Know Your Customer - page 23. | Bitcointalksearch.org

3la9l_kolbaCa

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Quote from: fiulpro on January 08, 2018, 08:58:33 PM

You know everything is reported to the government if the amount is big enough, it's very hard for a person to keep his identity hidden because every bank transaction is taken care of , and linked to your account.

There are people with black money who keeps it hidden and this is important to discover that the money is not black and someone isn't running from taxes.

The biggest amount will be reported while the other are not. People tries to hide their identity it is because they just follow their own rules. If we are talking about black money of course their is and it really exist. The thing is every business do we have should have taxes for us to be covered in the government. It is also an investment other prefers to have an identification.

Semaj123

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Quote from: Averim on May 01, 2018, 03:39:32 PM

Quote from: zoom_rich on January 08, 2018, 08:29:08 PM

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?

Sadly somehow is the same thing, i mean the personal info's are personal and nobody can ensure you that they will not, for example, steal the identity, i know it sounds from the movies but it is a fact. i personally try to avoid this kind of situations.

KennyR

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KYC is followed by the centralized managing services. Being anonymous is one among the best that the virtual currency provides to the investors. Now due to the hard regulations from different governing bodies around the globe investors were asked to follow KYC similar to the centralized operations. This will change over the period of time when more people start to be a part of the network.

Averim

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Quote from: zoom_rich on January 08, 2018, 08:29:08 PM

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?

Sadly somehow is the same thing, i mean the personal info's are personal and nobody can ensure you that they will not, for example, steal the identity, i know it sounds from the movies but it is a fact. i personally try to avoid this kind of situations.

ACVinegar

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Quote from: zoom_rich on January 08, 2018, 08:29:08 PM

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 guess remittances center confirming the receiver information thru Identification card, also face to face is one of the best way of conducting KYC or know your clients. I'm sure that there's no problem if they compared the information of receiver and the sender together with their relation. KYC must be conducted in different side of the world to lessen the intruders together the thieves who wants to stole money from the other people.

jahn_quid

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Quote from: Burogh on April 30, 2018, 07:58:25 PM

Quote from: jahn_quid on April 30, 2018, 03:13:33 PM

Quote from: nakkanak on April 27, 2018, 10:20:37 AM

I do not like this, it should still be decentralized without any interference from the world government, I am interested to join here for that reason

While I agree with your sentiment, I think KYC/AML is a good practice in general for the community you allow into your project.

You're working hard to build great future technology and it would be a shame for scammers to get involved and pollute your work. Even if you don't pass the information onto government institutions, it's just reassuring for you to really know who your associates are (whether direct or indirect).

If we want cryptocurrency regulated by the authorities, we should doing KYC/AML because the government obligation is protecting their people investment. Cryptocurrency world is new in investment instrument and its give opportunity many fraudster and to to avoid that, better government implementing KYC before many ICO scam happen

For sure there needs to be some strong form of KYC/AML.

Though I have no immediate thought on who/what should be in charge of the process (public, private, etc.), I agree with you that there needs to be better approach to dealing with scams.

btcdevil

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KYC process started when lot of ICO scam started and some country started to protect their peoples like china who immediately banned ICO investment and started to form regulation in that they stated to collect the KYC from the customers so that illegal money flow should stop and scam ICO should be identified it. Some ICO started to collect KYC for their benefit like with the datas of customers they started to forge them and use in illegal activities. So KYC process is good but first you have to know whether the ICO is genuine if not your document will be used in illegal activity which will be problem for you in future.

ufaiz50

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Quote from: zoom_rich on January 08, 2018, 08:29:08 PM

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?

It depends on the ICO or exchanges regulation, for the exchanges I'm sure you need KYC if to increase the limit, and then I do not know why the exchange requires KYC possible to protect so that no misuse or even to protect the user, and for ICO why they need KYC because there are some countries that ban ICO and some regulations also to know who the investors are.

michellee

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Quote from: rainezerr on April 30, 2018, 08:45:55 PM

Quote from: zoom_rich on January 08, 2018, 08:29:08 PM

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?

Kyc today is a little bit popular and there are a lot of success campaigns that are requiring their customers to pass a kyc verification before investing on their own cryptocurrency and it is one of the main factors why they become successful because of their serious attitude towards their platform.

maybe they want to know who is their investor and from where the investor come from. and they want to control the projects itself to not being a scam and not making people get disappointed with the projects. I think with KYC, there are many projects that will be a good project because they need to make their projects run properly without worried about scamming the people. and the governments want to make a research from the investor data itself because the data contain all about the investor so they can learn more and know who is the investor.

NathanJB

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Quote from: zoom_rich on January 08, 2018, 08:29:08 PM

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?

It is not directly reported every now and then. They only got records of who their clients are and how much these clients have in their platform, and the specific transactions of how much comes in and out when. These are records for the sake of recording but if ever the legal authorities will require them to produce such then they have something to give them. For sure your exchange account is verified. That means they already have KYC information about you. ICO participation also asks the same.

rainezerr

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Quote from: zoom_rich on January 08, 2018, 08:29:08 PM

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?

Kyc today is a little bit popular and there are a lot of success campaigns that are requiring their customers to pass a kyc verification before investing on their own cryptocurrency and it is one of the main factors why they become successful because of their serious attitude towards their platform.

Burogh

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COVIR.IO

Quote from: jahn_quid on April 30, 2018, 03:13:33 PM

Quote from: nakkanak on April 27, 2018, 10:20:37 AM

I do not like this, it should still be decentralized without any interference from the world government, I am interested to join here for that reason

While I agree with your sentiment, I think KYC/AML is a good practice in general for the community you allow into your project.

You're working hard to build great future technology and it would be a shame for scammers to get involved and pollute your work. Even if you don't pass the information onto government institutions, it's just reassuring for you to really know who your associates are (whether direct or indirect).

If we want cryptocurrency regulated by the authorities, we should doing KYC/AML because the government obligation is protecting their people investment. Cryptocurrency world is new in investment instrument and its give opportunity many fraudster and to to avoid that, better government implementing KYC before many ICO scam happen

21millionsbtc

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KYC is now mandatory for most of the ico as well as bounty programs so with implementation of kyc most of fakes ids gone

jahn_quid

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Quote from: nakkanak on April 27, 2018, 10:20:37 AM

I do not like this, it should still be decentralized without any interference from the world government, I am interested to join here for that reason

While I agree with your sentiment, I think KYC/AML is a good practice in general for the community you allow into your project.

You're working hard to build great future technology and it would be a shame for scammers to get involved and pollute your work. Even if you don't pass the information onto government institutions, it's just reassuring for you to really know who your associates are (whether direct or indirect).

BartS

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Quote from: ohlawdy on April 26, 2018, 12:50:52 PM

There is nothing going to change if they have your KYC info , except that it is very valuable to them. I think most people don't even understand what can happen with your info when it is in the wrong hands. And that all to get some shitty token for free.

Many people are incapable to understand that one of the most valuable things in the world is information, that is why the governments are doing everything they can to obtain all the information they can about you and the same is true about private businesses, giving your information and your official documents to people in the other side of the world that you do not know and that could possibly be scammers is a huge mistake, they could ask for loans or they could steal your identity, and people that have gone through that say that is a nightmare to recover their identity.

teleskopta

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From my understanding, if the ICO is not registered in any government it won't get reported if you move your money (presumably in crypto) into them. If you withdraw money from exchanges it can be reported.

cmacwiz

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Quote from: zoom_rich on January 08, 2018, 08:29:08 PM

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 think in both the cases it is mandatory for the ICO and exchange to report the person. And now I have also read a news that was stating that your identity can also be known from the transactions you do on the blockchain.

Tamilson

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Quote from: trimulia on April 28, 2018, 04:03:05 AM

Quote from: zoom_rich on January 08, 2018, 08:29:08 PM

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 just know that know your customer id card is send to government,really?
by the way,here i'm selling kyc for cheap price if u want. i have 8 kyc and i don't know what should i do with it...

What do you mean that you're selling kyc? You have some id and documents of some person that you didn't know personally? I think it isn't a good idea and this what I'm afraid of doing kyc because we won't know if there will be a person that will sell our identity in black market though we don't have any choice than to provide this. But if I see some shady acts in the team then I'll just wait for it to be listed.

ningrum

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The OGz Club

Quote from: Ezmael Wright on April 28, 2018, 03:54:03 AM

Yes , if you want to have a succesful bussines you must know your costumer first because if you don't know your costumer maybe it may affect to you're bussines.

yes it is true, indeed every one of us has that business should be able to recognize the customer, because each customer has a different personality, so our role to recognize the customer is needed in the business. in addition to making it convenient to our customers can also benefit from it all.

redcucumber

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SOLARIS COIN

This feature is amazing because it serves as a security to both the provider and the user or seller and the buyer, and it defeats the fraudulent acts attempt by some individuals who want to take advantage of something for their own benefit. By the mean of KYC or know your customer if a problem occurs positive or negative reason you can easily contact or track the user via the information he had given in the KYC but this information should only be private and only be seen by the authorized persons involved for security purposes.

Topic: Know Your Customer - page 23. (Read 5825 times)