You should never use CEX. There may be a verification process where you have to send in some photo to prove your identity. Once you create an account, confirm your personal details and login. Banks are responsible for monitoring their clients to ascertain whether there is any form of money laundering going on. Thanks for this great Info Harsh. However, when clients use credit cards in purchasing Bitcoin, they elude the monitoring system as credit money is usually legitimate, they then service their loans with the laundered money and the cycle continues.