Topic: Mt.Gox AML/KYC Process Explained - page 7. (Read 71706 times)

When is MTgox moving to California?  Is the partnership or alliance official with coinbase?

I have submitted a pasport and a tax return which are both written in Danish. Can this be accepted?

Also, when I am on the Mt. Gox. site it tells me the following:
"Warning: You have only partially completed the AML process. Before we can review your submission, you must provide address information on the AML page here. "

But I have already uploaded both required documents and pressed the "Finish" button. Should I be worried?

Regards,
Sword Smith

Anybody who submits dox are surely going to be first on the list in the coming gold and Bitcoin confiscations.

I still have coins stuck on the exchange but if I give out some docs I'm just going to be risking everything. Is it worth it?

There appears to be no way round it. Its frustrating because I thought there was a deadline for this. A few days ago I was able to withdraw a coin. Perhaps where I went wrong was trying to withdraw more. I'll keep trying. Perhaps I can slowly release coins or whatever over a period of years.

People of Cyprus I know how you feel.

While I do understand everything you say, but please, explain how can both this:


AND this:


be true  at the same time?

How can anything force YOU, the human beings, to implement extra torture for your customers (at your cost), instead of extra protecting them (at your risk), while you say you dislike the idea of torturing them?

Please answer.

You are forced to report anything suspicious noticed. OK, that is practical.
How can any human being be forced to notice "suspicious" operations? How can YOU be forced to judge anything as suspicious (distrustful) in the first place???
Is it possible to manipulate human's TRUST from outside and against his will??? Oh, don't say that is true.
Why YOU may be forced to distrust us (and our operations), but we still have no choice, but to trust you?

Please answer!

Why do you prosecute your users for doing "suspicious" and "unlawful" operations, but do not prevent them from doing that? Why not educate them? Put a warning maybe?
Why should I guess how to not get frozen in the first place? Where are the instructions? Why do you care of NOT disclosing them?
WHO on the Earth can force you to actually CARE about not disclosing the details???
Afraid of something? Then do it anonymously. What is the problem?

Please answer!!!

OK, KYC/AML are the "fiat world" requirements.
But then why did you freeze BTC accounts that tried to withdraw large BTC amounts while unverified,
however you accepted large amount payments to that accounts and not allowed to return them back.
How can a Bank/Govt/Whatever force you to NOT return BTCs to the rightful owner??? WTF?
How can they know in the first place and judge you for doing that???

C'mon I feel being brain F**KED by you, MTGOX!!! But please answer.

Go to a notary public with your identity and residence documents.  Fill out a statement that the phone was stolen, and have it notarized.
Include a bank account under the same name.
Scan all the documents and send them in, and ask for a release of funds to the bank account.

That's just plain stupid. Why did you set up google authenticator without a paper backup? Just ALWAYS print out the code/qr code that you import into your google authenticator app. Or take a screenshot, encrypt it and back it up digitally.

Otherwise, you can't complain if you loose access forever. I mean: phones get lost and stolen a lot, don't they?

Lets break this down.



>>which means always and you will fold to any request




NO NO NO you choose to comply you could always say no and face those consequences, you choose obey particular rules or laws, this "we are legally obliged/no control" is rubbish.

>>Journalist routinely go to prison for not revealing sources

what you are saying is you will bend over any time your are asked to by anyone that looks semi official….

I mean just for a start you could immediately seek and injunction against any warrant.

You could claim it is an invalid warrant or request and fight it through the courts.

But no you reel out the old line

"Unfortunately, we are legally obliged to occasionally hold customer funds pending the outcome of an investigation by the banks we work with. We don't have any control over this"

I have seen people in companies refuse to hand over information to police who had a warrant, because they cited supervening legislation, or had other obligations under other laws, so you ARE NEVER LEGALY OBLIGED YOU CHOOSE THEN AND THERE TO FOLLOW WHAT SOME GUY HOLDING A CLAIMED LEGAL DOCUMENT TO DO

I mean your basically going back to the Befehl ist Befehl defence which reverse according to the victors needs and covers all the atrocities done.

You have confused Compliance with compliance

Ok despite any claim about keeping privacy, the information you have can be taken by subpoena or other legal process from you.(and sometime illegal by bureaucrats/executive decsions that are just complied with)

thus it is not safe and defeats the foundational purpose of a crypto currency...excepting a person can send the money on x other forwarding addresses...but all these transaction are visible.


/thread.

Just curious, since it bills every 6 months:
What about a state ID combined with an 'official' proof of auto insurance card, that has a matching address?
Thanks

If less than 3 month it should be fine.

A medical insurance bill?
What about an auto insurance bill?

This sort of post cannot help the Bitcoin world.

Bitcoin Central requires only the photo ID, not the utility bill. So they have better policies, don't?

Well that just sucks. 

Oh dear.

After this I switched to Bitstamp using my online handle name and setup Google Authenticator. I then had my phone stolen last week. They are now asking for ID to disable the Google Auth, which of course I don't have since the name I signed up with doesn't exist...

 it's not a small balance and it's in dollars, not BTC.

although skipping some posters i did read MTGox's posts. i will make this post based on my observations as some readers still seem unsure.

MTGox is not making your private bitcoin trades public knowledge. but they do have to account for the FIAT that crosses peoples hands.

it would be a far worse place if KYC was needed for even the small penny trades.. so be thankful for that guys.

other exchanges that don't ask for identification, don't accept bank transfers direct thus the banking regulations don't apply directly. they instead use money-gram or other go betweens for their small amounts reducing them of so many compliance issues in regards to FIAT handling.

what you do with your bitcoin is whatever you want. but if you want fiat, then you have to accept the fiat laws.

if you are claiming you want complete anonymity even when requesting FIAT. Then do yourselves a favour and don't cash out into FIAT. you cannot change FIAT laws by complaining on a website forum.
Instead get out of your computer chairs and get the real world merchants that you use to start taking bitcoin direct instead. then FIAT laws wont apply to you.

EG: get your local 7-11 to accept bitcoin, along with your local pizza place.

if you know of a handful of people in your town that use bitcoin, then get together and plan out how to avoid fiat laws.
EG: when bitinstant release their prepaid card. get the 7-11/pizzaplace manager to order one. and then when u get your food ask the manager for his cards bitcoin address so that you can pay for your food.
then tell all your friends that if they ask the manager they can pay him using a bitcoin address. while the manager knows he will receive FIAT to his card.

he of course would go through AML/KYC checks not you. thus solving your anonymity issues.

In a lot of places it's standard in order to be able to even register or acquire shareholdings in a private company (and it definitely applies for shareholdings over a certain % in public companies).  Many financial institutions also require that any signatories on a business account fully verify their identities in addition to the business itself verifying.

There are many things which can trigger enhanced KYC requirements and ongoing customer due diligence is an actual requirement of AML compliance.  Each organisation has to develop its own framework for these processes, but the penalties for non-compliance are so huge that entities tend to err on the side of caution and try to exceed the required standards (which are often only laid down as broad principles) rather than risk falling short of compliance.  

As in, KYC on any shareholder who has a 10% or more equity stake in the controlling company. This is standard KYB (know your business) practice and is generally required for any business that gets acquired to process credit card payments, for example.

just use someone else's details...

Based on which jurisdiction? A Guideline is a Guidline and you can implement many other options on top of it in order to strengthen your security.