AML/KYC Explained - page 21. | Bitcointalksearch.org

bmichael05

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Quote from: Landagert on September 20, 2017, 01:05:18 AM

Owh yeah, i been wanting to ask..

When does the AML/KYC has been implemented? because i only have heard it since i get involve with cryptocurrencies.

I suspect it must been new, or it is an old system. just my daily transaction called the system with another name

It was implemented in USA at beginning of 21 century (2001-2002 y.).

Most likely you heard about this for the first time, because you did not work closely with financial institutions before.
And the theme of money laundering through the crypto currency is hot.

SonOfNorth

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THE GAME OF CHANCE. CHANGED.

Quote from: rgm108 on September 28, 2017, 06:43:37 AM

You effectively need a passport/ID, a utility bill and a bank statement in the United Kingdom.

That covers off most KYC checks.

These two are the things that are killing it for me, because I have really neither. I just pay in cash for my accommodation, which in many cases is a hotel, so it includes every possible utility I might need. This in turn means that I won't get the needed documentation, so I'm totally out of luck.

I've spent the last decade living like this without a hitch, but I reckon it's about time for me to move back "home" and start sleazing off of welfare, because all these monkey tricks are no more worth it. I've already effectively lost my Payoneer account which I've had for years, and about to lose my PayPal account which I've had for a decade due to this crap.

rgm108

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You effectively need a passport/ID, a utility bill and a bank statement in the United Kingdom.

That covers off most KYC checks.

CostaRibeiro

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Loose or non-existant KYC policies:

BTC-e (??)
Crypsty (??)

Roll Eyes

Mr.Hans

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Hello everyone, i am a trader looking to buy large amounts of BTC / ETH / LTC
Anyone who wants to sell at the market price please contact me: [email protected]
We also trade Bitmain Antminer.

Thank's
Robert

Landagert

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Owh yeah, i been wanting to ask..

When does the AML/KYC has been implemented? because i only have heard it since i get involve with cryptocurrencies.

I suspect it must been new, or it is an old system. just my daily transaction called the system with another name

Landagert

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Quote from: Sentacks on September 19, 2017, 09:18:40 AM

Quote from: Landagert on September 19, 2017, 08:23:19 AM

Interesting article Grin

I have been exposed to the system of KYC and somehow i find it a bit uneasy, since i have been ask to take selfies
, just to prove that we have possession of the card i think... when i rarely take a selfie Embarrassed

That is pretty odd (even as kyc goes) but I guess if you run a web only operation where you don't see your customers in person at any point, what other option would you have...

The good thing about this aml/kyc stuff is if you aren't doing anything nefarious you USUALLY don't have anything to worry about. I say usually because governments (esp US govt) have been known to seize large amounts of money first and ask questions later. When this happens to legitimate people it's disgusting. They usually have court battles they can't win because the government took their money. Not trying to scare anyone but be careful. Also google "innocent civil asset forfeiture" to read more about this crap.

Yeah you are correct, it was from an exchange, and it is web based.

But still, I can't comprehend why need such measure. I think they ask both picture of the credit card, plus picture of the individual holding the credit card. For my opinion, a single verification is enough. and individual holding the card is sufficient enough, i think.

Student1

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Hello Guys,

I am currently working on my thesis regarding Anti Money Laundering Law. I find it hard to come up with a legal research question which combines the ''Know Your Customers Policy'' and AML from a corporations perspective.

Are there any suggestions on a specific research question regarding this topic?

Thank You

Desperate Student1

Sentacks

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Quote from: Landagert on September 19, 2017, 08:23:19 AM

Interesting article Grin

I have been exposed to the system of KYC and somehow i find it a bit uneasy, since i have been ask to take selfies
, just to prove that we have possession of the card i think... when i rarely take a selfie Embarrassed

That is pretty odd (even as kyc goes) but I guess if you run a web only operation where you don't see your customers in person at any point, what other option would you have...

The good thing about this aml/kyc stuff is if you aren't doing anything nefarious you USUALLY don't have anything to worry about. I say usually because governments (esp US govt) have been known to seize large amounts of money first and ask questions later. When this happens to legitimate people it's disgusting. They usually have court battles they can't win because the government took their money. Not trying to scare anyone but be careful. Also google "innocent civil asset forfeiture" to read more about this crap.

Landagert

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Interesting article Grin

I have been exposed to the system of KYC and somehow i find it a bit uneasy, since i have been ask to take selfies
, just to prove that we have possession of the card i think... when i rarely take a selfie Embarrassed

BitcoinBallerina

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Presale is live!

Quote from: alyssa85 on September 12, 2017, 10:55:23 AM

Quote from: linenoise on August 31, 2017, 01:34:08 AM

Chase is getting worse with cash deposits. They now request your ID when putting cash into your own account. It's a business account, businesses take cash for work. Oddly enough if I use the ATM and do a cash deposit no ID is required. Or a night deposit. Go to a teller and they'll need an ID. I tried to ask why big brother was so bothersome, the last teller had no idea what I was referring to by big brother.

Usually, banks institute these kind of rules when something has gone wrong - so I'm guessing they had someone deposit a bunch of cash who shouldn't have, and they got chewed over by the govt over it. The response of the bank is always to do arse-covering so that in future they can't be chewed out, and that's how these draconian rules get started.

haha of course people that work there aren't going to know what big brother is, they are part of big brother. But yes absolutely they are great at covering up.

nskendrovic

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Quote from: anelenaniku on September 01, 2017, 06:05:02 AM

Almost every company , lawyer etc needs KYC today in order to work with you

Ya but I look forward to how it will be attempted to be applied to cryptocurrencies because it is very hard to get someones private keys and force them to move it.

OpenPub

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Very good article, thank you!

princespiglet

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Look if they become big enough - and to me they look like they will - cryptocurrencies will have to have effective KYC/AML incorporated in some way. I don't think governments will care if it's at the exchange level - so every exchange does a reasonable job at KYC - or however. What they will care about is not having a significant percentage of financial flows - rather than the tiny and trivial percentage cryptos represent now - happening without them being able to know who the recipients are.

To me it's blindingly obvious that terrorists funders will - probably are - use cryptocurrencies to fund terrorists. This can't continue as cryptocurrencies become increasingly adopted. There will have to be identification of people on each side. Just wait until half a dozen people are murdered in Paris, or Berlin, or London, or wherever, and the investigation shows that the attacker was funded with Bitcoin. The regulators won't play games then.

Just my view, possibly wrong.

alyssa85

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CryptoTalk.Org - Get Paid for every Post!

Quote from: linenoise on August 31, 2017, 01:34:08 AM

Chase is getting worse with cash deposits. They now request your ID when putting cash into your own account. It's a business account, businesses take cash for work. Oddly enough if I use the ATM and do a cash deposit no ID is required. Or a night deposit. Go to a teller and they'll need an ID. I tried to ask why big brother was so bothersome, the last teller had no idea what I was referring to by big brother.

Usually, banks institute these kind of rules when something has gone wrong - so I'm guessing they had someone deposit a bunch of cash who shouldn't have, and they got chewed over by the govt over it. The response of the bank is always to do arse-covering so that in future they can't be chewed out, and that's how these draconian rules get started.

cryptomeo

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Almost all Chinese exchanges required it since last year, I think

Kunlejoe0

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What about bittrex? Does the exchange comply with Aml/kyc? I am very loaded there and the fact that they never had any issues makes me complacent.

anelenaniku

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Almost every company , lawyer etc needs KYC today in order to work with you

linenoise

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Quote from: freigeist on August 31, 2017, 07:47:58 AM

Quote from: devrawal93 on August 31, 2017, 07:39:05 AM

Thanks for sharing,

But i think that Aml/Kyc it's just a formality & does Not protect anyone from being scammed. As you all must be knowing about MtGox, the biggest fraud done under Bitcoin World, and even it was complied with Aml/Kyc laws. But this Aml/Kyc does nothing other than shutting down the small Enterprises and other small minded Business who trying to survive here & there. Its just a LOOPHOLE to Escape.

Of course is LOOPHOLE.
This shit is made to control common working people not the
Elite so they can seize your hard earned money in case you rebel.

So what about Panama Papers?
It seem all legal Wink

Nobody is mentioning anything like it never occurred.

The Panana Papers didn't have many from the USA in it, was mostly european. I've heard a few passing comments on some getting in trouble but that's not where I get most of my news.

freigeist

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Quote from: devrawal93 on August 31, 2017, 07:39:05 AM

Thanks for sharing,

But i think that Aml/Kyc it's just a formality & does Not protect anyone from being scammed. As you all must be knowing about MtGox, the biggest fraud done under Bitcoin World, and even it was complied with Aml/Kyc laws. But this Aml/Kyc does nothing other than shutting down the small Enterprises and other small minded Business who trying to survive here & there. Its just a LOOPHOLE to Escape.

Of course is LOOPHOLE.
This shit is made to control common working people not the
Elite so they can seize your hard earned money in case you rebel.

So what about Panama Papers?
It seem all legal Wink

Nobody is mentioning anything like it never occurred.

Topic: AML/KYC Explained - page 21. (Read 473792 times)