KYC/AML requirements and (EU) data protection

coinstalker23

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Quote from: Tigorss on April 29, 2018, 06:40:52 AM

Quote from: Lancusters on January 31, 2018, 01:05:52 PM

This is the standard rules on the protection of personal information which exist in most countries. What this gives you? Fine? Lol! How can you prove who has become a source distribution of your data? Access to these data has several sources. If you need complete privacy you need to live on a desert island.

if I can assume you just follow the rules as there is a new regulation that is KYC because it is for our good that our money is always protected from the thieves.

There is no safe place for hiding your data the NSA has already tracking down and violating your privacy.

The one who you trusted your personal data like social media, networking sites is similar to KYC, they have been always there and just keeping

an eye on your data.

Leyss

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Quote from: Lancusters on January 31, 2018, 01:05:52 PM

This is the standard rules on the protection of personal information which exist in most countries. What this gives you? Fine? Lol! How can you prove who has become a source distribution of your data? Access to these data has several sources. If you need complete privacy you need to live on a desert island.

It is just in these regulations that anyone can gather confidential information. information of citizens .. In my country, the law on the protection of confidential information of citizens, which states that the collection of such information can only specially authorized state bodies, which should ensure its safe storage and preservation. From the point of view of this law, public organizations or any non-state structures, including ICO teams, do not have the right to require me to provide confidential information. Especially, if ICO commands do not pass any verification themselves and in many cases are fraudulent.

entrepmind23

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Quote from: swogerino on May 03, 2018, 03:15:32 PM

Any KYC/AML is against crypto decentralization, you lose your privacy by following KYC/AML when dealing with crypto. I think that is why Satoshi created Bitcoin addresses with 34-36 characters and not with user names, name surname and these kind of data.

I think he wanted to create a better system than the already existing banking system which is tied exactly to KYC/AML procedures.

But then we don't have much of a choice if that is what the government wants. Government doesn't want to lose their control of the people that's why they are implementing this rule regarding KYC/AML. If you are not doing anything illegal then you shouldn't be afraid of this. There are rules anyway as to what point they can use our data so if we wanted to continue to use cryptocurrency then we have to abide by the rules. I know that decentralization is the key for us to have freedom from the government but then what can we do at this point?

There are many people who abuse this freedom being unregulated so they scam others. We need protection that's why AML/KYC is required especially in ICOs wherein we don't know anymore who are legit and scam. When someone strictly follow the rules then at least we know who are the people that are accountable in case something wrong happen.

BitHodler

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Quote from: swogerino on May 03, 2018, 03:15:32 PM

Any KYC/AML is against crypto decentralization, you lose your privacy by following KYC/AML when dealing with crypto. I think that is why Satoshi created Bitcoin addresses with 34-36 characters and not with user names, name surname and these kind of data.

I think he wanted to create a better system than the already existing banking system which is tied exactly to KYC/AML procedures.

It may sound harsh, but it doesn't really matter what Satoshi envisioned Bitcoin to become in this case. We have to deal with authorities all trying to figure out what's going on in the centralized part of our ecosystem.

Most people when buying their first coins do that through one of the many exchanges we have, and when fiat is involved, you are subject to everything related to the KYC/AML policies. It's up to you whether or not to proceed.

If you don't want to deal with any of this, then you should avoid centralized services and just focus on local trades. It's impossible to expect governments to let crypto gain ground without doing anything.

swogerino

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Any KYC/AML is against crypto decentralization, you lose your privacy by following KYC/AML when dealing with crypto. I think that is why Satoshi created Bitcoin addresses with 34-36 characters and not with user names, name surname and these kind of data.

I think he wanted to create a better system than the already existing banking system which is tied exactly to KYC/AML procedures.

carlfebz2

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Quote from: Rustamm on May 03, 2018, 12:56:12 PM

Quote from: cipher-x_09 on January 31, 2018, 08:55:05 PM

Basically they are linking their method same as the bank do in order to prove that their client their dealing is a legit one, and is capable of producing income in a legal basis, I mean if you are not into something suspicious or illegal activities then why should you be afraid of covering up your identity, you shouldn't be wary of something like this.

Yes, but why require identification data and copies of documents from signatory campaign participants? We are not investors of the ICO project. I think this is just arbitrariness on the part of the ICO team. I have not seen anywhere so that any of them justified their demand to pass the KYC check by the participants of the campaign of generosity. The only logical conclusion here is that the ICO campaign requires bounty hunters to undergo such a check after the end of the ICO only with the aim of not paying the earned tokens.

You are just simply pertaining or do focus on bounty campaign which do ask KYC requirement in the end of the sale.I agree that it doesnt really have any sense why they would require such thing yet they are not really investors and just promoting the company?I dont see it was right for them to comply with those things.Intentional or not, having that kind of thing being asked would really put us on doubts as a participant. Data protection is main concern on here but we cant be sure if those informations are kept and wont really exposed out.

Rustamm

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Quote from: cipher-x_09 on January 31, 2018, 08:55:05 PM

Basically they are linking their method same as the bank do in order to prove that their client their dealing is a legit one, and is capable of producing income in a legal basis, I mean if you are not into something suspicious or illegal activities then why should you be afraid of covering up your identity, you shouldn't be wary of something like this.

Yes, but why require identification data and copies of documents from signatory campaign participants? We are not investors of the ICO project. I think this is just arbitrariness on the part of the ICO team. I have not seen anywhere so that any of them justified their demand to pass the KYC check by the participants of the campaign of generosity. The only logical conclusion here is that the ICO campaign requires bounty hunters to undergo such a check after the end of the ICO only with the aim of not paying the earned tokens.

Mc_Moneysack

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Activity: 154

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Quote from: Fonebookhead on May 01, 2018, 04:29:40 AM

Why would an ICO need to use KYC laws? they aren't a bank and you aren't opening an account..
and why would anyone give an ICO any of that info?
A bunch of random people make a coin... bad enough they can run with your money, now they can sell or use your ID info as well?
awesome, double fraud bang for your buck. where do I sign up?

At least in the EU any company has to comply with AML/KYC rules if certain thresholds are met. So there is a good reason for ICOs to ask for ID/passport.

Fonebookhead

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Why would an ICO need to use KYC laws? they aren't a bank and you aren't opening an account..
and why would anyone give an ICO any of that info?
A bunch of random people make a coin... bad enough they can run with your money, now they can sell or use your ID info as well?
awesome, double fraud bang for your buck. where do I sign up?

If you believe an ICO should follow kyc I have one for you.
I only need your:
social security number
birth date
passport or government ID document (scanned in, both sides, so everyone can read everything clearly)
legal address (and any others over the past 5 years)
and a copy of your credit report.. they need to make sure only good people get this ICO... (you deserve it, it's exclusive) actually just check this box and we can order one for you shipped right to us, see how awesome we are, thinking of your convenience. see you on the moon

Tigorss

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Quote from: Lancusters on January 31, 2018, 01:05:52 PM

This is the standard rules on the protection of personal information which exist in most countries. What this gives you? Fine? Lol! How can you prove who has become a source distribution of your data? Access to these data has several sources. If you need complete privacy you need to live on a desert island.

if I can assume you just follow the rules as there is a new regulation that is KYC because it is for our good that our money is always protected from the thieves.

Mc_Moneysack

jr. member

Activity: 154

Merit: 5

Quote from: jseverson on April 26, 2018, 07:36:31 AM

That's great. I really hope this becomes a standard in terms of data protection. Data use and consent are covered by those long agreements that no one reads for the most part, but it's still great that there are very specific rules now. The right to be forgotten is especially attractive considering how pretty much everyone can be Googled at this point.

ICOs are going to be tricky because most are built to raise money and bail anyway, but I'm sure the legitimate ones would abide by this for extra legitimacy even if they're not required. This could very well be a new factor in figuring out which projects are legit.

I fully agree! A good ICO will have proper legal advisors behind the project that will make sure the rules are respected.

jseverson

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Quote from: Mc_Moneysack on April 26, 2018, 02:52:13 AM

Just wanted to update this thread since the EU GDPR is applicable since yesterday. As of now, you will be able to rely on the rights stated above.
I have already noticed that a lot of service providers like banks etc. have sent me new forms so that I can give my express consent to what they are doing with my data. I am wondering if any ICOs will follow.

That's great. I really hope this becomes a standard in terms of data protection. Data use and consent are covered by those long agreements that no one reads for the most part, but it's still great that there are very specific rules now. The right to be forgotten is especially attractive considering how pretty much everyone can be Googled at this point.

ICOs are going to be tricky because most are built to raise money and bail anyway, but I'm sure the legitimate ones would abide by this for extra legitimacy even if they're not required. This could very well be a new factor in figuring out which projects are legit.

Mc_Moneysack

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Just wanted to update this thread since the EU GDPR is applicable since yesterday. As of now, you will be able to rely on the rights stated above.
I have already noticed that a lot of service providers like banks etc. have sent me new forms so that I can give my express consent to what they are doing with my data. I am wondering if any ICOs will follow.

Vektrum

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I understand that such rules come into force from May this year for the countries of the European Union. That is, from this time on, the ICO companies will not have the right to require and receive identification data and copies of passports without the consent of the investor or the participant in the campaign of generosity. This is very interesting information.

dunfida

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Quote from: Mc_Moneysack on February 06, 2018, 09:59:01 AM

Quote from: rhamzter on February 06, 2018, 09:31:09 AM

Quote from: stomachgrowls on February 05, 2018, 02:32:12 PM

Quote from: prehisto on February 03, 2018, 02:32:56 PM

Quote from: stomachgrowls on February 03, 2018, 02:24:30 PM

Quote from: jjacob on February 01, 2018, 12:25:29 AM

Quote from: cipher-x_09 on January 31, 2018, 08:55:05 PM

Basically they are linking their method same as the bank do in order to prove that their client their dealing is a legit one, and is capable of producing income in a legal basis, I mean if you are not into something suspicious or illegal activities then why should you be afraid of covering up your identity, you shouldn't be wary of something like this.

You have totally misunderstood the question here - it is not whether you should submit proof of identity to the service providers, but whether there are any safeguards in place to protect your data.
Even if you have 'nothing to hide', your personal data (say passport copy) could be used to impersonate you. Data protection laws exist to ensure that companies are held liable if they are careless with personal information.

Its still good to have those institution that do really imposing some laws to those companies who do gather informations into people they are dealing with but yet we cant still be sure if there would be no underground leaks on using such information this is why people would really bother or still hesitate sharing up sensitive information.We dont like for someone to impersonate us when those informations will leak.

I agree that leaks will happen anyway but this is a good movement form EU authority. Regarding leaks and sensitive information, I recently discovered that my long term password was leaked after some hack which happened 4 years ago from some-kind of webpage where i was registered. Now , I am using 2FA whenever possible , this is the safest way to protect your login details .

Well its still way more better to have this movement rather than on nothing at all. Risk is always there and if you do tend to send any documentation then you should be aware on the possible situation that might happen. If you can afford to disclose your identity then proceed but if not we can just simply not follow on what is being asked.Aside from documentation been submitted we should really take care of our log-in details on whatsoever sites or things we are engage to.

KYC/AML is a good protection to all aspects, it was used to protect the banks, together with the savings of more clients. This is used to identify the source of income of suspicious people. In our country it was do that even in the crypto currencies, they were strictly implement this because they wants to protect the assets of the company, the reputation of the organization and even the the clients of their business.

Using this KYC/AML they can avoid the possible evil jobs, also they can prevent those people who wants to make wrong things to other. In addition they can also eliminate any terrorizing thinking of some people, especially the fraudster.

In the EU crypto exchanges and wallet providers will also soon be required to respect AML obligations. I know that some of you won’t like this as it goes against the anonymity of cryptos, but it serves an important purpose, the fight against the financing of terrorist and criminal activities. I also think that it will give cryptos less of a shady image.

I do somehow already expect from this matter on which sooner or later if crypto cant really be stopped or completely banned they would rather do in other way which would really be regulated and coming to a point to follow traditional verification processes which once being implemented then we no have a choice but to obey it.

Mc_Moneysack

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Quote from: rhamzter on February 06, 2018, 09:31:09 AM

Quote from: stomachgrowls on February 05, 2018, 02:32:12 PM

Quote from: prehisto on February 03, 2018, 02:32:56 PM

Quote from: stomachgrowls on February 03, 2018, 02:24:30 PM

Quote from: jjacob on February 01, 2018, 12:25:29 AM

Quote from: cipher-x_09 on January 31, 2018, 08:55:05 PM

Basically they are linking their method same as the bank do in order to prove that their client their dealing is a legit one, and is capable of producing income in a legal basis, I mean if you are not into something suspicious or illegal activities then why should you be afraid of covering up your identity, you shouldn't be wary of something like this.

You have totally misunderstood the question here - it is not whether you should submit proof of identity to the service providers, but whether there are any safeguards in place to protect your data.
Even if you have 'nothing to hide', your personal data (say passport copy) could be used to impersonate you. Data protection laws exist to ensure that companies are held liable if they are careless with personal information.

Its still good to have those institution that do really imposing some laws to those companies who do gather informations into people they are dealing with but yet we cant still be sure if there would be no underground leaks on using such information this is why people would really bother or still hesitate sharing up sensitive information.We dont like for someone to impersonate us when those informations will leak.

I agree that leaks will happen anyway but this is a good movement form EU authority. Regarding leaks and sensitive information, I recently discovered that my long term password was leaked after some hack which happened 4 years ago from some-kind of webpage where i was registered. Now , I am using 2FA whenever possible , this is the safest way to protect your login details .

Well its still way more better to have this movement rather than on nothing at all. Risk is always there and if you do tend to send any documentation then you should be aware on the possible situation that might happen. If you can afford to disclose your identity then proceed but if not we can just simply not follow on what is being asked.Aside from documentation been submitted we should really take care of our log-in details on whatsoever sites or things we are engage to.

KYC/AML is a good protection to all aspects, it was used to protect the banks, together with the savings of more clients. This is used to identify the source of income of suspicious people. In our country it was do that even in the crypto currencies, they were strictly implement this because they wants to protect the assets of the company, the reputation of the organization and even the the clients of their business.

Using this KYC/AML they can avoid the possible evil jobs, also they can prevent those people who wants to make wrong things to other. In addition they can also eliminate any terrorizing thinking of some people, especially the fraudster.

In the EU crypto exchanges and wallet providers will also soon be required to respect AML obligations. I know that some of you won’t like this as it goes against the anonymity of cryptos, but it serves an important purpose, the fight against the financing of terrorist and criminal activities. I also think that it will give cryptos less of a shady image.

rhamzter

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Quote from: stomachgrowls on February 05, 2018, 02:32:12 PM

Quote from: prehisto on February 03, 2018, 02:32:56 PM

Quote from: stomachgrowls on February 03, 2018, 02:24:30 PM

Quote from: jjacob on February 01, 2018, 12:25:29 AM

Quote from: cipher-x_09 on January 31, 2018, 08:55:05 PM

Basically they are linking their method same as the bank do in order to prove that their client their dealing is a legit one, and is capable of producing income in a legal basis, I mean if you are not into something suspicious or illegal activities then why should you be afraid of covering up your identity, you shouldn't be wary of something like this.

You have totally misunderstood the question here - it is not whether you should submit proof of identity to the service providers, but whether there are any safeguards in place to protect your data.
Even if you have 'nothing to hide', your personal data (say passport copy) could be used to impersonate you. Data protection laws exist to ensure that companies are held liable if they are careless with personal information.

Its still good to have those institution that do really imposing some laws to those companies who do gather informations into people they are dealing with but yet we cant still be sure if there would be no underground leaks on using such information this is why people would really bother or still hesitate sharing up sensitive information.We dont like for someone to impersonate us when those informations will leak.

I agree that leaks will happen anyway but this is a good movement form EU authority. Regarding leaks and sensitive information, I recently discovered that my long term password was leaked after some hack which happened 4 years ago from some-kind of webpage where i was registered. Now , I am using 2FA whenever possible , this is the safest way to protect your login details .

Well its still way more better to have this movement rather than on nothing at all. Risk is always there and if you do tend to send any documentation then you should be aware on the possible situation that might happen. If you can afford to disclose your identity then proceed but if not we can just simply not follow on what is being asked.Aside from documentation been submitted we should really take care of our log-in details on whatsoever sites or things we are engage to.

KYC/AML is a good protection to all aspects, it was used to protect the banks, together with the savings of more clients. This is used to identify the source of income of suspicious people. In our country it was do that even in the crypto currencies, they were strictly implement this because they wants to protect the assets of the company, the reputation of the organization and even the the clients of their business.

Using this KYC/AML they can avoid the possible evil jobs, also they can prevent those people who wants to make wrong things to other. In addition they can also eliminate any terrorizing thinking of some people, especially the fraudster.

stomachgrowls

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Activity: 3010

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Quote from: prehisto on February 03, 2018, 02:32:56 PM

Quote from: stomachgrowls on February 03, 2018, 02:24:30 PM

Quote from: jjacob on February 01, 2018, 12:25:29 AM

Quote from: cipher-x_09 on January 31, 2018, 08:55:05 PM

Basically they are linking their method same as the bank do in order to prove that their client their dealing is a legit one, and is capable of producing income in a legal basis, I mean if you are not into something suspicious or illegal activities then why should you be afraid of covering up your identity, you shouldn't be wary of something like this.

You have totally misunderstood the question here - it is not whether you should submit proof of identity to the service providers, but whether there are any safeguards in place to protect your data.
Even if you have 'nothing to hide', your personal data (say passport copy) could be used to impersonate you. Data protection laws exist to ensure that companies are held liable if they are careless with personal information.

Its still good to have those institution that do really imposing some laws to those companies who do gather informations into people they are dealing with but yet we cant still be sure if there would be no underground leaks on using such information this is why people would really bother or still hesitate sharing up sensitive information.We dont like for someone to impersonate us when those informations will leak.

I agree that leaks will happen anyway but this is a good movement form EU authority. Regarding leaks and sensitive information, I recently discovered that my long term password was leaked after some hack which happened 4 years ago from some-kind of webpage where i was registered. Now , I am using 2FA whenever possible , this is the safest way to protect your login details .

Well its still way more better to have this movement rather than on nothing at all. Risk is always there and if you do tend to send any documentation then you should be aware on the possible situation that might happen. If you can afford to disclose your identity then proceed but if not we can just simply not follow on what is being asked.Aside from documentation been submitted we should really take care of our log-in details on whatsoever sites or things we are engage to.

yohananaomi

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Quote from: cipher-x_09 on January 31, 2018, 08:55:05 PM

Basically they are linking their method same as the bank do in order to prove that their client their dealing is a legit one, and is capable of producing income in a legal basis, I mean if you are not into something suspicious or illegal activities then why should you be afraid of covering up your identity, you shouldn't be wary of something like this.

all also want to provide a legal identity if the company that requires it can be accounted of course the company that we already know and admit.
because the abuse of identity is also often happen moreover this is between countries that clearly rules about the identity of different.
being alert and not being harmed is a natural thing to do.

prehisto

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Your Data Belongs To You

Quote from: stomachgrowls on February 03, 2018, 02:24:30 PM

Quote from: jjacob on February 01, 2018, 12:25:29 AM

Quote from: cipher-x_09 on January 31, 2018, 08:55:05 PM

Basically they are linking their method same as the bank do in order to prove that their client their dealing is a legit one, and is capable of producing income in a legal basis, I mean if you are not into something suspicious or illegal activities then why should you be afraid of covering up your identity, you shouldn't be wary of something like this.

You have totally misunderstood the question here - it is not whether you should submit proof of identity to the service providers, but whether there are any safeguards in place to protect your data.
Even if you have 'nothing to hide', your personal data (say passport copy) could be used to impersonate you. Data protection laws exist to ensure that companies are held liable if they are careless with personal information.

Its still good to have those institution that do really imposing some laws to those companies who do gather informations into people they are dealing with but yet we cant still be sure if there would be no underground leaks on using such information this is why people would really bother or still hesitate sharing up sensitive information.We dont like for someone to impersonate us when those informations will leak.

I agree that leaks will happen anyway but this is a good movement form EU authority. Regarding leaks and sensitive information, I recently discovered that my long term password was leaked after some hack which happened 4 years ago from some-kind of webpage where i was registered. Now , I am using 2FA whenever possible , this is the safest way to protect your login details .

Topic: KYC/AML requirements and (EU) data protection (Read 402 times)