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Topic: AML/KYC Explained - page 25. (Read 473818 times)

newbie
Activity: 4
Merit: 0
December 19, 2014, 07:05:00 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, 10:30:39 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, 02:41:08 PM
#22
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legendary
Activity: 1316
Merit: 1003
October 25, 2014, 05:36:24 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, 10:58:02 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, 10:01:08 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, 07:00:38 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, 03:06:22 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, 12:09:42 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.

full member
Activity: 143
Merit: 104
September 06, 2014, 10:27:21 AM
#15
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.  
newbie
Activity: 16
Merit: 0
August 20, 2014, 11:57:11 AM
#14
Why some trading companies ask for more documents than others?

Some KYC are very annoying.

legendary
Activity: 1316
Merit: 1003
August 13, 2014, 09:54:14 AM
#13
Important aspects. But i think MTGOX should be removed from this nice article. When i see it's name i become different, furry.
Valid point. They are in compliance with bankruptcy atm.
sr. member
Activity: 322
Merit: 250
June 16, 2014, 11:25:22 PM
#12
Where does purse.io fit?
hero member
Activity: 560
Merit: 500
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June 16, 2014, 07:39:53 PM
#11
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. 
hero member
Activity: 560
Merit: 500
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June 16, 2014, 07:38:41 PM
#10
AML/KYC is a barrier to entry for small Bitcoin startups and effectively hinders Bitcoin innovation .. it should be IGNORED
member
Activity: 93
Merit: 10
May 28, 2014, 12:59:03 PM
#9
Important aspects. But i think MTGOX should be removed from this nice article. When i see it's name i become different, furry.
hero member
Activity: 518
Merit: 500
Hodl!
May 05, 2014, 08:59:15 AM
#8
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.
full member
Activity: 182
Merit: 100
April 08, 2014, 03:14:22 AM
#7
- Determination of the customer's risk in terms of propensity to commit money laundering, terrorist finance, or identity theft
- Creation of an expectation of a customer's transactional behavior
- Monitoring of a customer's transactions against their expected behaviour and recorded profile as well as that of the customer's peers

And here is the problem.  If you are a normal, 9-5, go home to the wife and kids guy, then you will probably fit the guidelines/expectations perfectly.

If you are (like me and many others), an expat in Asia, using bank accounts in very Third World countries, you are shit out of luck.  Can I get verified at Coinbase, Bitstamp or other major exchange?  Not likely.  I get forced to BTC-e because I don't fit the normal profile.

If I could get a KYC support person to listen to my story, and make some allowance for it, it would be easy.  Unfortunately, that would take 30 minutes which they don't want to give.  The questions usually go like this:
Why don't you have a US bank account?  Why do you have an account in Cambodia and Vietnam?
-- Because I haven't lived in the US in 8 years.  I split time between those countries.
I need a utility bill and a copy of your passport.
-- Here is the passport.  I don't have a utility bill in my name.  It is normal here that utility bills stay in the landlord's name.  Since mail is never actually delivered, I pick them up at the utility office anyway.  What can i give you instead? A copy of my lease, notarized?  A letter from the local police?  Name it.
Sorry, sir.  Our rules state that a utility bill is required.  We will not be able to allow you to transfer your money back to your account from the exchange.  Fuck off, money laundering scum.

Expected profiles and expected behavior suck.
member
Activity: 87
Merit: 10
March 04, 2014, 07:07:53 AM
#6
There's also https://bitcoin-central.net/ operated by Paymium
newbie
Activity: 23
Merit: 0
February 23, 2014, 10:53:54 PM
#5
Add CoinMKT and VoS, please.
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