Topic: AML/KYC Explained - page 7. (Read 509023 times)
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.
KYC is to verify your identity. KYC makes transactions transparent, transparent and no suspicious transaction
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.
I understand it is a requirement but I am scared every time I have to do KYC. I just had like a 3 USD from earn.com for a site that wanted my KYC, and I asked around my friends have not done it, so I said screw it.
I must say that, this article has been very helpful to me in all ramifications. I have been battling with what AML means but in this article, I find it very helpful and I understand the full concept of what it means.
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?
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.
Regarding how much KYC is required there is another angle to it based on the amount. In most western countries amount more than $10,000 requires address verification as well.
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.
Good explanation you have made there. However I'm still very skeptical of airdrops that require kyc. It's too risky giving out full confidential info to an unknown person behind a computer...
Who knows, I could turn up wanted in Saudi for false identity!
Who knows, I could turn up wanted in Saudi for false identity!
Thanks for this info cos it is well explained and I believe it goes a long way in assisting people and new crypto believer into glancing a glimpse into what it is all about. Well I always say it that with the wah the world of cryptocirrency is going, regulations upon regulations are inevitable and I still believe most would be for the good of the industry. Thanks once more
I understand the need for KYC and AML, but the idea of uploading a photo of my Identification card or Passport photo worries me a bit. Ive also had some difficulty with KYC verification because of the documents I provide.
Kyc is means this know your customers by the use of kyc means the project developer or the team have the perfect idea of who they are dealing with and the country those people comes from. However, the main problem with kyc is that they really waste time to approve.
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