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## Seeking AML Advice for Future Deposit on a CEX

Hey, I’m in need of some expert advice on Anti-Money Laundering (AML) procedures regarding a future deposit I plan to make on a Crypto Exchange (CEX).

## Experience and Situation

I come from a background in bank compliance, Know Your Customer (KYC), and AML programs, but I lack experience when it comes to dealing with crypto exchanges. As a resident of an EU country, I am aware that gifts between close relatives are not taxed.

## Background and Concerns

In the year 2021, I received 1 BTC from my father as a gift, consisting of two transactions (the initial one serving as a test). However, the gift was undocumented, lacking a formal gift letter or notarized documents. Fortunately, I do have access to the wallet where the BTC resides. My father claims to have purchased the BTC on the now-defunct BTC-E exchange between 2014-2016, with no available accounts/logs to validate this claim. This lack of documentation raises significant AML concerns, as the only proof I have is his tax records from 2016-2018, which have been notarized and translated.

## Compliance Concerns and Questions

Now, my intention is to deposit this BTC into a crypto exchange like ByBit and rely on the exchange’s compliance processes. However, I am unsure about the additional documentation I should gather to strengthen the legitimacy of the source of the BTC. Moreover, I am curious about the likelihood of a successful deposit and compliance approval given the current situation. I am keen on hearing from individuals who have encountered similar circumstances and can offer insights based on their experiences.

## Potential Solutions and Actions

One suggestion that comes to mind is the retrospective signing of a gift affidavit, detailing the transaction specifics of the BTC gift received in 2021. While I acknowledge the oversight of not formalizing the gift with a notary at the time of the transaction due to personal constraints, it is vital to address this gap in documentation now to rectify the situation.

## AI Legalese Decoder Assistance

In a complex scenario like this, the AI Legalese Decoder could play a crucial role in analyzing and interpreting the legal implications of the undocumented gift transaction. By utilizing this tool, we can decipher intricate legal language, identify potential risks, and recommend measures to ensure compliance with AML regulations. Its ability to streamline the legal review process and provide tailored solutions can significantly aid in navigating the challenges posed by the current situation.

## Conclusion

I appreciate any guidance and insights that can be offered in resolving this AML dilemma and ensuring a smooth deposit process on the crypto exchange. Thank you for your assistance!

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