In the world of cryptocurrency trading, security and compliance are top priorities. One way to ensure this is through the manual review process for certain crypto deposits. Here is a simple explanation of how pending deposit manual review issues are handled on Tokocrypto.
What is Deposit Manual Review?
Deposit manual review is a status assigned to crypto deposits undergoing further checks by Tokocrypto's internal team. This review ensures that the transaction complies with the regulations set by the Commodity Futures Trading Regulatory Agency (Bappebti), which requires Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) measures.
Criteria for Transactions Requiring Manual Review
Transactions that require manual review typically meet one or more criteria, such as a transaction value exceeding US$1,000. This refers to the BAPPEBTI's regulations on travel rules as stipulated in BAPPEBTI Regulation Number 13 of 2022 concerning Amendments to BAPPEBTI Regulation Number 8 of 2021 on Guidelines for the Implementation of Physical Crypto Asset Market Trading in Futures Exchanges, specifically in Article 38.
Manual Review Process
Here are the steps users should follow when their deposit enters manual review status:
1. Notification via Push Notification: Users will receive a push notification informing them that their deposit is under review.
2. Checking Status in Deposit History Users can see the status of their deposit under review in the "Deposit History" menu in the Tokocrypto app.
3. Filling Out the Review Form For the transaction in question, users must click "Review Form here" and fill out the form for data screening or review. The form includes several fields:
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- TXID/TxHash, Recipient Email Address, Recipient Wallet Address, Sender Wallet Address: These fields are automatically filled in.
- Sending Exchange/Crypto Wallet: Enter the name of the exchange or wallet used for the deposit to Tokocrypto.
- Sender's Full Name: Enter the sender's full name.
- Sender's Address: Enter the sender's residential address.
- Transaction Purpose: Choose one of the options, such as asset transfer, trading, or fund withdrawal.
4. Additional Information and Refund Process At the bottom of the form, there is additional information about the next steps if the review is rejected. Users must also fill in the refund address according to the network used. The memo on the deposit address should match the memo on the refund address. If the refund address has a memo, could you fill it out? If not, leave it blank.
After filling in all the data, users must click "Submit."
If the deposit is rejected and the asset is returned/refunded, a fee will be charged according to the provisions of the network used.
5. Deposit Status Users can check their deposit status on the deposit history page after submitting the form or wait for the "Deposit Successful" notification sent via email.
Note: Users will be contacted via email or Live Chat if the internal team needs additional data or documents. Supporting documents that may be requested include a Source of Wealth Declaration (SOWD) and account statements.
This manual review process ensures that all transactions on Tokocrypto comply with applicable regulations and mitigate potential risks related to money laundering and terrorism financing. Following the specified steps, users can help speed up the review process and ensure their deposits are processed safely and promptly.
Please get in touch with our Customer Support Team via 24/7 Live Chat for further questions and information.
Thank you for being so supportive!
Tokocrypto Team
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