Hindi ako sure kung humihingi din sila ng assistance para i-take down yung mga websites.
They can't pero anyone including sec can report the website sa hosting/registrar which is namecheap. At ireport as a fraud Abuse reports > Fraud/phishing
Topic: Biflex.net is a SCAM (Read 184 times)
Abuse reports > Fraud/phishing
~
Done! I already send na an appropriate report. I am just wondering how would SEC take an action to this matter? Would they take down the site? Or maglalabas lang rin nang announcements na mag-ingat ganiyan-ganiyan
Salamat. Done! I already send na an appropriate report. I am just wondering how would SEC take an action to this matter? Would they take down the site? Or maglalabas lang rin nang announcements na mag-ingat ganiyan-ganiyan
Step 1: issue advisory
Step 2: investigate promoters/owner
Step 3: file cases
...so on and so forth. Hindi ako sure kung humihingi din sila ng assistance para i-take down yung mga websites.
-
Sana nga ganun ang ma-achieve ng post na ito. Bago ko ito ginawa, tinignan ko muna kung meron ng nag-expose nito pero iisang youtube video pa lang nakita ko. Tinignan ko ulit kanina at nagbakasakali lumabas din itong post sa google search pero wala pa din. Kokonti pa lang siguro mga nagke-came across sa Bitflex, so it might indicate a good thing. Either way, it is good to have this here kaysa wala
. Let's just hope na lang na wala sana ma-fall sa ventures nila. Done! I already send na an appropriate report. I am just wondering how would SEC take an action to this matter? Would they take down the site? Or maglalabas lang rin nang announcements na mag-ingat ganiyan-ganiyan
~
Ang nakakatawa lang nung tiningnan ko sa site heto ang declaration nila:
Isa ito sa mga una kong napansin. Sinubukan ko hanapin kaya napunta din ako sa iba't ibang section ng website para hanapin. Tayong mga sanay na sa ganitong style ng mga scammers ay hindi na madadale.Ang nakakatawa lang nung tiningnan ko sa site heto ang declaration nila:
Quote
Registered Company
We Don't Support Scam and We do not. We are government verified company. We have License to do this business and Leading This.
Pero walang proof of license to operate na pinakita.We Don't Support Scam and We do not. We are government verified company. We have License to do this business and Leading This.
Bilis ng exposed haha. Nice check, man. Although I doubt na may mga pinoy na mabi-victim 'yan pero goods na rin para sa awareness nung iba.
Sana nga ganun ang ma-achieve ng post na ito. Bago ko ito ginawa, tinignan ko muna kung meron ng nag-expose nito pero iisang youtube video pa lang nakita ko. Tinignan ko ulit kanina at nagbakasakali lumabas din itong post sa google search pero wala pa din. Please help report sa SEC:
Email at [email protected] o call (02) 818-6337 / (02) 818-6047
Ang lakas din ng loob nung user na nag invite dito with some promotions para lang makapag scam, Imagine if it is put up in facebook or other social media sites. I'm sure dudumugin yun sa dami ng naghahanap ng pagkakakitaan ngayon. This is really alarming kasi dumadami nanaman ang ponzi schemes na lumalabas ngayon.
Sobrang lakas ng loob nya hindi nya alam na maraming magaling dito na para malaman kung scam ba or hindi ang isang investment. Sa malamang ipopost ng promoter yung investment site nya sa mga social media sites dahil na buking nya sya dito pero sa malamang din ay mabubuking ulit ito. Chineck ko yung post history ng promoter or user na post ng investment na ito and deleted na yung mga post nya sa lahat ng section and may red tag na rin sya. That's true sunod sunod yung makikita mong ponzi scheme na lumalabas and kalat ito sa mga social media sites tulad nalang ni Facebook. Mukhang hindi na rin babalik dito yung user na nagpropromote na kanyang scam na investment.
~
Though aware tayo sa mga ganitong scam kasi common na yung ganyang ponzi schemes and strategies dito sa forum, its website still isn't down yet kaya malaki pa ang chance nito makascam ng kapwa natin pinoy lalong lalo na ngayong maraming nangangailangan ng income. I think tagging the user wasn't enough, but we should rather warn Department of Trade and Industry (DTI) legit na DT lol, as well kahit local police if ever, sa mga ganitong scams online. I'm sharing this on Facebook as well kasi for people whom aren't knowledgeable on such schemes is madaling maloloko eh..
BTW Pagkacheck ko ng website nila wala na yung names na Sherlock Holmes lol and their social media site's link is empty and madaming buttons sa page na walang links maliban sa mga sign up and login (which is risky as long as they got someone's credentials).
Ang lakas din ng loob nung user na nag invite dito with some promotions para lang makapag scam, Imagine if it is put up in facebook or other social media sites. I'm sure dudumugin yun sa dami ng naghahanap ng pagkakakitaan ngayon. This is really alarming kasi dumadami nanaman ang ponzi schemes na lumalabas ngayon.
~
Though aware tayo sa mga ganitong scam kasi common na yung ganyang ponzi schemes and strategies dito sa forum, its website still isn't down yet kaya malaki pa ang chance nito makascam ng kapwa natin pinoy lalong lalo na ngayong maraming nangangailangan ng income. I think tagging the user wasn't enough, but we should rather warn Department of Trade and Industry (DTI) legit na DT lol, as well kahit local police if ever, sa mga ganitong scams online. I'm sharing this on Facebook as well kasi for people whom aren't knowledgeable on such schemes is madaling maloloko eh..
BTW Pagkacheck ko ng website nila wala na yung names na Sherlock Holmes lol and their social media site's link is empty and madaming buttons sa page na walang links maliban sa mga sign up and login (which is risky as long as they got someone's credentials).
Bilis ng exposed haha. Nice check, man. Although I doubt na may mga pinoy na mabi-victim 'yan pero goods na rin para sa awareness nung iba.
Sigurado akong maraming mabibiktima yan if hindi maagapan sa information dessimination na possible ponzi scheme ang site na iyan since they lure ang mga tao sa walang investment scheme and yet they can earn. Alam mo naman ang tao, kapag libre at pwedeng pagkakitaan go, kahit na alam nang trap lang iyong libre kunyari.
Ang nakakatawa lang nung tiningnan ko sa site heto ang declaration nila:
Quote
Registered Company
We Don't Support Scam and We do not. We are government verified company. We have License to do this business and Leading This.
We Don't Support Scam and We do not. We are government verified company. We have License to do this business and Leading This.
Pero walang proof of license to operate na pinakita.
Good job Bttzed03 I have tagged the OP of that thread since wala pang ibang DT member ang nakakita nito.
Here is the domain details ng website na ito
To add para sa mga members na hindi pa nakaka-alam ang mga investment vehicles sa Pilipinas including websites ay dapat registered sa SEC and since wala ako nakita na registered entity under the name of Biflex sa SEC registry this just show that this website is running illegally in the Philippines and most definitely this is a scam. Don't always look at the rates o yung mga nakikita niyong big payouts kasi ito ay peke lahat at kahit anong oras ay pwede mawala yung pera na linagay ninyo dito.
Mukhang nababasa ng poster na ito yung thread na ito kasi tinanggal na nila yung error na nakita mo.
Here is the domain details ng website na ito
Code:
Domain Name: BIFLEX.NET
Registry Domain ID: 2521951138_DOMAIN_NET-VRSN
Registrar WHOIS Server: whois.namecheap.com
Registrar URL: http://www.namecheap.com
Updated Date: 2020-07-03T00:50:03Z
Creation Date: 2020-05-04T11:11:00Z
Registry Expiry Date: 2021-05-04T11:11:00Z
Registrar: NameCheap, Inc.
To add para sa mga members na hindi pa nakaka-alam ang mga investment vehicles sa Pilipinas including websites ay dapat registered sa SEC and since wala ako nakita na registered entity under the name of Biflex sa SEC registry this just show that this website is running illegally in the Philippines and most definitely this is a scam. Don't always look at the rates o yung mga nakikita niyong big payouts kasi ito ay peke lahat at kahit anong oras ay pwede mawala yung pera na linagay ninyo dito.
Nung unang bukas ko pa nga lang nireport ko na agad dahil sa thread formatting palang halatang scam na. 😂
Ang nakakatawa pa sa website na to, mukhang di man lang pinalitan ung placeholder names:
~snip
Ibang iba na talaga ang mundo ngayon, Ponzi scheme-r narin si Sherlock Holmes.
Ang nakakatawa pa sa website na to, mukhang di man lang pinalitan ung placeholder names:
~snip
Ibang iba na talaga ang mundo ngayon, Ponzi scheme-r narin si Sherlock Holmes.
Mukhang nababasa ng poster na ito yung thread na ito kasi tinanggal na nila yung error na nakita mo.
Another one! Madalas sa mga ganitong sites e palipat-lipat lang ng bansang i-scamin tapos uulitin ulit once ma-expose with a different name para kunwari eh lehitimo. Mayroon noon dati, oilrigcontractors naman ang pangalan tapos nakailang beses sila ng palit ng pangalan dahil daw nahahack sila after ilang weeks. Nakakalungkot lamang kung talagang may kumakagat nga talaga sa ganitong klase ng mga scams kasi napaka-basic na maspottan kung ponzi ba ang isang offering o hindi e. Ang kaso, mabilis pa rin masilaw sa pera ang karamihan sating mga kababayan, gaya na lamang ng nangyayari sa forsage at sa newg noon.
Bilis ng exposed haha. Nice check, man. Although I doubt na may mga pinoy na mabi-victim 'yan pero goods na rin para sa awareness nung iba.
Typical scammer's thread. Oversize fonts, unnecessary font style then syempre ang 'di mawawalang advertising approach. On top of that, lahat sila newbie. Ewan ko rin sa kanila, 'no? Gagawa na lang ng thread 'yong 'di pa convincing sa paningin haha. Saka sa dami ng possible names na ilagay, name pa ng fictional character ginamit, ang ironic.
Anyway, ni-report ko na rin siya.
-
Typical scammer's thread. Oversize fonts, unnecessary font style then syempre ang 'di mawawalang advertising approach. On top of that, lahat sila newbie. Ewan ko rin sa kanila, 'no? Gagawa na lang ng thread 'yong 'di pa convincing sa paningin haha. Saka sa dami ng possible names na ilagay, name pa ng fictional character ginamit
, ang ironic. Anyway, ni-report ko na rin siya.
Nung unang bukas ko pa nga lang nireport ko na agad dahil sa thread formatting palang halatang scam na. 😂
Ang nakakatawa pa sa website na to, mukhang di man lang pinalitan ung placeholder names:
Ibang iba na talaga ang mundo ngayon, Ponzi scheme-r narin si Sherlock Holmes.
Ang nakakatawa pa sa website na to, mukhang di man lang pinalitan ung placeholder names:
Ibang iba na talaga ang mundo ngayon, Ponzi scheme-r narin si Sherlock Holmes.
Nag-post kanina itong si biflexnet tungkol sa Biflex.net na bagong investment platform daw at ayon sa post niya pwede daw kumita sa panonood ng videos. Gusto pa nga magka-referral - BIFLEX.NET - New Website for Investment (Bitcoin,Ethereum,Bitcoin Cash) (archive)
Huwag kayong padadala sa mga matatamis na salita nyan dahil bibiktimahin lang kayo. A quick check sa website nila ay makikita agad ang mga red flags indicating na isa itong scam.
I. Another ponzi investment scheme
II. Copycat ng https://viewadvertise.com/ na isa ding ponzi investment scheme
Pinalitan lang ng konti (lalo na yung currency) at mukhang mga Pinoy naman ang target.
Yung KYC page ng Biflex at Viewadvertise ay kinopya din sa iba
Know Your Customer (KYC) Policy
Last Update 1 year ago
Know Your Customer (KYC) procedures are a critical function to assess and monitor customer risk and a legal requirement to comply with Anti-Money Laundering (AML) Laws.
Do you know your customer? You better, if you’re a financial institution (FI) or you face possible fines, sanctions and maybe even public ridicule if you do business with a money launderer or terrorist. More importantly, it’s a fundamental practice to protect your FI from fraud and losses due to illegal funds and transactions.
“KYC” refers to the steps taken by a financial institution (or business) to:
Establish customer identity
Understand the nature of the customer’s activities (primary goal is to satisfy that the source of the customer’s funds is legitimate)
Assess money laundering risks associated with that customer for purposes of monitoring the customer’s activities
To create and run an effective KYC program requires the following elements:
1) Customer Identification Program (CIP)
How do you know someone is who they say they are? After all, identity theft is widespread, affecting over 13 million US consumers and accounting for 15 billion dollars stolen in 2015. If you’re a US financial institution, it’s more than a financial risk; it’s the Law.
The CIP mandates that any individual conducting financial transactions needs to have their identity verified. As a provision in the Patriot Act, it’s designed to limit money laundering, terrorism funding, corruption and other illegal activities. The desired outcome is that financial institutions accurately identify their customers:
A critical element to a successful CIP is a risk assessment, both on the institutional level and on procedures for each account. While the CIP provides guidance, it’s up to the individual institution to determine the exact level of risk and policy for that risk level.
2) Customer Due Diligence
For any financial institution, one of the first analysis made is to determine if you can trust a potential client. You need to make sure any potential customer is worthy; customer due diligence (CDD) is a critical element of effectively managing your risks and protecting yourself against criminals, terrorists, and corrupt Politically Exposed Persons (PEPs).
There are three levels of due diligence:
Simplified Due Diligence (“SDD”) are situations where the risk for money laundering or terrorist funding is low and a full CDD is not necessary. For example, low value accounts or accounts where checks are being on other levels
Basic Customer Due Diligence (“CDD”) is information obtained for all customers to verify the identity of a customer and asses the risks associated with that customer.
Enhanced Due Diligence (“EDD”) is additional information collected for higher-risk customers to provide a deeper understanding of customer activity to mitigate associated risks. In the end, while some EDD factors are specifically enshrined in a countries legislations, it’s up to a financial institution to determine their risk and take measures to ensure that they are not dealing with bad customers.
3) Ongoing Monitoring
It’s not enough to just check your customer once, you need to have a program that knows your customer on an ongoing basis. The ongoing monitoring function includes oversight of financial transactions and accounts based on thresholds developed as part of a customer’s risk profile.
Up to now, regulations call for a risk-based assessment. However, as of January 1, 2017 The New York Department of Financial Services (NYDFS) requires specific measures of transaction monitoring and filtering.
KYC News Around the World
KYC: Knowing Your (Onboarding) Costs
$60 million. $300 million. One month, four months? Welcome to the well-meaning but truly inefficient world of onboarding and KYC — where financial services firms are mired in manual processes and where wait times are forever, and expensive.
The unquenched longing for a transformed KYC and AML solution
In spite of heavy investments, FIs have been unable to optimally counter the growing peril of money laundering. Regulatory fines on FIs for KYC/AML related violations continue to rise.
Push for Aadhaar-enabled e-KYC for digital transactions
Aadhaar-enabled electronic know your customer (KYC) process should be “firmly established” as the acceptable KYC, a panel with representatives from all financial sector regulators has proposed.
US insurers ‘lagging behind’ in fight against financial crimes
Money laundering is an ever expanding problem for the American insurance industry. An increasing number of individuals are using insurance accounts to hide money from federal taxation agencies – and the industry needs to step up and tackle the situation head-on.
MAS to roll out national KYC utility for Singapore
The Monetary Authority of Singapore (MAS) is piloting a national know-your-customer (KYC) utility for financial services, based on the MyInfo digital identity service, jointly developed by the Ministry of Finance and GovTech, the lead agency for digital and data strategy in Singapore.
Average UK bank wastes £5 million a year on manual and inefficient KYYC processes
“The message to all financial institutions is clear: The cost of KYC checks is much too high, placing too much reliance on inefficient and error-prone manual processes,” says Steve Pannifer, COO, Consult Hyperion.
KYC obstacles hamper Mifid II preparations in Europe
Alan Samuels, vice-president and head of product strategy for reference data services at Alacra, said: “There is a clear regulatory need for meeting high standards. This is creating more and more challenges for operational managers to build flexible, scalable processes and systems to be able to address use cases that have not yet even been articulated.”
India KYC updates
The Government of India has notified six documents as ‘Officially Valid Documents’ (OVDs) for the purpose of producing proof of identity. These six documents are Passport, Driving Licence, Voters’ Identity Card, PAN Card, Aadhaar Card issued by UIDAI and NREGA Job Card.
Philippines KYC under review
Under Republic Act 9160 or the Anti-Money Laundering Act (AMLA), banks and other financial institutions, including remittance centers and pawnshops, are mandated to institute “know your customer” (KYC) rules that ensure the legitimate source of funds.
Revisions in Australia
AUSTRAC has revised Chapter 4 of the AML/CTF Rules in a few small but significant ways. These changes came into effect on 16 September 2016.
e-KYC in Thailand
The Bank of Thailand (” BOT “) has introduced a new regulation to facilitate the Know-Your-Customer (KYC) process by using an electronic means (” e-KYC “) for account opening for deposit acceptance or fund acceptance from public.- archive
sources:
https://medium.com/@bc.oosterman/kyc-in-3-steps-e38e39e686e1
https://www.trulioo.com/blog/kyc/
Ganun din ang kanilang Terms and Conditions page
source:
https://www.bitstamp.net/terms-of-use/
- BIFLEX.NET - New Website for Investment (Bitcoin,Ethereum,Bitcoin Cash) (archive)Huwag kayong padadala sa mga matatamis na salita nyan dahil bibiktimahin lang kayo. A quick check sa website nila ay makikita agad ang mga red flags indicating na isa itong scam.
I. Another ponzi investment scheme
II. Copycat ng https://viewadvertise.com/ na isa ding ponzi investment scheme
Pinalitan lang ng konti (lalo na yung currency) at mukhang mga Pinoy naman ang target.
Quote from: https://www.whois.com/whois/biflex.net
Domain:biflex.net
Registrar:NameCheap, Inc.
Registered On:2020-05-04
Expires On:2021-05-04
Updated On:2020-05-08
Status:clientTransferProhibited
Name Servers:art.ns.cloudflare.com
pat.ns.cloudflare.com
Registrar:NameCheap, Inc.
Registered On:2020-05-04
Expires On:2021-05-04
Updated On:2020-05-08
Status:clientTransferProhibited
Name Servers:art.ns.cloudflare.com
pat.ns.cloudflare.com
Quote from: https://www.whois.com/whois/viewadvertise.com
Domain:viewadvertise.com
Registrar:GoDaddy.com, LLC
Registered On:2020-04-27
Expires On:2021-04-27
Updated On:2020-04-27
Status:clientDeleteProhibited
clientRenewProhibited
clientTransferProhibited
clientUpdateProhibited
Registrar:GoDaddy.com, LLC
Registered On:2020-04-27
Expires On:2021-04-27
Updated On:2020-04-27
Status:clientDeleteProhibited
clientRenewProhibited
clientTransferProhibited
clientUpdateProhibited
Yung KYC page ng Biflex at Viewadvertise ay kinopya din sa iba
Quote from: https://biflex.net/terms-and-conditions
Know Your Customer (KYC) Policy
Last Update 1 year ago
Know Your Customer (KYC) procedures are a critical function to assess and monitor customer risk and a legal requirement to comply with Anti-Money Laundering (AML) Laws.
Do you know your customer? You better, if you’re a financial institution (FI) or you face possible fines, sanctions and maybe even public ridicule if you do business with a money launderer or terrorist. More importantly, it’s a fundamental practice to protect your FI from fraud and losses due to illegal funds and transactions.
“KYC” refers to the steps taken by a financial institution (or business) to:
Establish customer identity
Understand the nature of the customer’s activities (primary goal is to satisfy that the source of the customer’s funds is legitimate)
Assess money laundering risks associated with that customer for purposes of monitoring the customer’s activities
To create and run an effective KYC program requires the following elements:
1) Customer Identification Program (CIP)
How do you know someone is who they say they are? After all, identity theft is widespread, affecting over 13 million US consumers and accounting for 15 billion dollars stolen in 2015. If you’re a US financial institution, it’s more than a financial risk; it’s the Law.
The CIP mandates that any individual conducting financial transactions needs to have their identity verified. As a provision in the Patriot Act, it’s designed to limit money laundering, terrorism funding, corruption and other illegal activities. The desired outcome is that financial institutions accurately identify their customers:
A critical element to a successful CIP is a risk assessment, both on the institutional level and on procedures for each account. While the CIP provides guidance, it’s up to the individual institution to determine the exact level of risk and policy for that risk level.
2) Customer Due Diligence
For any financial institution, one of the first analysis made is to determine if you can trust a potential client. You need to make sure any potential customer is worthy; customer due diligence (CDD) is a critical element of effectively managing your risks and protecting yourself against criminals, terrorists, and corrupt Politically Exposed Persons (PEPs).
There are three levels of due diligence:
Simplified Due Diligence (“SDD”) are situations where the risk for money laundering or terrorist funding is low and a full CDD is not necessary. For example, low value accounts or accounts where checks are being on other levels
Basic Customer Due Diligence (“CDD”) is information obtained for all customers to verify the identity of a customer and asses the risks associated with that customer.
Enhanced Due Diligence (“EDD”) is additional information collected for higher-risk customers to provide a deeper understanding of customer activity to mitigate associated risks. In the end, while some EDD factors are specifically enshrined in a countries legislations, it’s up to a financial institution to determine their risk and take measures to ensure that they are not dealing with bad customers.
3) Ongoing Monitoring
It’s not enough to just check your customer once, you need to have a program that knows your customer on an ongoing basis. The ongoing monitoring function includes oversight of financial transactions and accounts based on thresholds developed as part of a customer’s risk profile.
Up to now, regulations call for a risk-based assessment. However, as of January 1, 2017 The New York Department of Financial Services (NYDFS) requires specific measures of transaction monitoring and filtering.
KYC News Around the World
KYC: Knowing Your (Onboarding) Costs
$60 million. $300 million. One month, four months? Welcome to the well-meaning but truly inefficient world of onboarding and KYC — where financial services firms are mired in manual processes and where wait times are forever, and expensive.
The unquenched longing for a transformed KYC and AML solution
In spite of heavy investments, FIs have been unable to optimally counter the growing peril of money laundering. Regulatory fines on FIs for KYC/AML related violations continue to rise.
Push for Aadhaar-enabled e-KYC for digital transactions
Aadhaar-enabled electronic know your customer (KYC) process should be “firmly established” as the acceptable KYC, a panel with representatives from all financial sector regulators has proposed.
US insurers ‘lagging behind’ in fight against financial crimes
Money laundering is an ever expanding problem for the American insurance industry. An increasing number of individuals are using insurance accounts to hide money from federal taxation agencies – and the industry needs to step up and tackle the situation head-on.
MAS to roll out national KYC utility for Singapore
The Monetary Authority of Singapore (MAS) is piloting a national know-your-customer (KYC) utility for financial services, based on the MyInfo digital identity service, jointly developed by the Ministry of Finance and GovTech, the lead agency for digital and data strategy in Singapore.
Average UK bank wastes £5 million a year on manual and inefficient KYYC processes
“The message to all financial institutions is clear: The cost of KYC checks is much too high, placing too much reliance on inefficient and error-prone manual processes,” says Steve Pannifer, COO, Consult Hyperion.
KYC obstacles hamper Mifid II preparations in Europe
Alan Samuels, vice-president and head of product strategy for reference data services at Alacra, said: “There is a clear regulatory need for meeting high standards. This is creating more and more challenges for operational managers to build flexible, scalable processes and systems to be able to address use cases that have not yet even been articulated.”
India KYC updates
The Government of India has notified six documents as ‘Officially Valid Documents’ (OVDs) for the purpose of producing proof of identity. These six documents are Passport, Driving Licence, Voters’ Identity Card, PAN Card, Aadhaar Card issued by UIDAI and NREGA Job Card.
Philippines KYC under review
Under Republic Act 9160 or the Anti-Money Laundering Act (AMLA), banks and other financial institutions, including remittance centers and pawnshops, are mandated to institute “know your customer” (KYC) rules that ensure the legitimate source of funds.
Revisions in Australia
AUSTRAC has revised Chapter 4 of the AML/CTF Rules in a few small but significant ways. These changes came into effect on 16 September 2016.
e-KYC in Thailand
The Bank of Thailand (” BOT “) has introduced a new regulation to facilitate the Know-Your-Customer (KYC) process by using an electronic means (” e-KYC “) for account opening for deposit acceptance or fund acceptance from public.
Know Your Customer (KYC) Policy
Last Update 1 year ago
Know Your Customer (KYC) procedures are a critical function to assess and monitor customer risk and a legal requirement to comply with Anti-Money Laundering (AML) Laws.
Do you know your customer? You better, if you’re a financial institution (FI) or you face possible fines, sanctions and maybe even public ridicule if you do business with a money launderer or terrorist. More importantly, it’s a fundamental practice to protect your FI from fraud and losses due to illegal funds and transactions.
“KYC” refers to the steps taken by a financial institution (or business) to:
Establish customer identity
Understand the nature of the customer’s activities (primary goal is to satisfy that the source of the customer’s funds is legitimate)
Assess money laundering risks associated with that customer for purposes of monitoring the customer’s activities
To create and run an effective KYC program requires the following elements:
1) Customer Identification Program (CIP)
How do you know someone is who they say they are? After all, identity theft is widespread, affecting over 13 million US consumers and accounting for 15 billion dollars stolen in 2015. If you’re a US financial institution, it’s more than a financial risk; it’s the Law.
The CIP mandates that any individual conducting financial transactions needs to have their identity verified. As a provision in the Patriot Act, it’s designed to limit money laundering, terrorism funding, corruption and other illegal activities. The desired outcome is that financial institutions accurately identify their customers:
A critical element to a successful CIP is a risk assessment, both on the institutional level and on procedures for each account. While the CIP provides guidance, it’s up to the individual institution to determine the exact level of risk and policy for that risk level.
2) Customer Due Diligence
For any financial institution, one of the first analysis made is to determine if you can trust a potential client. You need to make sure any potential customer is worthy; customer due diligence (CDD) is a critical element of effectively managing your risks and protecting yourself against criminals, terrorists, and corrupt Politically Exposed Persons (PEPs).
There are three levels of due diligence:
Simplified Due Diligence (“SDD”) are situations where the risk for money laundering or terrorist funding is low and a full CDD is not necessary. For example, low value accounts or accounts where checks are being on other levels
Basic Customer Due Diligence (“CDD”) is information obtained for all customers to verify the identity of a customer and asses the risks associated with that customer.
Enhanced Due Diligence (“EDD”) is additional information collected for higher-risk customers to provide a deeper understanding of customer activity to mitigate associated risks. In the end, while some EDD factors are specifically enshrined in a countries legislations, it’s up to a financial institution to determine their risk and take measures to ensure that they are not dealing with bad customers.
3) Ongoing Monitoring
It’s not enough to just check your customer once, you need to have a program that knows your customer on an ongoing basis. The ongoing monitoring function includes oversight of financial transactions and accounts based on thresholds developed as part of a customer’s risk profile.
Up to now, regulations call for a risk-based assessment. However, as of January 1, 2017 The New York Department of Financial Services (NYDFS) requires specific measures of transaction monitoring and filtering.
KYC News Around the World
KYC: Knowing Your (Onboarding) Costs
$60 million. $300 million. One month, four months? Welcome to the well-meaning but truly inefficient world of onboarding and KYC — where financial services firms are mired in manual processes and where wait times are forever, and expensive.
The unquenched longing for a transformed KYC and AML solution
In spite of heavy investments, FIs have been unable to optimally counter the growing peril of money laundering. Regulatory fines on FIs for KYC/AML related violations continue to rise.
Push for Aadhaar-enabled e-KYC for digital transactions
Aadhaar-enabled electronic know your customer (KYC) process should be “firmly established” as the acceptable KYC, a panel with representatives from all financial sector regulators has proposed.
US insurers ‘lagging behind’ in fight against financial crimes
Money laundering is an ever expanding problem for the American insurance industry. An increasing number of individuals are using insurance accounts to hide money from federal taxation agencies – and the industry needs to step up and tackle the situation head-on.
MAS to roll out national KYC utility for Singapore
The Monetary Authority of Singapore (MAS) is piloting a national know-your-customer (KYC) utility for financial services, based on the MyInfo digital identity service, jointly developed by the Ministry of Finance and GovTech, the lead agency for digital and data strategy in Singapore.
Average UK bank wastes £5 million a year on manual and inefficient KYYC processes
“The message to all financial institutions is clear: The cost of KYC checks is much too high, placing too much reliance on inefficient and error-prone manual processes,” says Steve Pannifer, COO, Consult Hyperion.
KYC obstacles hamper Mifid II preparations in Europe
Alan Samuels, vice-president and head of product strategy for reference data services at Alacra, said: “There is a clear regulatory need for meeting high standards. This is creating more and more challenges for operational managers to build flexible, scalable processes and systems to be able to address use cases that have not yet even been articulated.”
India KYC updates
The Government of India has notified six documents as ‘Officially Valid Documents’ (OVDs) for the purpose of producing proof of identity. These six documents are Passport, Driving Licence, Voters’ Identity Card, PAN Card, Aadhaar Card issued by UIDAI and NREGA Job Card.
Philippines KYC under review
Under Republic Act 9160 or the Anti-Money Laundering Act (AMLA), banks and other financial institutions, including remittance centers and pawnshops, are mandated to institute “know your customer” (KYC) rules that ensure the legitimate source of funds.
Revisions in Australia
AUSTRAC has revised Chapter 4 of the AML/CTF Rules in a few small but significant ways. These changes came into effect on 16 September 2016.
e-KYC in Thailand
The Bank of Thailand (” BOT “) has introduced a new regulation to facilitate the Know-Your-Customer (KYC) process by using an electronic means (” e-KYC “) for account opening for deposit acceptance or fund acceptance from public.
- archiveLast Update 1 year ago
Know Your Customer (KYC) procedures are a critical function to assess and monitor customer risk and a legal requirement to comply with Anti-Money Laundering (AML) Laws.
Do you know your customer? You better, if you’re a financial institution (FI) or you face possible fines, sanctions and maybe even public ridicule if you do business with a money launderer or terrorist. More importantly, it’s a fundamental practice to protect your FI from fraud and losses due to illegal funds and transactions.
“KYC” refers to the steps taken by a financial institution (or business) to:
Establish customer identity
Understand the nature of the customer’s activities (primary goal is to satisfy that the source of the customer’s funds is legitimate)
Assess money laundering risks associated with that customer for purposes of monitoring the customer’s activities
To create and run an effective KYC program requires the following elements:
1) Customer Identification Program (CIP)
How do you know someone is who they say they are? After all, identity theft is widespread, affecting over 13 million US consumers and accounting for 15 billion dollars stolen in 2015. If you’re a US financial institution, it’s more than a financial risk; it’s the Law.
The CIP mandates that any individual conducting financial transactions needs to have their identity verified. As a provision in the Patriot Act, it’s designed to limit money laundering, terrorism funding, corruption and other illegal activities. The desired outcome is that financial institutions accurately identify their customers:
A critical element to a successful CIP is a risk assessment, both on the institutional level and on procedures for each account. While the CIP provides guidance, it’s up to the individual institution to determine the exact level of risk and policy for that risk level.
2) Customer Due Diligence
For any financial institution, one of the first analysis made is to determine if you can trust a potential client. You need to make sure any potential customer is worthy; customer due diligence (CDD) is a critical element of effectively managing your risks and protecting yourself against criminals, terrorists, and corrupt Politically Exposed Persons (PEPs).
There are three levels of due diligence:
Simplified Due Diligence (“SDD”) are situations where the risk for money laundering or terrorist funding is low and a full CDD is not necessary. For example, low value accounts or accounts where checks are being on other levels
Basic Customer Due Diligence (“CDD”) is information obtained for all customers to verify the identity of a customer and asses the risks associated with that customer.
Enhanced Due Diligence (“EDD”) is additional information collected for higher-risk customers to provide a deeper understanding of customer activity to mitigate associated risks. In the end, while some EDD factors are specifically enshrined in a countries legislations, it’s up to a financial institution to determine their risk and take measures to ensure that they are not dealing with bad customers.
3) Ongoing Monitoring
It’s not enough to just check your customer once, you need to have a program that knows your customer on an ongoing basis. The ongoing monitoring function includes oversight of financial transactions and accounts based on thresholds developed as part of a customer’s risk profile.
Up to now, regulations call for a risk-based assessment. However, as of January 1, 2017 The New York Department of Financial Services (NYDFS) requires specific measures of transaction monitoring and filtering.
KYC News Around the World
KYC: Knowing Your (Onboarding) Costs
$60 million. $300 million. One month, four months? Welcome to the well-meaning but truly inefficient world of onboarding and KYC — where financial services firms are mired in manual processes and where wait times are forever, and expensive.
The unquenched longing for a transformed KYC and AML solution
In spite of heavy investments, FIs have been unable to optimally counter the growing peril of money laundering. Regulatory fines on FIs for KYC/AML related violations continue to rise.
Push for Aadhaar-enabled e-KYC for digital transactions
Aadhaar-enabled electronic know your customer (KYC) process should be “firmly established” as the acceptable KYC, a panel with representatives from all financial sector regulators has proposed.
US insurers ‘lagging behind’ in fight against financial crimes
Money laundering is an ever expanding problem for the American insurance industry. An increasing number of individuals are using insurance accounts to hide money from federal taxation agencies – and the industry needs to step up and tackle the situation head-on.
MAS to roll out national KYC utility for Singapore
The Monetary Authority of Singapore (MAS) is piloting a national know-your-customer (KYC) utility for financial services, based on the MyInfo digital identity service, jointly developed by the Ministry of Finance and GovTech, the lead agency for digital and data strategy in Singapore.
Average UK bank wastes £5 million a year on manual and inefficient KYYC processes
“The message to all financial institutions is clear: The cost of KYC checks is much too high, placing too much reliance on inefficient and error-prone manual processes,” says Steve Pannifer, COO, Consult Hyperion.
KYC obstacles hamper Mifid II preparations in Europe
Alan Samuels, vice-president and head of product strategy for reference data services at Alacra, said: “There is a clear regulatory need for meeting high standards. This is creating more and more challenges for operational managers to build flexible, scalable processes and systems to be able to address use cases that have not yet even been articulated.”
India KYC updates
The Government of India has notified six documents as ‘Officially Valid Documents’ (OVDs) for the purpose of producing proof of identity. These six documents are Passport, Driving Licence, Voters’ Identity Card, PAN Card, Aadhaar Card issued by UIDAI and NREGA Job Card.
Philippines KYC under review
Under Republic Act 9160 or the Anti-Money Laundering Act (AMLA), banks and other financial institutions, including remittance centers and pawnshops, are mandated to institute “know your customer” (KYC) rules that ensure the legitimate source of funds.
Revisions in Australia
AUSTRAC has revised Chapter 4 of the AML/CTF Rules in a few small but significant ways. These changes came into effect on 16 September 2016.
e-KYC in Thailand
The Bank of Thailand (” BOT “) has introduced a new regulation to facilitate the Know-Your-Customer (KYC) process by using an electronic means (” e-KYC “) for account opening for deposit acceptance or fund acceptance from public.
sources:
https://medium.com/@bc.oosterman/kyc-in-3-steps-e38e39e686e1
https://www.trulioo.com/blog/kyc/
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By using this website (“Site”), registering for a Bitstamp Account (“Account”), or using any of our other Bitstamp Services, you ("you, your, or yourself") are agreeing to accept and comply with the terms and conditions of use stated below ("Terms of Use"). You should read the entire Terms of Use carefully before you use this Site or any of the Bitstamp Services.As used in this Terms of Use, “Bitstamp" refers to the company Bitstamp Limited with registered address at 5 New Street Square, EC4A 3TW London, United Kingdom, including, without limitation, its owners, directors, investors, employees or other related parties. Depending upon the context, "Bitstamp" may also refer to the services, products, website, content or other materials (collectively, "Bitstamp Services") provided by Bitstamp........
- archiveLast Update 1 year ago
ACCEPTANCE OF TERMS OF USE
By using this website (“Site”), registering for a Bitstamp Account (“Account”), or using any of our other Bitstamp Services, you ("you, your, or yourself") are agreeing to accept and comply with the terms and conditions of use stated below ("Terms of Use"). You should read the entire Terms of Use carefully before you use this Site or any of the Bitstamp Services.As used in this Terms of Use, “Bitstamp" refers to the company Bitstamp Limited with registered address at 5 New Street Square, EC4A 3TW London, United Kingdom, including, without limitation, its owners, directors, investors, employees or other related parties. Depending upon the context, "Bitstamp" may also refer to the services, products, website, content or other materials (collectively, "Bitstamp Services") provided by Bitstamp........
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