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Topic: AML/KYC Explained - page 24. (Read 381711 times)

member
Activity: 105
Merit: 10
October 01, 2015, 09:13:06 AM
#35
A very interesting post, more of this please.
full member
Activity: 126
Merit: 100
September 30, 2015, 08:36:40 AM
#34
KYC REALLY JUST PROTECTS THE COMPANY AND 50% US THE USERS
newbie
Activity: 16
Merit: 0
July 13, 2015, 02:57:32 PM
#33
i think kyc is mostly used in india...
it means know your customer..
it letsan organisation know to whom they are employing, it prevents fraud and illegeal people upon using services for bad or evil purposes. Cool

I think its implemented in many parts of the world. I'm sure about USA, India, New Zealand, South Africa and U.K.
newbie
Activity: 42
Merit: 0
May 27, 2015, 08:10:21 AM
#32
i think kyc is mostly used in india...
it means know your customer..
it letsan organisation know to whom they are employing, it prevents fraud and illegeal people upon using services for bad or evil purposes. Cool
hero member
Activity: 1106
Merit: 534
April 07, 2015, 01:29:01 PM
#31
Our current economic system is fraudulent, it's not really about money laundering,, it's really about making sure joe public can't earn money from his labours without Big brother getting a hefty slice of it.

+1

Yes this is the reason for KYC/AML shit!!!
Soon I will have to bring a sample of my pee or stool to the bank if I would
have to use any of their services!

They recently started to ask fucking questions like
if I'm politically active or where do my relatives live because according to the "law"
they need to update the data they have on me?!

WTF?!  Huh

The clerk gave me some papers to fill in my data and on that papers there
were written some shit about money laundering and terrorism.
I said to the clerk that if they want to get rid of terrorism
they need to seize all accounts belonging to political parties and politicians.

full member
Activity: 474
Merit: 111
April 06, 2015, 10:34:26 PM
#30
Our current economic system is fraudulent, it's not really about money laundering,, it's really about making sure joe public can't earn money from his labours without Big brother getting a hefty slice of it.
sr. member
Activity: 285
Merit: 250
April 01, 2015, 10:07:01 AM
#29
KYC/AML makes sense only when it is enforced. When a company claims that they they are complaint the questions that you have to ask what are they compliant with? and Who do they report to?

This is a very good question that just came up this week with the revelations that a Secret Service agent was working on the Silk Road case, and also was working for CoinMkt Exchange as their Compliance Officer at the same time. It's quite clear from the unsealed govt documents that the agent was abusing his powers, and using them to his advantage at CoinMkt Exchange. Clearly, there was no measures or controls in place at CoinMkt that prevented or caught this abuse of power in direct relation to compliance/KYC/AML.

So even though an exchange might have KYC/AML procedures in place, as you said, it only makes sense when it's enforced and more importantly, who are overseeing these processes? Here's some more info on what I had said about this yesterday on reddit.
legendary
Activity: 1540
Merit: 1003
alan watts is all you need
March 13, 2015, 09:28:04 AM
#28
Can ANX get added to the list? 

We are a Money Services Operator (MSO) in Hong Kong.  This is the equivalent of a FINCEN/FINTRAC MSB in the USA.  We are under stringent compliance controls where we go above and beyond the standard KYC/AML and SSR requirements set out for the license.  Because we are in the crypto currency industry we heave to work much harder to keep abreast on the latest developments in KYC and AML than the typical MSO or banks to mitigate any risk in our business.  ANX was one of the first exchanges to implement strong KYC/AML requirements on all our customers since Day 1 of our opening in July 2013.  This proved to be painful and troublesome for some of our customers and even cost us some customers as they did not feel they needed to provide this information to us since many of the other exchanges did not have such policies and not an industry standard at the time. 

We knew that KYC/AML will be one of the main reasons why the regulators and government will ban or accept crypto currencies. Hence we had been forward thinking and adequately pre-empted these requirements that have been the norm today.  ANX is in this for the long term and will do what it takes to ensure we will stay in business to be able to provide our a customers a safe and compliant way to trade crypto currencies.


what sort of KYC details would you require from a citizen of Kenya who would like to trade on your exchange/ have some sort of business relationship. This person has no ill intentions and would like to particpate in a HK based exchange and access full features.

Inbox also an option

Thanks.
newbie
Activity: 55
Merit: 0
February 21, 2015, 05:56:17 PM
#27
A very informative post, thanks!
newbie
Activity: 42
Merit: 0
February 18, 2015, 06:24:37 PM
#26
KYC/AML makes sense only when it is enforced. When a company claims that they they are complaint the questions that you have to ask what are they compliant with? and Who do they report to?

I have seen only one company in bitcoin trading that have to comply with these standards dsx.uk. There rest of them can be doing KYC or not no one would care.
legendary
Activity: 1904
Merit: 1073
February 15, 2015, 05:41:05 AM
#25
I do not really share their views on what Bitcoins is tho.....

http://moneytransmitterlicense.blogspot.com/ - This might just be one of the most $#^$% views on Bitcoin.

In my opinion, just another way to squeeze money out of people, to register for something, that bring little value. {Support us, and we protect you.. bla bla bla}

 
newbie
Activity: 4
Merit: 0
December 19, 2014, 08:05:00 AM
#24
AML/KYC is a barrier to entry for small Bitcoin startups and effectively hinders Bitcoin innovation .. it should be IGNORED

In what aspects?

In aspect of implementing all the necessary procedures.
sr. member
Activity: 266
Merit: 250
November 10, 2014, 11:30:39 PM
#23
AML/KYC is a barrier to entry for small Bitcoin startups and effectively hinders Bitcoin innovation .. it should be IGNORED

In what aspects?
newbie
Activity: 1
Merit: 0
November 07, 2014, 03:41:08 PM
#22
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Mr. Bernard butty
Email: [email protected]
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legendary
Activity: 1316
Merit: 1003
October 25, 2014, 06:36:24 PM
#21
Maybe you should expand the list with ATF, which is a relevant part too.

Anti-Terrorist Financing not Alcohol, Tobacco, Firearms. Wink
hero member
Activity: 784
Merit: 500
October 11, 2014, 11:58:02 PM
#20
Quite informative, thanks.

Would be very nice to extend this to some mayor altcoins sites, like BTER, i.e. It would be very good to have a community index of exchanges trustfulness.
member
Activity: 112
Merit: 10
October 11, 2014, 11:01:08 AM
#19
if possible, can you please post sites that help with verification process? Would a website like: http://authenticid.co/pro-valid.html will help?
newbie
Activity: 1
Merit: 0
October 03, 2014, 08:00:38 AM
#18
Isn't it a time to add Circle.com to the lists?
As far as I saw they request customer information and refer to KYC during registration.I wonder, whether this makes them compliant.
newbie
Activity: 5
Merit: 0
September 25, 2014, 04:06:22 AM
#17
It's not just cash deposits/withdrawals. Any combination of transactions reaching or exceeding 10.000 USD within 48 hours can/will be reported. This includes the EURO zone (SEPA) where a copy of each bank transaction is send to the US for analyses. So details of a bank transfer from Italy to Spain, or even within the same city between your family members is send over to the US. It depends on your risk profile if you get into trouble or not.

Also single person business owners (non-limited companies) also fall under that rule.
legendary
Activity: 812
Merit: 1000
September 07, 2014, 01:09:42 PM
#16
I'd like to propose some changes to KYC/AML rules.  Criminals have been known to use their ill gotten gains to eat at restaurants and shop in grocery stores.  I guess criminal activity can work up an appetite.  It is incumbent upon restaurants to ensure that the money their customers are paying has come from legitimate sources.  All restaurants should ask for ID and a utility bill before serving customers.  They also need to ask their customers for their employer information and annual income.  Self employed customers can produce a business license or other such documentation to prove the legitimacy of their income.  Grocery stores also need to comply with these rules but in addition, grocery stores should ask for social security numbers as well.  Maybe then we can protect children and fight Al Qaeda ISIS.  

Government AML regulations put the burden on financial institutions, not regular businesses.  Many banks are choosing not to accept anonymous cash deposits into bank accounts... such as JP Morgan Chase, which now only allows people to deposit cash into their own account.

Any cash deposit or cash withdrawal of more than $10,000 is required to be reported to the Federal government.

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