Know Your Customer - page 32. | Bitcointalksearch.org

rerek007

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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?

In s certain kind of business we should know our costumers we should treat them very well assist do we can build our market of selling

Quantum Mind Flow

newbie

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This stuff with KYC is disturbing: I think that will be more and more rules, and it will be more and more difficult to keep the anonymity.
It's not too difficult online, but when you want to change your crypto in fiat money, it could be a problem.

francis2

member

Activity: 196

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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 doubt that the ico is going to send that to a US agency, that is why if you have the US citizenship you cannot participate in many icos since they do not want to deal with that kind of regulation, now if you have some other nationality and you need to report that investment you will need to do it yourself since I have my doubts any ico is going to do that for you.

Similificator

sr. member

Activity: 882

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The way I see it, governments will eventually get their ways no matter the cost. So I probably think that this really happens. And even if we do not like it, we just have to agree with it because there is absolutely nothing that we can do. Of course this only depends on where you are in the world or what country you are currently in since every country has different laws from one another.

But if you think about it, I really do not think that something like this is such a bad thing. Just think about it, as an owner of a company or anything of the sort, will you not want to be sure about who you are doing business with? Because I sure would. Considering all the criminality around the world that takes advantage of the flaws of every system specially the privacy thingies out there. But then again, it would be a conflict to the beliefs of bitcoins and most of all the other altcoins out there.. oh well, whatever happens, happens. If we don't like it, we do not have a choice but to accept or to leave.

Semosuchi Tesongrato

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I understand the need to control what happens on the financial market and the need to respect the law, but I think that it's really dangerous to give your full data and a copy of your passport to an unknown entity.
Think about what can do with them a bad guy on the deep web...

carter34

member

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These are forms of regulation so to check fraud and other money laundry businesses. The government is interested to know what and what or how much goes into accounts and I think there are limits too on how much to hold in an account.

Sled

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I think that they are not directly reported to the government because they are just making a record with that information and they are just putting the know your customer policy so if there will be some problems either of two sides then there is something that they can rely on which is the records and few information about their concern.

dharnamonitor

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Quote from: susuberuang on February 11, 2018, 03:35:49 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?

it's actually a bit dangerous also we do KYC because we hand over passport identits to companies that need KYC and I'm very afraid when our identity is for incorrect actions, I just avoid ICOs that use KYC.

Aw, where's the privacy there? We should worry about the personal info we sent to those companies because what if there's a huge leakage where hackers or fraudsters might use it for their illegal activities.

vasrasus

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Quote from: susuberuang on February 11, 2018, 03:35:49 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?

it's actually a bit dangerous also we do KYC because we hand over passport identits to companies that need KYC and I'm very afraid when our identity is for incorrect actions, I just avoid ICOs that use KYC.

KYC diminishes the idea of being decentralized, crypto should be something private and our identities might be used on something we didn't know.

susuberuang

full member

Activity: 926

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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's actually a bit dangerous also we do KYC because we hand over passport identits to companies that need KYC and I'm very afraid when our identity is for incorrect actions, I just avoid ICOs that use KYC.

MainIbem

sr. member

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The KYC issue became prominent when the shout of control took center stage recently. And the control is related to funding terror and corruption. So information on KYC will go to a government department that over see activities such as corruption and anti terrorism.

Besides, every responsible organization will not want to be seen as having dealing with such acts. So it is also a safeguard on the part of the organization carrying out KYC as a means of warding off persons of questionable character.

ylnar123

member

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Quote from: zoom_rich on January 08, 2018, 09:07:56 PM

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.

Large amounts are reported by the banks, yes. It's the law. But do you think exchanges report say somebody sending $4,000 worth of a coin to their wallet, one time???

I thought of it too. I dont think exchanges will give information to the government just to crack how much their customer get from their platform. I think that kyc is being used to prevent people from using their tokens from scams and other illegal activities.

Noelbetty12

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There are reasons for doing so. Remember how other countries are affected by criminalities and terrorism? Bitcoins and other currencies are the safest way to pay for such a terrible act. The government fear that such transfer of money can be used on these illegal transactions. So that it could be the reason why they should report it. Who knows we are dealing with a customer who will eventually lead everyone else to destruction and death. Maybe then we will never be safe.

paulo1210

newbie

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Know your costumer. Why? You might get scammed or fooled. You should know you tr costumer to have trust.

GiantArrow15

newbie

Activity: 29

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You should know your customer for you to exceed their expectations. If you know them, you wont have hard times to communicate with them.

owlman

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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 do not at all think that any ICO projects or exchanges transmit information to the government, when passing KYC. I suppose they keep it for themselves and to protect themselves. But if such a country as the US is interested in something, then they have great opportunities to find, or to check some information.

ProofOfLambo

jr. member

Activity: 238

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Quote from: zoom_rich on January 08, 2018, 09:07:56 PM

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.

Large amounts are reported by the banks, yes. It's the law. But do you think exchanges report say somebody sending $4,000 worth of a coin to their wallet, one time???

Moving cryptos at the moment is ok, you could as well be moving diamonds or jewels. All the controls are focused on the fiat and come into effect when you convert.

DBronze98

full member

Activity: 403

Merit: 100

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 they will not send customer information to the government if they do not receive a verification request. But information gathering only addresses the risks if required by the government.

laimaro

jr. member

Activity: 34

Merit: 1

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?

You should expect all transactions to be reported. Online privacy is a myth especially if you are investing large amounts.

Carmen03

jr. member

Activity: 83

Merit: 1

Know your costumer is the process of a business and verifying the identity of itsclient . Know your costumer processess are also employed by companies of all sizes for the purpose of ensuring their proposed agents, cosultants or distributors and to protect from scammers.

Topic: Know Your Customer - page 32. (Read 5825 times)