Topic: AML/KYC Explained - page 16. (Read 508275 times)
So what makes exchanges like Airswap able to avoid doing KYC/AML?
I strongly believe that KYC/AML doesn't help to prevent Money Laundering.
What if they use our private document for other purpose ? How could we be sure that our document will be deleted after they finish reviewing our personal info ?
The key point of Bitcoin & others are to protect user information and it's a joke if we allow them to force people to submit their personal information to buy/sell coins.
What if they use our private document for other purpose ? How could we be sure that our document will be deleted after they finish reviewing our personal info ?
The key point of Bitcoin & others are to protect user information and it's a joke if we allow them to force people to submit their personal information to buy/sell coins.
For me, KYC is such a time consuming process. As a investor, I want to hide all my information specially if I want to buy a lot of token. I am much confident if they didn't know my identity, cause less info, less hacker resources. But most bitcoiner said, it's a company privacy and rules. That's why I cannot skip those step by step process this past several month.
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.
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.
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.
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?
will personal information of users be missused or stolen?
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
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?
I think that decentralized exchanges have good chances to make trading kyc/aml free, however how authorities would react??
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.
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.
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
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" 
Very good information. Thank for your post
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 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..?
This has become the standard AML/KYC thread for the crypto space.
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