, the exchange is subject to the regulations of the Estonian jurisdiction.

The actions of the zondacrypto exchange are taken due to the requirements under AML regulations, specifically the Estonian Anti-Money Laundering and Terrorist Financing Act of 26.10.2017. Nevertheless, national regulations in the European Union are rooted in EU regulations (AML Directives IV to VI).

This is an approach developed on the basis of good practice. The vast majority of customers prefer to be able to dispose of their funds as soon as they make a deposit and leave the verification issues for when they make a withdrawal out of the exchange.

Each financial institution is required to operate its own AML system.

Banks also verify the source of their customers' funds. They have direct access to the customer's account, and can also exchange customer information with each other, so the process is less "invasive" for the customer, often even unnoticeable.