Topic: AML/KYC Explained - page 20. (Read 473792 times)

thank you sir this will be very helpful for beginners like me

Good thread with valuable info, thanks a lot !

I was wondering the same.

What is the procedure to verify a person i mean documents?
How they do it?
How they know that the supplied data is not fake or from another person?!

But what if the info in KYC is not correct ?

KYC will be a big problem for a lot of ongoing projects. I see the SEC hunting down a lot of projects because of missing KYC.

This is needed to ensure that people are not using mis appropriately and are helping in money laundering in any way. They have been being used in current finance industry and helps keep people with wrong intent on bay

The only motive for regulating the circulation of money is the collection of taxes. You can buy and sell anything - just do not forget to give a share to the state. It is foolish to think that the fight against money laundering will somehow prevent terrorism or the work of cartels. So the next couple of years, officials will only think about one thing - how to regulate blockchane and to destroy the anonymous transfers

Although from an etiologic point of view, asking about origins of a term is a common practice but it is not always the best or a complete approach to understanding it comprehensively. Instead it is always useful and enlightening that you try figuring it out how it is used right now.

So, saying 'accounting and financial institutions' invented KYC/AML discourse is not only a false statement (security/intelligence sector did it) but also misleading and confusing. It is misleading because 'washes' the term by pretending it to be a product of technological/scientific development and confusing because it remains silent about the political nature of KYc/AML discourse, the way it is being manipulated by power to be used against people.

The ultimate mission of cryptocurrencies is to deconstruct this term and protect people (and not just the white, rich, citizens of the USA or Europe) from government/accountants/financial institutes sniffing in their private life.

It is good to have governments to fight with drug smugglers, we don't have one though. Anti drug agencies are practically a part of the drug trafficking, playing their role, getting their share.

Fighting terrorism is a sacred mission to accomplish for governments, they don't. They plant terrorism, finance it, equip it, arm it,  everywhere and everywhen they find it (foolishly) useful. Governments use this label as an accusation against  their own puppets when they get out of line or against their rivals' puppets or (more oftenly) against ordinary people, intellectuals, resistance organizations (like Hezbollah in Lebanon) , ....

It is very interesting that instead of asking about where the weapons  or the drugs come from, these hypocrites, KYC/AML proponents, advertisers/imposers are asking about the money.

As I have mentioned earlier (in this topic?) tracking money is a business and nothing more, I pay someone to 'wash' my money and government pays someotherone to play cat and mouse with me.

 

Really interesting and mixed views here. KYC does seem to defeat some of the objectives of cryptos and lean towards a government regulation instead. Maybe its just part of the transition? Half way house?

Anti Money Laundering and Know your customer policies are initiated by accounting and financial institutions to check customers source of funds. Bitcoins block chain technology aim to reduce these 2 policies by making transactions anonymous. However, Bitcoins exchanges ensuring strict AML and KYC policies defeat the aim of using Bitcoins as anonymous currencies. In my view, Exchanges should relax these policies in order to set block chain technology apart from mainstream banking .

I’m always really interested to the trading my only worry I really don’t have much knowledge to navigate  wish I have a knowledge that what you had guys !!!!

This is very informative, i like trading on an exchange site that requires kyc

Good piece of article, KYC and AML is crucial for financial companies be it financial institutions such as banks, forex brokers and others. it assists customers from loosing their money and also from illegally acquired money being injected into mainstream economies

I’m nore interested now to have more knowledge  of this stuff guys !!!!! I research more all about this and I come back with the answers ,,,

KYC/AML discourse is a very dumb one. The core idea is to track money to fight crimes. It is a lie, you can't remove or even reduce criminal activities by tracking money, it just opens another criminal line of activity: money laundering business.

This is it, nothing more, as long as it relates to crimes. It is so simple: I commit a crime then pay you to wash my earnings, so you commit the second crime and this way we have shared the revenue and doubled the crime statistics, now AML guys come along and you have to pay them a piece and thus we have done a 'hat trick' with just one ball, good job, Thank you AML!

On the other hand  it is a very dangerous tool in the hands of very dangerous people: governments. They sniff and violate privacy of citizens.

Lastly, an almost new phenomenon worth mentioning: USA/Israel governments have a lot of competitors, rivals and 'enemies' to deal with in the Middle East. Recently, they have fallen in love with AML discourse because they have found a magical trick: name everyone you hate 'terrorist' then push for AML restrictions and weaken him, then in the right moment, invade and rip the poor rival! Isn't it genius?  Hezbollah for example is a Lebanese group who resists against Israel invasions (they used to invade Lebanon whenever they feel bored), now guess what? Hezbollah is the head of all terrorists in the planet or even in the galaxy and AML is the most effective weapon to exterminate the group. This guys are brilliant, AML guys, believe me. They sold 100 billion dollars worth of weapons to Saudi Arabia (the worst kind of a regime one can imagine in 21st century at least) few months ago. Do some math and ask: which money is clean and which is not.

can someone explain why eth market capt 25 bil and other coins like dash ten times smaller but the coin like $300 , eth have 2000 developers around the world wanted to put dapp on the Eth network etc... then why the price seem like <300 most of the time

Decentralized exchanges when

AML/KYC is needed by the governments, it should be applied right now to the emerging ICO. SO people will not worry about their investment. AML is very important to every country in the world. yes because the daily transaction that we gather money from which exchanges coming from or illegal way to use bitcoin.

All of this is for the government to control you.