Topic: AML/KYC Explained - page 25. (Read 508275 times)

A very informative post, thanks!

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.

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}

 

In aspect of implementing all the necessary procedures.

In what aspects?

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Maybe you should expand the list with ATF, which is a relevant part too.

Anti-Terrorist Financing not Alcohol, Tobacco, Firearms.

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.

if possible, can you please post sites that help with verification process? Would a website like: http://authenticid.co/pro-valid.html will help?

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.

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.

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.

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.  

Why some trading companies ask for more documents than others?

Some KYC are very annoying.

Valid point. They are in compliance with bankruptcy atm.

Where does purse.io fit?

AML/KYC does NOT protect anyone from being scammed. MtGox was the biggest fraud in the history of Bitcoin and it complied with AML/KYC laws.

All AML/KYC does is force small Bitcoin startups out of business because they can't afford to register with FinCEN.  It's just another monopoly trick and it does NOT protect ANYONE from getting ripped off. 

AML/KYC is a barrier to entry for small Bitcoin startups and effectively hinders Bitcoin innovation .. it should be IGNORED

Important aspects. But i think MTGOX should be removed from this nice article. When i see it's name i become different, furry.

At what point does supposed KYC/AML compliance requirement blocking access to amounts worth below the reporting trigger limits become a deliberate scam?

I am frustrated due to getting "KYC"ed for small scale investments, i.e. they already have my coin and are changing policy. Crypto financials have an absolutely abysmal security track record, and I am unwilling to spread my data around to every two satoshi operation, it's not a case of "if" ID theft will happen it's a case of WHEN. I am absolutely convinced that if I should give full ID to 10 such operations that it's absolutely guaranteed that my data would be stolen in a year. It's very highly likely even if I restrict myself to just 5... at the moment I am only providing ID to operations located in my home country who I can get restitution from easily if/when they screw up. I had deliberately limited size of investments for risk reasons and to "not have to deal" with any AML BS.

The problem is here, my credit could be abused into the tens of thousands of dollars range, so providing full ID is an additional tens of thousands worth of risk for things likely to realize a mere hundred or two in profit, if any.

I had expected crypto to fiat interfaces to require KYC, what has caught me off guard is the number of crypto<>crypto things now beginning to implement, often with no opportunity to withdraw investment.