Exchanges are starting to give users tools to fight fraud and money laundering

Slow death

legendary

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Quote from: FreeEarnsActivist on January 22, 2019, 09:19:59 AM

AMLT Reward Formula and T&C Update

AMLT just released an update on the optimization of reward calculation and their terms & conditions.

https://mailchi.mp/coinfirm/amlt-by-coinfirm-amlt-terms-update-1737517?e=9b8a27771a

this is the altcoin thread:

created in November 08, 2017, 01:27:12 PM

ANN [AMLT] The Token of Compliance by Coinfirm

there are only 35 pages

Quote from: Maciek on November 13, 2017, 04:55:18 AM

Quote from: Mokel on November 12, 2017, 10:23:33 PM

what is the price of tokens when ico is in progress because I see in the webset of the project there is no price from token project and I see indeed this project has a very bright future

The price of 1 AMLT in the crowdsale is set to approximately 0.1$ (the exact number of ETH per AMLT will be announced before each Tier of Sale with the corresponding discounts)

curiously, today this altcoin had a pump:

erikalui

legendary

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AMLT token has been trading since a year now and I trust the project but still I don't see anything positive about exchanges complying with AML/KYC as inspite of making it mandatory, the Indian exchanges were forced to stop baking operations and still crypto is considered an easy way for money laundering. There are exchanges like bittrex who ask users for additional KYC (selfie, writing dates of pieces of paper) after submitting the required documents. Half of these either turn insolvent, get hacked or have problems because of which they shut down so what happens to our data then is unknown.

Buying fake documents from dark web is nothing new and people still operate bank accounts with such documents, let alone fooling exchanges. It's just a farce. Many use LBC to escape the hassle.

The Sceptical Chymist

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Quote from: Patatas on August 03, 2019, 07:58:42 AM

Any token or service that promotes submitting users documents should be avoided at all costs. Not ever crypto holder is a money launderer.

Well, I think most legitimate exchanges now have to implement KYC procedures, much like what happened with banks over the years. A long time ago it was possible to do anonymous banking (at least in some countries), but if you ever want to get a checking account that bank is definitely going to need all the KYC stuff. I think it became even more stringent in the US after 9/11 if I'm not mistaken.

As far as tokens and ICOs go, they're shady and I'm pretty sure aren't complying with any government regulations whereby they'd need documents from investors or from bounty hunters for that matter. If anyone provides them with their dox, there's a good chance they'll end up on the dark web somewhere for sale. I'd feel much more comfortable providing Coinbase with my identity than some ICO thing.

Quote from: Patatas on August 03, 2019, 07:58:42 AM

Fault and money laundering existed before bitcoin or crypto and I don't know why everyone seems to ignore that fact.

I don't think that's being ignored at all. There are lots of AML practices in place for fiat transactions, and probably the biggest one (and it's self-imposed) is the fact that most people are going cashless, aside from what I mentioned about the banking industry. Governments love that.

Potato Chips

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Quote

By joining Coinfirm’s AMLT Token Network as well, Shortex is giving itself and its users the capability to report and monitor addresses related to nefarious actions like scams and hacks as well as trusted parties such as themselves or business partners.

Well, the tool is gonna be of some help but I'm not expecting much given that anyone can just create completely unrelated addresses, my guess is it will mostly catch noobs. But I'm curious how its gonna be moderated and the extent of related addresses detection.

also worth noting that some tools are already made available but how they're used is a different story as they are only mediums.

Patatas

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Fault and money laundering existed before bitcoin or crypto and I don't know why everyone seems to ignore that fact. All these exchanges want to take advantage of the fact that bitcoin is not a legalized currency in the world and many users are afraid to use it or use it secretively. They know users will be afraid to submit the KYC documents if asked for and that creates a perfect situation for them to steal the money. Any token or service that promotes submitting users documents should be avoided at all costs. Not ever crypto holder is a money launderer.

hugeblack

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I did not read the entire article but I think the entire idea is built for propaganda purposes or what is known as "Propaganda."
Just as happened with USDT, the first currency linked to the US dollar, worth one dollar deposited in our accounts and then became promises.
Regulatory laws should not be limited to verifying the identity of persons, which should be done by legislative bodies, not companies, platforms or networks.

FreeEarnsActivist

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Crypto Exchanges are starting to give users tools to fight fraud and money laundering. Many exchanges can fall, because of their untransparent policy, solution for them is cooperate with AML to make clear rules. Take a look at what Coinfirm implement in exchanges.

New industry players and exchanges are using transparency and democratization of solutions for users as competitive advantages. Properly addressing AML and risk analysis as well as preventing hacks and scams have been an aging challenge for the entire crypto industry and impact the entire ecosystem of traders, users, crypto exchanges and regulatory bodies. With self-regulation and approaching government body regulations, businesses that use blockchain or crypto in their product or service will require AML related risk analytics. But just like the traditional financial system, the crypto economy also hasn’t effectively embraced and used the best data source available, market participants and users, themselves. One of the next major steps in the crypto space will be the democratization of tools to help determine risk and fight potential risks such as scams.

Source:
https://newsweeekgroup.com/2019/07/31/crypto-exchanges-are-starting-to-give-users-tools-to-fight-fraud-and-money-laundering/

How does it work?

The latest exchange to integrate AMLT token is Shortex, you can get AMLT on Shortex here: https://api.shortex.net/trading/amlteth

Topic: Exchanges are starting to give users tools to fight fraud and money laundering (Read 164 times)