Topic: AML/KYC Explained - page 11. (Read 403192 times)
That was very useful, a im writting this reply to get more activity
Very well indeed. A thorough look of how to be able to know about KYC. It's becoming a headache nowadays for the ICOs. The anonymity is being compromised yet if some needs to filter frauds and scams as well. But the danger really is identity theft. That's really the primary concern when the info is being hacked or leaked. Well we do it in exchanges so just take the risk yourself.
Yes, KYC information has a disadvantage where our information is spreaded around the internet. But, I think it is a good idea as it generally protects the customer, in a case if someone does a fraud transaction. They can trace it back to the person and save the victims.
And how about the case when your personal info that you willingly gave to a "known" 3rd parties
for accessing ICO or any other service gets used to do the fraud transaction or any other
financial or legal transaction without your knowledge.
Who will be traced at the end?!
Don't tell you never thought of that possibility or never heard of identity theft?!
Very well explained about the KYC and AML process. These days, not just the exchanges, before the investments in the whitelist process ICOs are asking for KYC process to make sure that the investor is a genuine investor. After checking the complete information of the person who applied for whitelist will be the eligible person to invest in the tokens. I would like to know, is it safe to process KYC with ICO companies even if we invest less amounts?
Truly unfortunate that everybody is going the KYC route, what a plague this has been on the industry and will continue to only hinder people not help them 
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Yes, KYC information has a disadvantage where our information is spreaded around the internet. But, I think it is a good idea as it generally protects the customer, in a case if someone does a fraud transaction. They can trace it back to the person and save the victims.
good luck
That kind of information about people might cost much more than even 100$ and if those people do tend to sell out those info, then it would be another source of income for them
In my opinion there should be a set point of withdrawal or deposit and at the point KYC or AML must be implemented small or medium trading like 01 BTC to 10 BTC should be ignored and all ICO s must be followed the KYC and AML rules not for investors,May be i am wrong but this is impacting negatively
I find the shortcoming of AML / KYC is that it takes a lot of time for verification to be completed
Its not take too much time probably they give reply in 72 hours I clear few in just few hours its all depend on company support
I find the shortcoming of AML / KYC is that it takes a lot of time for verification to be completed
Kyc is required but the company should be support as much as people's want too
I'm confident that any of that kyc of aml doesn't help to prevent any money laundering. What if they will use our documents for other purposes, huh?
AML/KYC does NOT protect anyone from being scammed. was the biggest fraud in the history of Bitcoin and it complied with AML/KYC laws.
All AML/KYC does is force small Bitcoin startups out of business because they can't afford to register with FinCEN. It's just another monopoly trick and it does NOT protect ANYONE from getting ripped off.
All AML/KYC does is force small Bitcoin startups out of business because they can't afford to register with FinCEN. It's just another monopoly trick and it does NOT protect ANYONE from getting ripped off.
I wonder, Will our personal data be used for no good purposes?
It's precisely, also even you, me, or anybody can make an ICO and harvest for selling the information that we get by that, that's very bad for usual people
I'm always weary of any regulations about bitcoin. Nonetheless, it is nice to have a few regulated companies to buy and sell btc/usd from. Of course, nothing is going to prevent a mt. gox like situation though.
Thanks for this detailed explanation on KYC and AML. This is of great importance in the crypto community and very soon, it will be made compulsory among other top exchanges. Bittrex mandate KYC for all users so as to be able to withdraw .its also good that most exchanges are now strict on this.
I have some ideas about how to solve this... but I am quite stuck financially
check out my proof-of-human idea
https://github.com/desLT/dID
check out my proof-of-human idea
https://github.com/desLT/dID
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