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Topic: AML/KYC Explained - page 5. (Read 473691 times)

newbie
Activity: 74
Merit: 0
May 18, 2019, 09:42:46 PM
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.



Right sir, I think KYC and AML again drag us into classical financial system. The vision of Bitcoin creation is to provide freedom from present financial ecosystem. But instead we need a Blockchain based solution which is alternative present KYC system.

How would a blockchain solution be any different?
If you MUST provide your private information, blockchain or otherwise, it is NOT treated as a voluntary act. How could a decentralized system of identity collection work differently?
newbie
Activity: 512
Merit: 0
May 16, 2019, 08:22:44 AM
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.



Right sir, I think KYC and AML again drag us into classical financial system. The vision of Bitcoin creation is to provide freedom from present financial ecosystem. But instead we need a Blockchain based solution which is alternative present KYC system.
newbie
Activity: 3
Merit: 0
May 15, 2019, 08:38:31 AM
Is there any exchange these days which only require a copy of ID, allowing watermark, and no selfie? Thanks.
jr. member
Activity: 494
Merit: 2
KoinPro: Unique Double-up Contract
April 16, 2019, 02:17:54 PM
Despite the importance of KYC/AML in preventing money laundering and other related crimes, one cannot denied the risk involved. Third parties mostly untrusted can make use of customer details to commit a financial crime which is generally known as identity theft. At the end, the only traceable element is the real owner. We should be cautious in releasing our identity and ensure it really worth it
jr. member
Activity: 494
Merit: 2
KoinPro: Unique Double-up Contract
April 10, 2019, 10:24:41 AM
The reason why many run away from KYC might not be far from personal security. You cannot just release your identity to an unknown entity. Most projects that are demanding for KYC/AML does not even put appropriate infrastructures in place to carry such process in an automated way. Most time, you have to wait for days or more than a week to get feedback.
copper member
Activity: 182
Merit: 18
Crypto.BI
April 07, 2019, 11:03:01 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?
newbie
Activity: 13
Merit: 0
April 05, 2019, 04:27:13 PM
if possible, can you please post sites that help with verification process? Would a website like: http://authenticid.co/pro-valid.html will help?
same would like to see that too
member
Activity: 602
Merit: 24
April 04, 2019, 08:50:20 AM
It is always a risk to leave your document data and photos with your passport somewhere! Even when you leave confidential information about yourself in the Bank - it is also a risk. In banks there are dishonest employees who can use it.
jr. member
Activity: 61
Merit: 1
April 04, 2019, 02:03:31 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
member
Activity: 686
Merit: 12
April 03, 2019, 06:44:57 AM

Great joke created in advance. I was already excited, started looking for my lastest photos: D
member
Activity: 602
Merit: 24
April 01, 2019, 12:40:30 PM

Now there is nothing surprising in the fact that KYC is required everywhere. I vote that this KYC, which is now introduced on the forum, would be forever! I like that. I love fun!
sr. member
Activity: 381
Merit: 250
Hi! I Sell .Edu Emails Login with Gmail & Outlook
April 01, 2019, 04:23:13 AM
newbie
Activity: 36
Merit: 0
March 17, 2019, 08:41:46 AM
Slowly slowly this is the way Government state take control of cryptocurrency. They call this KYC know your customer and so on. So why not just open banks. Cryptocurrency banks that way banks can do Kyc and keep safe your details. I not willing to hand over my detail to any Tom dic@ and Harry.

Also what the point of cryptocurrency if you can’t stay Anonymous. This is killing cryptocurrency and that what state want.

Let’s let cryptocurrency be  decentralised again.
newbie
Activity: 1
Merit: 0
March 17, 2019, 08:01:47 AM
Are there any exchanges that do not have document requirements, and accept wire transfers to fund the account to buy crypto?

Or is that still, in 2019, done by in p2p exchange and pay a premium?

Not necessarily looking for anonymity, but KYC requirements are bullshit. It's easier to open a bank, brokerage, etc accounts...
newbie
Activity: 10
Merit: 0
March 04, 2019, 08:28:41 AM
I'm down with no KYC - Mt Gox and Quadriga both required KYC and did not do much good for them!
newbie
Activity: 2
Merit: 0
February 22, 2019, 04:54:50 AM
Because KYC procedure links wallets with the actual user’s identity it can lead to information leaks. A recent study concluded (http://stevengoldfeder.com/papers/ZKCSP.pdf) that 53 out of 130 platforms the research was conducted on leaked critical personal information to a total of at least 40 separate third parties. The absence of enforcing KYC does not affect the user's asset security on the platform whatsoever, and furthermore protects the user as information leaks can lead to serious issues such as identity theft and other fraudulent acts.  

Mt Gox is the most notoriously 2 x hacked crypto exchange which enforced, rather still enforces KYC/AML, and while it helped them trace some of the lost funds it still managed to lose them in the first place and was the most prevalent exchange of its time.  

I personally prefer no KYC.

Prime XBT (https://primeXBT.com) can be added to the list of trading platforms that does not require its users to submit to the KYC procedure.  
member
Activity: 97
Merit: 84
February 18, 2019, 09:02:11 AM
KYC/AML seems to be  a different case in different countries. But some exchanges like Bitstamp go too far in locking up your funds until you pass AML...
Many exchangers get people involved in, allowing them to trade without verification for a while. Once your balance reaches some value, you become a victim of selective KYC. Very simple scheme, which is impossible to find fault legally, and they get a large amount of money from you basically for free. This is one huge conveyor.
This is why we 1. do not store users finds 2. do not require KYC
newbie
Activity: 3
Merit: 0
February 04, 2019, 10:47:51 AM
KYC/AML seems to be  a different case in different countries. But some exchanges like Bitstamp go too far in locking up your funds until you pass AML...

I had exactly that experience with Bitstamp. I wonder if they do it on purpose, to put your crypto to work for their benefit while you cannot get it out of their system.
legendary
Activity: 2226
Merit: 1971
A Bitcoiner chooses. A slave obeys.
February 04, 2019, 10:28:18 AM
KYC/AML seems to be  a different case in different countries. But some exchanges like Bitstamp go too far in locking up your funds until you pass AML...
newbie
Activity: 14
Merit: 0
November 23, 2018, 08:35:08 AM
What do you think about IDEX situation, when they say that gonna collect KYC. And I don't wanna give them anything! I want to stay anonymous. What for they need my data? They will simply lose competition to DEX'es like Ethermium, BitShaes, ForkDelta etc.
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