Know Your Customer - page 9. | Bitcointalksearch.org

doomistake

hero member

Activity: 1400

Merit: 571

Quote from: airdropwwani on August 20, 2018, 08:52:30 AM

I'm not sure what is your problem. We have no choice due to under law. please read below.
This is share wiki pedia in term of KYC.
Know your customer (alternatively know your client or 'KYC') is the process of a business verifying the identity of its clients and assessing potential risks of illegal intentions for the business relationship. The term is also used to refer to the bank regulations and anti-money laundering regulations which govern these activities. Know your customer processes are also employed by companies of all sizes for the purpose of ensuring their proposed agents, consultants, or distributors are anti-bribery compliant. Banks, insurers and export creditors are increasingly demanding that customers provide detailed anti-corruption due diligence information.

But this should only applies for the people who invested on a certain ICO because they are the ones who launched their money for this investment, which is related to the anti-money laundering regulations, but if it is only about social media bounties, signature campaigns, I guess it is not necessary to be apply, we are just bounty hunters that are just participating through this forum and even in social media without putting up any big capital at all for a certain company to be wary about our personal backgrounds.

Because it is not safe for someone to always gives his real identity in the internet, we don't even know them if we could really trust them with our personal information, they might use it on bad things like faking their identity using ours.

Vs225655

member

Activity: 182

Merit: 16

I think no. After all, most of the ICO where there is a check of the KYC, they say that US citizens are not allowed to this company. Most likely checking is done in order to avoid having multiple account

Chrisjay29

full member

Activity: 392

Merit: 103

For me im not supporting kyc. Because your inform can be use in illegal transact or etc that can make you arrest. Kyc also limited the investor because lot of investpr didnt want kyc

Bitlife81

newbie

Activity: 131

Merit: 0

I personally hope we can do away with KYC at some point however we must also comply with external regulators etc. We aim to have a platform that is entirely decentralized in the future.

snewkadel

newbie

Activity: 70

Merit: 0

The customer satisfaction is very important because it matter most if our business will be productive or not. Then it determines the RPL of your customer so that he might not be a hindrance of your success. It matter most so that you will be able to meet the exact portion in tge business.

airdropwwani

jr. member

Activity: 364

Merit: 2

I'm not sure what is your problem. We have no choice due to under law. please read below.
This is share wiki pedia in term of KYC.
Know your customer (alternatively know your client or 'KYC') is the process of a business verifying the identity of its clients and assessing potential risks of illegal intentions for the business relationship. The term is also used to refer to the bank regulations and anti-money laundering regulations which govern these activities. Know your customer processes are also employed by companies of all sizes for the purpose of ensuring their proposed agents, consultants, or distributors are anti-bribery compliant. Banks, insurers and export creditors are increasingly demanding that customers provide detailed anti-corruption due diligence information.

fredo123

full member

Activity: 350

Merit: 100

Quote from: alisafidel58 on January 09, 2018, 12:33:27 AM

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

Does that mean that if one participates in an ICO and puts in over $3,000, that gets reported to the government?

Once you join and ICO with a KYC it will be reported to the government,i think they pass all the participant after the ICO,i dont know about the law but some countries are banning its citizen from joining ICO.

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

Or if you move $3,000 out of an exchange, that gets reported?

Weather you move your funds or not once you join the ICO the government has the info on your transaction, this is their way of tracking their citizen who can potentially be evading taxes.

As long as KYC/AML continues with current methods of ID verification, all these problems are likely only going to get worse, Because none of the procedures are scalable, an increase in customer can have a significant downside for some banks, For instance, if the number of customers at a bank doubled. KYC requirements could caused them to wait six to eight weeks to get use of their accounts.

jujurloe

newbie

Activity: 103

Merit: 0

KYC will later be connected with many benefits for the country, starting from the type of investment, investment value and profit after some time from the investment which later can be calculated tax imposed on the investor

yusupjatigumilar

full member

Activity: 644

Merit: 100

Know Your Customer. there are two views for this, in my opinion, this first is good so that the exchange market can find out who is a member so that each transaction can be controlled where the funds flow so that criminal acts can be minimized, these two things are bad, because they conflict with the main principles of bitcoin and crypto currency, where anonymity no longer exists

playbtcgame

full member

Activity: 258

Merit: 100

Co-founder Love Air Promise

Know Your Customer has been good to me last month when my stakes was nearly stolen by one bounty hunter.He pretended to change my account details and unlucky for him,I was sent message through email to verify and that was where I was saved.

giacatluong

full member

Activity: 395

Merit: 100

Perhaps it is correct that the United States is considering electronic money circulation because I also hear some information that people using electronic money in the United States are also flourishing. Therefore, the identification of KYC to facilitate tax filing.

rasp

hero member

Activity: 900

Merit: 503

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?

As far as I know the US citizens are not allowed to participate in most ICOs, therefore, their data could not be reported to the government.
Maybe this law was one of the reasons why the americans were banned from investing in ICOs.
Still, sharing info with any of the governmental laws contradicts decentralization which is key quality of cryptocurrencies.

Fenderr

jr. member

Activity: 293

Merit: 4

Quote from: victoryana on August 19, 2018, 08:37:08 AM

In essence, KYC is the identification of the customer. This is a standard pattern in the investment industry to ensure that the investment adviser identifies the customer's risk tolerance information in order to know the name. their temperament.

In the true sense of it, KYC negates the whole concept and essence of privacy that bitcoin stands for. But on the flip side of things, a lot of money laundering can be perpetuated if KYC isn't in place. This is the reason ICOs introduced KYC to avoid cease and desist orders from the SEC.

fianaindriati

sr. member

Activity: 700

Merit: 250

Quote from: zoom_rich on January 08, 2018, 08:41:52 PM

Quote from: ?? on ??

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.

actually the criteria for each customer are different. so if you find out it's quite difficult. moreover different circumstances sometimes also make customers also different. because conditions also affect. so we must be smart too to manage situations like that.

victoryana

newbie

Activity: 154

Merit: 0

In essence, KYC is the identification of the customer. This is a standard pattern in the investment industry to ensure that the investment adviser identifies the customer's risk tolerance information in order to know the name. their temperament.

BagzMM

member

Activity: 378

Merit: 10

Quote from: louie69 on January 09, 2018, 02:24:46 AM

Quote from: alisafidel58 on January 09, 2018, 12:33:27 AM

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

Does that mean that if one participates in an ICO and puts in over $3,000, that gets reported to the government?

Once you join and ICO with a KYC it will be reported to the government,i think they pass all the participant after the ICO,i dont know about the law but some countries are banning its citizen from joining ICO.

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

Or if you move $3,000 out of an exchange, that gets reported?

Weather you move your funds or not once you join the ICO the government has the info on your transaction, this is their way of tracking their citizen who can potentially be evading taxes.

Know your customer is a process of identifying a business and verification of clients if this involves illegal transactions like money laundering wherein they may able to control the flow out of illegal activities. Knowing your customer for me is important because we will be able to know the one that you are dealing with is legitimate in their dealings when doing bitcoin transactions.

Yes it is a standard form in the field of investment that ensures to protects clients and investments advisors. It is really a must to follow to avoid illegal transactions.

virendarnagpal

member

Activity: 672

Merit: 12

Know your customer is required to check the transactions. To check who is using how much amount. In case of some extraordinary transactions; or some suspicious nature transactions are done by a person; it may be alert for the government. The government may take precautionary actions.
The governments may decide further course of actions against such suspicious person.

My submission is that why some honest person working honesty; paying taxes; why shall he be fearful.

These KYC restrictions are for the benefit of common man because if the government catches some mafia; drug trader or terrorist; it will go to the benefit of common man. So do not worry please.

kniheant2

newbie

Activity: 196

Merit: 0

in my opinion,KYC is legal everywhere, it is a sort of protection of merchants from money being remitted to their customers. it limits the use of transferring money from illegal activities. since blockchain technology is equipped with anonymity, using exchanges as means of tracking where the money came from is beneficial to governments,so kyc is importain and needed.

tinystone26

member

Activity: 434

Merit: 10

Unleash the Power of the World's Crypto Data

It is good to have a KYC in a real campaign that will get the success of the campaign for me but for those campaign that make some scam to their campaign and don't give the rewards that the participants wants to their payment it is not good to have a KYC. And I think it is really good to make sure the participants won't do such bad thing in the running campaign.

Britanshio

member

Activity: 226

Merit: 10

Quote from: zoom_rich on January 08, 2018, 08:41:52 PM

Quote from: ?? on ??

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.

KYC it's not just a legal thing but we can identified this as a safety precaution to minimize other people from cheating so that you can participate manually with an exact identity.

Topic: Know Your Customer - page 9. (Read 5825 times)