AML/KYC Explained - page 16. | Bitcointalksearch.org

Mike Mayor

hero member

Activity: 966

Merit: 535

Quote from: uncleduckerr on February 26, 2018, 01:24:12 PM

All KYC and AML does is put tons of innocent peoples information all in one spot so the hackers can find a jackpot of information. It happens over and over and over again with centralized parties and this will not be the one time when that doesn't happen.

Precisely. Also even you or I could make an ICO and harvest and sell the info we aquire. They work about $100 each so if you get 1000 people you have $100000.

KYC is against crypto. Noone needs nor wants it.

uncleduckerr

full member

Activity: 202

Merit: 100

All KYC and AML does is put tons of innocent peoples information all in one spot so the hackers can find a jackpot of information. It happens over and over and over again with centralized parties and this will not be the one time when that doesn't happen.

sokol2504

newbie

Activity: 56

Merit: 0

Now this innovation is very difficult, to be honest. And does not cause trust. I try to take part in projects that are completely sure. Of the latter, it is SAFINUS. I did not encounter any problems.

akes2090

jr. member

Activity: 56

Merit: 4

Is it imperative for institutions to conduct their own KYC and AML (perhaps in terms of regulations such as SOX, HIPAA, Basel etc) processes or can they outsource it to bureaus which offer such services?

minhnguyen

newbie

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will personal information of users be missused or stolen?

Cryptagio

copper member

Activity: 158

Merit: 1

Quote from: dmotor on February 19, 2018, 01:55:42 PM

Do KYC and AML related to some jurisdiction or doesn't matter country/state? If so, how the average user can find what is required for instance in Ghana or Algeria?

KYC/AML is related to jurisdictions, however there are international rules that countries have to follow to be compliant. Usually FATF establishes such rules. In addition each bank should have its own KYC/AML policy

dmotor

newbie

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Do KYC and AML related to some jurisdiction or doesn't matter country/state? If so, how the average user can find what is required for instance in Ghana or Algeria?

Cryptagio

copper member

Activity: 158

Merit: 1

I think that decentralized exchanges have good chances to make trading kyc/aml free, however how authorities would react??

M0N3YMAGNET

full member

Activity: 159

Merit: 100

It's an invasion of privacy in my opinion, but the world is controlled by man made laws, and this is how they maintain that control. If everyone was free range and able to do whatever they please, they would lose control. This is why BTC is attacked, obviously, and why ICO sales have been using KYC methods that are a total invasion of privacy. For example, Eximchain wanted to gain access to peoples GMAIL for the recent ICO. I mean wtf was that?! Also, the majority of these ICO's have reverted back to VC funding, so it's all private and the only public decentralized aspect of it are the airdrops, but even the airdrops are requiring full ID checks. I think Blockchain technology can end up becoming incredibly invasive. It depends on the project.

bit-joker

full member

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Merit: 100

Any chance we'll get rid of KYC and AML anytime soon, for ICO investors? It's annoying and frankly if there's someone that should be KYCed and AMLed, it should be the ICO team.

Drobek

sr. member

Activity: 504

Merit: 251

Quote from: freigeist on February 13, 2018, 06:12:12 AM

Quote from: Drobek on February 12, 2018, 05:35:59 PM

Any exchange requiring minimal KYC accepting Euro?

You could try Kraken tough many people are complaining that the verification process lasts to much
due big surge in user base.

Here you have a description of the verification tiers and data required:
https://support.kraken.com/hc/en-us/articles/201352206-What-are-the-Verification-Tiers-

In case you register there and want to complain about something:
https://bitcointalksearch.org/topic/ann-krakencom-exchange-with-usd-eur-gbp-jpy-cad-btc-ltc-xrp-nmc-xdg-str-eth-290799

Thank you. I already have an unverified account over there

KRAUSS

full member

Activity: 448

Merit: 103

I am community manager at Quoine. We are the first licensed crypto exchange in Japan. We are using KYC and it is strongly required by FSA. As per my mind it is absolutly normal and I hope will be used by every exchange. But one point. If you send copies of your ID and statement to not licensed exchange.... Are you sure they will not use not on purpose... Can you be sure about " that side" Huh

natsu01

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zeabat1234

newbie

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Very good information. Thank for your post

freigeist

hero member

Activity: 1115

Merit: 535

Quote from: Drobek on February 12, 2018, 05:35:59 PM

Any exchange requiring minimal KYC accepting Euro?

You could try Kraken tough many people are complaining that the verification process lasts to much
due big surge in user base.

Here you have a description of the verification tiers and data required:
https://support.kraken.com/hc/en-us/articles/201352206-What-are-the-Verification-Tiers-

In case you register there and want to complain about something:
https://bitcointalksearch.org/topic/ann-krakencom-exchange-with-usd-eur-gbp-jpy-cad-btc-ltc-xrp-nmc-xdg-str-eth-290799

Dumzmol3421

newbie

Activity: 56

Merit: 0

Thank you very much for providing Valuable information... but i am bit confused on how they are checking the accounts engaged with AML? is that finding by the country.. which was banned..?

vrd

member

Activity: 150

Merit: 13

This has become the standard AML/KYC thread for the crypto space.

Drobek

sr. member

Activity: 504

Merit: 251

Any exchange requiring minimal KYC accepting Euro?

Vyrtyx

newbie

Activity: 126

Merit: 0

Great thread, very informative, thanks!

freigeist

hero member

Activity: 1115

Merit: 535

Quote from: OPEXDECAPEX on February 09, 2018, 11:42:43 PM

I am thinking of helping my US friend open an account with Bitoasis. But it seems that US citizens cannot open an account? Do anyone know of any other middle east exchanges?

It seem that the LAND OF THE FREE won't give freedom to his own citizens to spend
freely their "own" money therefore all exchanges and ICO-s around the world are refusing US citizens.

What you could to to help him is to open an account on your name and give him access.
But it should access them over VPS because i suppose US IP addresses will be blocked and account frozen if they find out.

Topic: AML/KYC Explained - page 16. (Read 493780 times)