BitcoinTangibleTrust has uploaded new KYC and AML policies online. You may review our policies here: http://bitcointangibletrust.com/knowyourcustomer_anti-moneylaundering/. If the community has any feedback or questions regarding these policies, we'd welcome hearing them.
I have a major problem with this:
I will never trust anyone who makes a statement like this with my money for anything other than very short pass-through. What it amounts to is that you are reserving the right to steal someone's property. If you decide you don't want to do business with someone, you should just return their assets to them in full.
Ah. Good catch td services. I think there may be some confusion which we need to address.
This "real name" requirement is for the AML/KYC requirements at redemption where we deliver physical gold to a contact. For example, we cannot redeem physical gold to Santa Clause residing at 85 Broad Street, 2nd Floor, New York, NY, 1004. If the gold being redeemed is 100 Oz or $130,000 USD, then we will need correct contact information of the person taking the gold. If they provide false information, we do not personally take the gold, but we may have to report suspicious activity and alert authorities that Santa Clause tried to make a withdrawal.
We BTT cannot be seen or perceived to be an avenue for money launering or withdrawal of stolen coins. We would gladly consider rewording that answer if you have any recommendations that better communicate our risk management approach above.
Lastly, we cannot enrich ourselves on fraudulent activity or take precious metals that are rightfully owned by our customers. That would be fraud as well.
BTT
EDIT: Updated the Policy to clarify that we're targeting fraudulent contact information.
"Fraudulent contact information used for redemption of physical precious metals may result in loss or forfeiture of your physical assets and digital tokens."
BTT, phrasing is everything. You might simply say that your policy is in accord with the laws of