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Topic: AML/KYC Explained - page 4. (Read 473691 times)

jr. member
Activity: 108
Merit: 1
November 06, 2019, 03:06:57 AM
Oh no one protects KYC. This kind of monopoly. How can I trust my identity to an unknown person?

Oh - if you go totally dark, nobody can and will protect you. Only big criminal fishes want such and will Profit most of.

If entire money paths would be tracable. many crime and corruption was not possible.

Bitcoin can do that, small clean fishes should vote for IMHO

But who will protect me if my data will be stollen and come to the hackers. There are a lot of cases when hackers steal the data.
jr. member
Activity: 77
Merit: 1
October 29, 2019, 02:38:06 PM
Nowadays, there are people think that there should be a better way to verify user not KYC. KYC some how made it complicated for user.
How do you guys think?
hv_
legendary
Activity: 2534
Merit: 1055
Clean Code and Scale
October 29, 2019, 07:36:01 AM
Oh no one protects KYC. This kind of monopoly. How can I trust my identity to an unknown person?

Oh - if you go totally dark, nobody can and will protect you. Only big criminal fishes want such and will Profit most of.

If entire money paths would be tracable. many crime and corruption was not possible.

Bitcoin can do that, small clean fishes should vote for IMHO
newbie
Activity: 10
Merit: 0
October 28, 2019, 04:51:51 PM
Oh no one protects KYC. This kind of monopoly. How can I trust my identity to an unknown person?
newbie
Activity: 4
Merit: 0
October 02, 2019, 08:31:52 AM

LocalBitcoin (p2p based, limited KYC?)

LocalBitcoin (p2p based, limited or no AML?)


If you're referring to LocalBitcoins.com then you can update OP as the new verification system is much stricter now.

Quote
Limit: 1000 EUR/yr >> Real Name + Country of Residence + Email Address + Phone Number

And that's the lowest tier available now, T0.

For anything above that you need ID Verification, Physical Address Verification & more.


Reference Links:

https://localbitcoins.com/blog/id-verification-update/
https://localbitcoins.com/blog/tier-verification-deadline-extended/

Note: I understand the post is old but it's pinned, so it must be important and still relevant.

sr. member
Activity: 832
Merit: 250
October 01, 2019, 05:07:34 PM
Maybe it is funni for  today, but on exchange 50x no any KYC.
sr. member
Activity: 566
Merit: 250
CurioInvest [IEO Live]
August 27, 2019, 12:39:37 AM
Kyc is needed for every exchanger, it's for secure financial. Is there any exchanger no need kyc now?
I guess some of the information provided here are already outdated and some dead links need to be updated. I think KYC policies change over time. In my recent experience with Bitfinex and if you scan through their Help center, you will find that they do not require KYC during sign-up, during deposit (up to a certain amount I guess) and trade of most cryptocurrencies. KYC is required if you want to deposit/withdraw fiat, stable tokens/coins and some other selected tokens/coins.
newbie
Activity: 178
Merit: 0
August 12, 2019, 04:58:23 AM
Kyc is needed for every exchanger, it's for secure financial. Is there any exchanger no need kyc now?
legendary
Activity: 1288
Merit: 1926
฿ear ride on the rainbow slide
July 16, 2019, 02:26:47 AM
https://www.pwc.com/gx/en/financial-services/publications/assets/pwc-anti-money-laundering-2016.pdf

This is an extensive document by PwC that lists every country individually, KYC laws and limits.

Exchanging over certain values can trigger mandatory AML reporting. It is worthwhile understanding and knowing the KYC and AML laws.

It prevents unnecessary issue over locked account. It appears to be something that is happening a lot now.

It is a little bit dated being from 2016 but it is a good start.
newbie
Activity: 7
Merit: 0
July 12, 2019, 05:59:44 AM
Some exchanges don't ask for KYC for depositing bitcoin or other cryptocurrencies.but they require KYC when they feel u are about withdrawing your funds from the exchange.I had a very tough experience with hitbtc.Not going back there anytime soon

And also a lot of exchange does not require KYC but without verifying KYC you can withdraw/deposit a small amount of money for example you may see bittrex or binance. They give higher limit for verifying KYC.

yeah hitbtc is fishy, all that minimums to withdraw and so on.. also moved from there
hv_
legendary
Activity: 2534
Merit: 1055
Clean Code and Scale
July 07, 2019, 02:24:40 PM
How do you feel about the fact that some exchanges sell personal customer`s data into the Dark Web due to the users must pass a KYC. KYC is the personal data that an exchange actually receives and there are no guarantees of security, only trust
If any exchange use our data or sell our data we cant do anything if we cant proof either they sold our document or not. If we can proof and they break any terms of service then we may try to make dispute. But better to use trusted exchanges those who will never use or sell their customers data.

There is no fully regulated and trusted exchange yet. I wonder if SIX Group's SDX , SCX or bakkt will be that?
hero member
Activity: 1134
Merit: 517
July 07, 2019, 04:54:06 AM
How do you feel about the fact that some exchanges sell personal customer`s data into the Dark Web due to the users must pass a KYC. KYC is the personal data that an exchange actually receives and there are no guarantees of security, only trust
If any exchange use our data or sell our data we cant do anything if we cant proof either they sold our document or not. If we can proof and they break any terms of service then we may try to make dispute. But better to use trusted exchanges those who will never use or sell their customers data.
jr. member
Activity: 108
Merit: 1
July 05, 2019, 09:34:32 AM
How do you feel about the fact that some exchanges sell personal customer`s data into the Dark Web due to the users must pass a KYC. KYC is the personal data that an exchange actually receives and there are no guarantees of security, only trust
full member
Activity: 552
Merit: 110
July 03, 2019, 10:40:49 PM



Choose a No KYC Crypto Exchange if you are confused about KYC.
newbie
Activity: 74
Merit: 0
June 24, 2019, 02:00:56 PM
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.

Where is this rule? 48 hours or 24 hours? I ask because I thought it was 24 hours.
With 48 hours it implies it accumulates, 2 10k deals in two days would be reported.
hero member
Activity: 1134
Merit: 517
June 23, 2019, 06:29:18 AM
Some exchanges don't ask for KYC for depositing bitcoin or other cryptocurrencies.but they require KYC when they feel u are about withdrawing your funds from the exchange.I had a very tough experience with hitbtc.Not going back there anytime soon

And also a lot of exchange does not require KYC but without verifying KYC you can withdraw/deposit a small amount of money for example you may see bittrex or binance. They give higher limit for verifying KYC.
newbie
Activity: 6
Merit: 0
June 17, 2019, 07:59:22 AM
Some exchanges don't ask for KYC for depositing bitcoin or other cryptocurrencies.but they require KYC when they feel u are about withdrawing your funds from the exchange.I had a very tough experience with hitbtc.Not going back there anytime soon
newbie
Activity: 60
Merit: 0
June 11, 2019, 04:43:38 AM
Is it true that OOOBTC's first IEO is MPCX?
hv_
legendary
Activity: 2534
Merit: 1055
Clean Code and Scale
June 11, 2019, 02:47:52 AM
Take a look at Coinfirm AMLT report about risk KYC/AML. For example, Binance is in "high" risk.
https://cointelegraph.com/news/study-14-of-major-crypto-exchanges-are-licensed-by-regulators

How is this even measured? Is there a online resource with guidelines on AML/KYC?

Not for AML, since it should not be easy for criminals to find out how to work around.

AML rules should not be published - it's a business secret - to be efficient.
newbie
Activity: 101
Merit: 0
June 09, 2019, 06:03:56 AM
Does anyone know if I need to pass AML/KYC test in mpcx's platform?
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