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Topic: AML/KYC Explained - page 2. (Read 381443 times)

newbie
Activity: 6
Merit: 0
January 11, 2021, 09:06:39 PM
I use simpleswap.io mostly because they don't require mandatory login and KYC. So maybe this info will be helpful to you who do not want to waste time on this extra fuss!
newbie
Activity: 4
Merit: 0
January 11, 2021, 01:45:53 AM
Well, In simple words KYC refers to a process whereby companies commit to identifying and verify the identity of their clients. Banks use this process, for example, to try to avoid money laundering.

newbie
Activity: 31
Merit: 0
November 27, 2020, 10:51:13 AM
Some platforms like Localbitcoins.com use KYC to keep your account frozen, just to steal your money.

https://bitcointalk.org/index.php?topic=5293760.new#new
full member
Activity: 700
Merit: 182
November 15, 2020, 12:48:52 PM
I had a little bit knowledge about kyc but i didn't have any knowledge about AML. After reading your writting now i fully understand about KYC/AML. And how much need this both point in out online crypto journey. Thank you for explain clearly both most important subject.
legendary
Activity: 2660
Merit: 1009
November 05, 2020, 10:45:40 AM
Thank you so much for this thread, it really helpful knowing the difference between KYC and AML.

They are in principle linked to each other. at the KYC you request documentation, which in turn can consist of an AML.

You could see that KYC is the primary process and the AML a secondary or ancillary process.

Many users are scared when they read AML, but this seems to be something increasingly and more entrenched by a government.

Companies or casinos cannot do much about that. They are guidelines that must be adhered to.
sr. member
Activity: 1274
Merit: 252
November 02, 2020, 02:28:43 PM
It seems that more and more sites are following this procedure on their sites. I think they do not like to do that themselves, but that they are in the minds of laws and regulations. It may scare a lot of customers, but eventually casinos will ask for documents anyway if you win a lot of money. So then you better start with this procedure of the KYC right away.
legendary
Activity: 2100
Merit: 1203
Heisenberg
September 26, 2020, 11:31:59 PM
i think KYC/AML is okay .now almost every crypto  exchange or wallet is doing kyc. i think which country is allowing to trade crypto they dont need to do it .its must be necessary for those countries they dont permittion to crypto
what do you think

Like anything else, AML/KYC has it's advantages and disadvantages. The most known advantage is that it helps fight suspicious activities like laundering of stolen money and tracking down of criminals. the bad side is that customer's data and documents can easily be leaked and used for other dubious activities.

The idea of using KYC in only Countries that do not restrict crypto trading is not possible in the current situation because people use VPNs and proxies so in most cases the platforms just roll out general KYC verification for all their customers.
newbie
Activity: 9
Merit: 0
September 09, 2020, 05:50:04 AM
i think KYC/AML is okay .now almost every crypto  exchange or wallet is doing kyc. i think which country is allowing to trade crypto they dont need to do it .its must be necessary for those countries they dont permittion to crypto
what do you think
newbie
Activity: 16
Merit: 0
August 28, 2020, 04:29:34 PM
Thank you for the article. KYC can be tough. Of course sometimes it's necessary for security etc etc... but then what is the sense of cryptocurrency? Crypto means underground... That makes me think if there still are services that don't use KYC. I know the exchange Cripto intercambio doesn't use it for example, but I'd want to learn about bigger and more known services
So everyone who is against KYC is simply obliged to start trading on exchanges where there is none of this. The most technologically advanced exchange without KYC is 50x exchange.

Just look at my signature Wink

Thanks for sharing,

This looks good; "Your ID, source of funds, or any private information are not required, and FIAT services aren't provided. Hence, your ID copies will never be made available to the public - because we do not have them. The interaction with 50X.com is the same as with the blockchain - the existence of a private key is enough." And Kingstown.
A caveat: centralized, still. I wouldn't say then that my interaction, as a user, with the exchange would be the same as with the blockchain, the blockchain isn't custodial ad hoc.
RD
hero member
Activity: 966
Merit: 502
May 26, 2020, 03:14:17 PM
The AML/KYC is the best way to make the world of cryptocurrencies look safe, but many don't deceive us.

However the explanation is perfect!

it's a good explanation but it still defeafs the full purpose of crypto and decentralization if exchanges now have the profike details of its traders which can be easily fed to yeh government. What did satoshi think when he founded biycoin in 2019
newbie
Activity: 2
Merit: 0
May 25, 2020, 10:00:56 AM
Essential or Destructive?
Digital banks are capable of tracing fraudulent activities by customers via the use of the Know Your Customer (KYC) verification process and with the integration into crypto exchanges, there is a makeover in the exchange platforms (https://fintechzoom.com/crypto-exchange-no-kyc/). The activities and transactions of clients on crypto exchanges can likewise be monitored.

The crypto market needs this service? or it´s the beginning of Gov Regulation?
member
Activity: 330
Merit: 12
May 09, 2020, 10:55:11 PM
AML System is not protected our infront KYC leak. Moreover, I see many exchange AML KYC system to check KYC from user, but many people use KYC fake and they still pass KYC.
sr. member
Activity: 623
Merit: 279
Hope & Positivity are keys to Success
May 05, 2020, 08:26:25 AM
To UPDATE this thread.

After possible using every exchange made since 2013. I can say with certainty that Kraken is now one of the least intrusive  and one of the easiest places to Buy and Sell $BTC (and some alts). Cash in bank often with 24hrs.

Certainly avoid the likes of Bitstamp who are really terrible at wanting to know EVERYTHING.

So anyone here looking for a Safe, trusted and easy exchange, Kraken is your best bet.
newbie
Activity: 1
Merit: 0
April 17, 2020, 05:57:04 AM
if possible, can you please post sites that help with verification process? Would a website like: http://authenticid.co/pro-valid.html will help?

Wanted to ask regarding the same question for website like http://www.bonofe.com  any response will be ideal. Thanks
newbie
Activity: 1
Merit: 0
March 10, 2020, 07:39:56 AM
The AML/KYC is the best way to make the world of cryptocurrencies look safe, but many don't deceive us.

However the explanation is perfect!
sr. member
Activity: 830
Merit: 250
January 27, 2020, 03:00:20 PM
Thank you for the article. KYC can be tough. Of course sometimes it's necessary for security etc etc... but then what is the sense of cryptocurrency? Crypto means underground... That makes me think if there still are services that don't use KYC. I know the exchange Cripto intercambio doesn't use it for example, but I'd want to learn about bigger and more known services
So everyone who is against KYC is simply obliged to start trading on exchanges where there is none of this. The most technologically advanced exchange without KYC is 50x exchange.

Just look at my signature Wink
newbie
Activity: 4
Merit: 2
January 27, 2020, 03:51:02 AM
I understand the reasoning behind it however the question i want to ask is Why?

Most people, dare i say 90%+ are using crypto due to its anonymity so why ask for all these documents? Doesn't that defeat the purpose of crypto.
newbie
Activity: 27
Merit: 0
January 24, 2020, 08:44:31 AM
But on the other hand, a company in the crypto industry right now without having a proper KYC will often not be able to accept any sort of payment, as banks/card providers would refuse to provide services to them.

Especially in US, but even right now AML5 is making huge difference in Europe too by forcing every member country to implement it (and still some of them aren't ready for January 2020 - i've read somewhere an article about many UK companies which aren't ready and even though they are leaving EU, it's still in force for them i think). Cryptocurrencies are going to be more regulated than ever and those changes aren't made for you guys, because you already know how to protect yourself, you are vets. It's for the newcomers, for the people who will join cryptocommunity very soon, with projects like Libra which are going to adapt it more than ever. The funny thing is that if we look at the "stealing crypto" problem from the global perspective, we'll see that it's really difficult to introduce other solution on this scale different from forcing everyone to register themselves and look at their hands 24/7. Furthermore, the market is heavily fragmented and there are various different standards across the world, even around the European Union. There is a huge demand for AML services and this trend will continue to grow vastly. Other thing is how cryptocurrencies has changed the crime sector as a whole - money laundnering for the last couple years has never been easier and it's time to do something more. However, it becomes really serious topic and many associations wants to fight. There are special methods and companies who deal with such issue. For instance Coinfirm, which is a partner with Binance, is analyzing cryptocurrency transactions to see if they went through the mixers and rate their risk level for AML compliance reasons. They just released their new Standard AML Risk Reports, you can see a sample of hack-related transaction on their blog, it's worth to know how such reports looks like. Hope next year will bring a lot of changes, especially now when there is a huge demand for AML services and this trend will continue to grow vastly.


I get a bit interested in security levels on exchanges, AML , KYC so on so on, read some articles about Coinfirm you mentioned and found interesting interview with co-founder I think. If you haven't seen yet I could recommend it, maybe you will find out sth new: https://www.youtube.com/watch?v=83JnxuUUJ5o
hero member
Activity: 2408
Merit: 516
January 19, 2020, 01:48:12 PM
I think KYC and AML is totally against the spirit of cryptocurrency and blockchain. I mean, all our community as about being anonymous and decentralized. And KYC & AML are killing it, imho. I cherish the exchanges, that don’t require them and actually stand for anonymity. Like Basefex, I recently found about them and their pledge looks kinda promising. Gonna look after them from now on.
The regulation does not protect everyone in the space as it ought to, the organization that took it upon itself to collect date recently should be scrutinized very well. No one can be trusted even the Government with personal data, we have bridge with personal interest even by the president of United state but there is nothing we can do about it now. Decline in decentralized exchanges, exchanges closing unverified accounts and ICO requesting for KYC
jr. member
Activity: 866
Merit: 1
January 19, 2020, 01:30:52 PM
actually I am still not very sure of the security of our data when doing KYC, who can guarantee if our data is not used for things we don't want?

I think that often those projects that host KYC are still correct in their business and thanks to this confirm the identity of everyone.
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