Topic: AML/KYC Explained - page 6. (Read 397067 times)
For cryptocurrency to be widely accepted in the world today, the place of AML/KYC most not be overemphasis. I can still see some ICO not enforcing KYC for the sales of their ICO. They are not doing the Industry well in term of giving the Industry credibility for mass adoption of crypto. KYC must be a must for the sales of an ICO and trading in the exchanges.
Many, many KYC required KYC after Bounty campaign for bounty hunter
Althought Before They said don't need KYC for bounty hunter
It's made some people in Canada or USA can't get their coin for some month workhard
Althought Before They said don't need KYC for bounty hunter
It's made some people in Canada or USA can't get their coin for some month workhard
The term KYC refers to Know Your Customer. This terminology is more prominently used in the finance industry or the finance business. It is an activity to gather information from the clients and to authenticate on various parameters to make sure that the client holds a clean record.
The term AML (Anti-money-laundering refers) to a set of procedures, laws, and regulations designed to stop the practice of generating income through illegal actions.
Most of the cryptocurrency exchanges heavily rely on this two terms and have a strict KYC and AML policy of their own to deal with frauds and protect their funds. Even if you are planning to start your exchange, then you too have to focus on these aspects, but what if you do not have proper knowledge and expertise to tackle such issues. Under such circumstances, you can opt for a white label solution provider like Ibinex who can tackle this problem with ease and will create a full proof crypto exchange for you in a months time.
The term AML (Anti-money-laundering refers) to a set of procedures, laws, and regulations designed to stop the practice of generating income through illegal actions.
Most of the cryptocurrency exchanges heavily rely on this two terms and have a strict KYC and AML policy of their own to deal with frauds and protect their funds. Even if you are planning to start your exchange, then you too have to focus on these aspects, but what if you do not have proper knowledge and expertise to tackle such issues. Under such circumstances, you can opt for a white label solution provider like Ibinex who can tackle this problem with ease and will create a full proof crypto exchange for you in a months time.
I invested in several ICO's this year. With one or two the KYC process was real fast, happened within a few days. With another couple of ICO's it has taken forever. One in particular is now nearly 2 months. How long should it take?
Most ICO's have a third party KYC solutions provider so it's normal for processing times to vary. There are top KYC providers that has AI integrated in their platform so the process is really quick.
I invested in several ICO's this year. With one or two the KYC process was real fast, happened within a few days. With another couple of ICO's it has taken forever. One in particular is now nearly 2 months. How long should it take?
Some KYC very annoying they require and demand passport and utility bill under users name. Well like me Im just live with my parents ,so all bills are listed to their name, In addition some KYC they don't accept Local ID's but insists you to ulpoad passport only.And also KYC is not safe for me.It can be used for some illegal stuff.But in future theres a lot of decentralized exchange,I would prefer ro trade on DEX exchange.
As in this article, it is inevitable that measures to deal with money laundering and KYC will be strengthened as future encryption currencies are developed
Cryptographic currency must be accepted by governments and businesses in each country
https://news.bitcoin.com/bithumb-coinone-fiat-withdrawals-crypto-traders/
I think that the market further develops when proper regulation is made.
Cryptographic currency must be accepted by governments and businesses in each country
https://news.bitcoin.com/bithumb-coinone-fiat-withdrawals-crypto-traders/
I think that the market further develops when proper regulation is made.
I think KYC is not a safe way but other exchangers and for verification need it. They collect the data from others and I think it is not good, especially you passport details
In other words - government collect your investment data
HURRY UP DECENTRALIzED KYC/AML!!! then I will agree with this thread
HURRY UP DECENTRALIzED KYC/AML!!! then I will agree with this thread
I highly advise against sending personal info to shady icos. Even less so your coins... We need some kind of reverse KYC. It is not the customers who should be validating themselves but rather the ico itself. Otherwise who are we protecting?
How should I deal with KYC procedure if it was introduced only at the end of ICO but was not relevant in the beginning? Is it a shady ICO?Yes this is almost scam because not all the rules were disclosed at the beginning. Is like breach of contract.
I think you and anyone else that are not willing to do the kyc should ask and get the full refund
because if you would know that there is a kyc requirement before the ico you probably would not invest any amount in it.
So try to ask for refund if they are not scam they should return the funds.
I highly advise against sending personal info to shady icos. Even less so your coins... We need some kind of reverse KYC. It is not the customers who should be validating themselves but rather the ico itself. Otherwise who are we protecting?
How should I deal with KYC procedure if it was introduced only at the end of ICO but was not relevant in the beginning? Is it a shady ICO?I highly advise against sending personal info to shady icos. Even less so your coins... We need some kind of reverse KYC. It is not the customers who should be validating themselves but rather the ico itself. Otherwise who are we protecting?
How should I deal with KYC procedure if it was introduced only at the end of ICO but was not relevant in the beginning? Is it a shady ICO? 
I highly advise against sending personal info to shady icos. Even less so your coins... We need some kind of reverse KYC. It is not the customers who should be validating themselves but rather the ico itself. Otherwise who are we protecting?
if possible, can you please post sites that help with verification process? Would a website like: http://authenticid.co/pro-valid.html will help?
About the website you stated I wouldn't know but I know there are some that charge $9 or so for kyc verification.please kindly beware some just collect your info and maybe spam with pushing links.
Try and be conscious about where you send your kyc to
Know your customer (KYC) alludes to due persistence exercises that money related establishments and other controlled organizations must perform to find out applicable data from their customers to do business with them. The term is likewise used to allude to the bank control which administers these exercises.
Hello friend ,
I was looking for these topics since 2 weeks and i was unable to get exact definition for them.
But now I had the exact one thanks to you.
Thanks a lot.
Please upload more difficult words like this as soon as possible.
Good Luck.
I was looking for these topics since 2 weeks and i was unable to get exact definition for them.
But now I had the exact one thanks to you.
Thanks a lot.
Please upload more difficult words like this as soon as possible.
Good Luck.
Is there any possibility that i am working in a project that requires KYC / AML & turn out to be a scam project? Cause if it's possible, than what's the security of our information posted for KYC? Reply if you have any preventive measures & suggestion are appreciated.
Not likely as the cost of KYC is quite significant.
How do you know if the company actually conducts KYC involving lawyers or special agencies or just collects documents to then hide with them?
Of course, AML/KYC is an important part in the regulation of financial flows, but not everyone is ready to provide their personal data to the company, because it is a matter of trust. Therefore, Godex.io doesn't put these issues in front of users. We do not require any personal data. Stay anonymous while you need it
KYC is not good for decentralization, it compromises the idea behind cryptocurrencies IMO. Crypto must be anonymous. When you go through the KYC process it's like a cashier at the grocery store is fumbling in your wallet and makes a copy of your id.
On the other hand, I understand it's a matter of security, to avoid money laundering etc. And there is a chance we are not ready for full decentralization and anonymity yet.
I am strongly against KYC for numerous reasons. But like I said, I understand why companies implement it. If you are an ICO contributor and you know you have to undergo KYC from day one, it's fine. It's not fine when they only implement KYC after you have invested in the project. This is what Tezos Foundation has done to its contributors. If you are also Tezos investor who doesn't like this change of terms, or if you generally stand against KYC, join the chat https://t.me/XTZstopKYC Together we can upgrade the protocol and cancel the KYC check. It will also be helpful if you share the link.
On the other hand, I understand it's a matter of security, to avoid money laundering etc. And there is a chance we are not ready for full decentralization and anonymity yet.
I am strongly against KYC for numerous reasons. But like I said, I understand why companies implement it. If you are an ICO contributor and you know you have to undergo KYC from day one, it's fine. It's not fine when they only implement KYC after you have invested in the project. This is what Tezos Foundation has done to its contributors. If you are also Tezos investor who doesn't like this change of terms, or if you generally stand against KYC, join the chat https://t.me/XTZstopKYC Together we can upgrade the protocol and cancel the KYC check. It will also be helpful if you share the link.
Is there any possibility that i am working in a project that requires KYC / AML & turn out to be a scam project? Cause if it's possible, than what's the security of our information posted for KYC? Reply if you have any preventive measures & suggestion are appreciated.
Not likely as the cost of KYC is quite significant.
Can you be more specific?!
Also nobody here gave any detailed info about how this KYC procedures are done
and how the fake info gets spotted?
KYC is identifying and verifying who you are based on the ID documents like passport, drivers license etc. This may also include source of finds etc.
AML is to check whether you are on some sanction list, FATF or a politically exposed person etc.
Thanks, but I already know what is it.
I don't know how it's done?! I mean the process of verifying the documents(personal data) after a user sends them.
Jump to: