Is it enough to simply declare the source of funds, and does BitBay ask all users about such matters?

A declaration alone is not sufficient and must be supported by appropriate documentation (§ 43(1) of the Estonian Act on Prevention of Money Laundering and Terrorist Financing of 26.10.2017).

In the context of verifying the source of funds deposited on the platform, the principle of an individual approach to risk applies, within the meaning of AML regulations, in the context of the business relationship with a specific customer; it is preceded by an analysis of platform activity and KYC (know-your-client) information. In this case, one measure cannot and should not be applied to different users.