Apparently it is not. Well this sounds too much like George Orwell's 1984, why do you need to "know your customer" in this sense, I am fine with facebook collecting info about me so it can send me advertisement but collecting info so you can share with goverment doesn't sound that good, I am fine with advertisers, not so much fan of goverments. 
Topic: Know Your Customer - page 11. (Read 5764 times)
I didn't know what KYC stand for, I initially tought it was something like "know your customer so you can provide better service" or something like a marketing deal or something Apparently it is not. Well this sounds too much like George Orwell's 1984, why do you need to "know your customer" in this sense, I am fine with facebook collecting info about me so it can send me advertisement but collecting info so you can share with goverment doesn't sound that good, I am fine with advertisers, not so much fan of goverments.
Apparently it is not. Well this sounds too much like George Orwell's 1984, why do you need to "know your customer" in this sense, I am fine with facebook collecting info about me so it can send me advertisement but collecting info so you can share with goverment doesn't sound that good, I am fine with advertisers, not so much fan of goverments. For exchanges, ICOs that collect KYC information, when are they required to send information to the government.
If I remember correctly, in the US if you make a money transaction, such as through Western Union, or bank, $3,000+, within the same day, or smaller amounts during consecutive days, the institution must collect your ID information and Social Security and report it to the government. I forget which entity of the government.
Does that mean that if one participates in an ICO and puts in over $3,000, that gets reported to the government? Or if you move $3,000 out of an exchange, that gets reported?
I don't like that procedure, but I understand that sometimes it is mandatory in order to have a proper law system for the project. So I am nothing against the kyc but I would better like it to be dismissed. If I remember correctly, in the US if you make a money transaction, such as through Western Union, or bank, $3,000+, within the same day, or smaller amounts during consecutive days, the institution must collect your ID information and Social Security and report it to the government. I forget which entity of the government.
Does that mean that if one participates in an ICO and puts in over $3,000, that gets reported to the government? Or if you move $3,000 out of an exchange, that gets reported?
to have a successful business, you need to market your products but first thing is, you should know your customers. so that you will know if that customer is trustworthy or not.
That's not the issue here. I'm talking abut KYC, which is a legal thing.
Everything goes to the fact that information is collected for each transaction. Today, the client verification limit is one, tomorrow it will be lower. There is a transition to a digital society, where there will be a single base for each person, his dossier.
I am not impress with the kyc especially on Bounty. It because lot of bounty hunters are student and they didnt have yet a valid id. Thats why they always mad if the admin announce in the end of bounty. They didnt announce it earlier so those people who didnt have a valid id will avoid it. But kyc is good for investor but for me it will be good if no need because you limit your investor on that.
Doesn't students get IDs as well ?
In case you are talking about someone not having an ID because of age, he will have to use that of an elder person. But I suggest that one should communicate this with the manager and confirm if this is allowed.
well the need for the KYC is for regulatory aims and to prevent the governments to come after ICO`s and in the slightest demand our data will be sent to government even though as I know there is not a limit such as 3k$
KYC is important of the people information. So careful to share. If not believe any one don't share the KYC information. Before share the KYC information check the information then share it. Some buddy is try to hack your KYC information so trust and secure your KYC document. KYC information is all country people persona information. Safely use. Don't try to share the KYC information. If you not trust.
well the need for the KYC is for regulatory aims and to prevent the governments to come after ICO`s and in the slightest demand our data will be sent to government even though as I know there is not a limit such as 3k$
I think the reports will go to the proper authorities once there is an unusual transaction or a highly suspicion pattern that involves more than a moderate amount. Other than that the records are kept. But that is almost the same thing. The proper authorities can always request them anytime since they can always use their mandate as an excuse even if the purpose is no other than mere intrusion. I do not like this new update in the crypto space.
Yeah you should. Because it is easy here in the internet for doing some fake informarion to transact business specially in trading. So it is important to get their contact to negotiate well.
if legal, I still do not like the existence KYC procedures, because we also do not know our personal information it is safe, I am afraid they ICO only concerned with tokens sale only. and KYC are only part of the requirements, so once ICO is done they do not care about the data of the users.
Yeah you should. Because it is easy here in the internet for doing some fake informarion to transact business specially in trading. So it is important to get their contact to negotiate well.
For exchanges, ICOs that collect KYC information, when are they required to send information to the government.
If I remember correctly, in the US if you make a money transaction, such as through Western Union, or bank, $3,000+, within the same day, or smaller amounts during consecutive days, the institution must collect your ID information and Social Security and report it to the government. I forget which entity of the government.
Does that mean that if one participates in an ICO and puts in over $3,000, that gets reported to the government? Or if you move $3,000 out of an exchange, that gets reported?
If I remember correctly, in the US if you make a money transaction, such as through Western Union, or bank, $3,000+, within the same day, or smaller amounts during consecutive days, the institution must collect your ID information and Social Security and report it to the government. I forget which entity of the government.
Does that mean that if one participates in an ICO and puts in over $3,000, that gets reported to the government? Or if you move $3,000 out of an exchange, that gets reported?
KYC or known to be Know Your Customer is a very great thing. It helps management of a project assess the community trusted on them and invested. In this way also, management can control fraud on referral bonuses. Which one person gets to invest in himself which the referral he got is coming from him. And bonuses are big though to some large amounts in investments. Through KYC, it can be controlled.
I think Knowing your customers for me is important because we will be able to know the one you are dealing with is legitimate in their transactions when doing bitcoin transactions
Know your customers is a process of identifying business and client verification if it involves illegal transactions such as money laundering where they can control the outflow of illegal activity.
Know your customers is a process of identifying business and client verification if it involves illegal transactions such as money laundering where they can control the outflow of illegal activity.
I do not think that they can hide from banks but as we have already seen many ico campaigns run with a digital cryptocurrency so in that sense, there is some layer of security but in the end, they cannot hide from the government. They do not have a fully automated system like Bitcoin and even if they have then they will have the same problems like Bitcoin so to minimize those problems we see some new problems in the market that is banks.
i think, kyc just for want to know you are not cheating, and maybe it use to formality for bounty.
they wont send your information to government if you make big transaction. if they do, they will do it mostly oftenly because many user have great asset.
they wont send your information to government if you make big transaction. if they do, they will do it mostly oftenly because many user have great asset.
I don't figure we ought to try and stress over such things with regards to Bitcoin and all these ICO stuffs, cause Bitcoin is about protection. Such things are just required with regards to bank and other disconnected exercises that generally needs to do with cash.
All project such as ICO or EXCHANGE sites are required kyc to the investors because they want to know the investors will and I don't think so if they introduce it to government maybe the legit ones they give your identity to government if you invest big in that project.
I am trying to avoid kyc process as long as I am able to. Because this is not the first thing I want to do to unravel my personal ID information to the third persons. So for now I have filled the kyc only once.
The Whole concept of KYC has been twisted and abused: it was thought to be something USEFUL for the customer, it has been turned into something for mass surveillance in a police state.
I'm actually fine with KYC, but sometimes there is some project that demands such complicated requirements like passport, etc. I mean, not everyone has those kinds of documents, why not use the government ID? As the use of both is also the same.
I am not impress with the kyc especially on Bounty. It because lot of bounty hunters are student and they didnt have yet a valid id. Thats why they always mad if the admin announce in the end of bounty. They didnt announce it earlier so those people who didnt have a valid id will avoid it. But kyc is good for investor but for me it will be good if no need because you limit your investor on that.
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