why do certain BTC ATM's require ID verification?

BTCreward

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Quote from: albert11 on February 08, 2015, 04:32:46 PM

Quote from: BTCreward on February 08, 2015, 02:27:36 PM

Quote from: albert11 on February 08, 2015, 02:26:26 AM

Quote from: BTCreward on February 08, 2015, 01:56:33 AM

When you use a traditional fiat based ATM you will have already gone through the issuing bank's AML process so there is no reason for the ATM to have to go through the process a 2nd time. This is not the case with bitcoin ATMs - they are simply complying with AML regulations

I was refering to companies that offer cash currency exchanges over the counter, no bank involved.

You mean like sending money via western union? If this is the case then it is because AML regulations require that identity be established of the person receiving the money, although if you try to send more then $3,000 you will be asked to show identification.

If you are talking about receiving money via western union then the agent is not doing their job properly.

No, i don't mean companies sending money abroad just companies exchanging your foreign currency to the local one for example.
If i go to Paris and have some US dollar, there are a lot of shops offering to exchange my US dollar for euros, they are mostly based in tourist areas,these are not bank and do not ask for any ID verification.

They will ask for identification if you exchange over a certain amount (most likely over $3,000 worth in one day). They also have the ability to know if you come back multiple times during the day to exchange $2,000 worth two times for example because they would recognize you. However with bitcoin this would not be possible because you could simply mix your funds to different addresses and visit the ATM multiple times.

albert11

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Quote from: countryfree on February 08, 2015, 07:53:38 AM

I suppose ATMs which requires identification (how does a machine do that?) have higher limits (buy or withdraw)?

Yes that's what i thought at first but these exchanges i am refering to doesn't require ID even for big amount, so i think there is no actual law that require ATM to ask for ID and that's why some ATM's do not require verification so my question is why do these ATM require ID if they are not obliged to?

albert11

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Quote from: BTCreward on February 08, 2015, 02:27:36 PM

Quote from: albert11 on February 08, 2015, 02:26:26 AM

Quote from: BTCreward on February 08, 2015, 01:56:33 AM

When you use a traditional fiat based ATM you will have already gone through the issuing bank's AML process so there is no reason for the ATM to have to go through the process a 2nd time. This is not the case with bitcoin ATMs - they are simply complying with AML regulations

I was refering to companies that offer cash currency exchanges over the counter, no bank involved.

You mean like sending money via western union? If this is the case then it is because AML regulations require that identity be established of the person receiving the money, although if you try to send more then $3,000 you will be asked to show identification.

If you are talking about receiving money via western union then the agent is not doing their job properly.

No, i don't mean companies sending money abroad just companies exchanging your foreign currency to the local one for example.
If i go to Paris and have some US dollar, there are a lot of shops offering to exchange my US dollar for euros, they are mostly based in tourist areas,these are not bank and do not ask for any ID verification.

countryfree

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Quote from: Sarthak on February 08, 2015, 07:56:12 AM

I have never seen BTC ATM in my life lol..
Maybe to verify if they are cashing out "Black Money" (Black Bitcoin) Tongue

I've seen one! It looked kinda handmade with a slot to insert bank notes. It was in a co-working place, next to the bar, and I can't imagine anyone using it for large transactions.

readysalted89

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Quote from: albert11 on February 08, 2015, 02:44:39 AM

Quote from: caga on February 08, 2015, 02:36:53 AM

Do all BTC ATm's require an ID verification ?
I used one last year and wasn't asked for one.

I have also used atm's that didn't ask ID but i know that some asks for it so was wondering why ?

Is there a thread here listing which ATMs require ID and which don't?

BTCreward

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Quote from: albert11 on February 08, 2015, 02:26:26 AM

Quote from: BTCreward on February 08, 2015, 01:56:33 AM

When you use a traditional fiat based ATM you will have already gone through the issuing bank's AML process so there is no reason for the ATM to have to go through the process a 2nd time. This is not the case with bitcoin ATMs - they are simply complying with AML regulations

I was refering to companies that offer cash currency exchanges over the counter, no bank involved.

You mean like sending money via western union? If this is the case then it is because AML regulations require that identity be established of the person receiving the money, although if you try to send more then $3,000 you will be asked to show identification.

If you are talking about receiving money via western union then the agent is not doing their job properly.

Sarthak

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Error 404: there seems to be nothing here.

I have never seen BTC ATM in my life lol..
Maybe to verify if they are cashing out "Black Money" (Black Bitcoin) Tongue

countryfree

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I suppose ATMs which requires identification (how does a machine do that?) have higher limits (buy or withdraw)?

albert11

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Quote from: caga on February 08, 2015, 02:36:53 AM

Do all BTC ATm's require an ID verification ?
I used one last year and wasn't asked for one.

I have also used atm's that didn't ask ID but i know that some asks for it so was wondering why ?

caga

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Do all BTC ATm's require an ID verification ?
I used one last year and wasn't asked for one.

albert11

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Quote from: BTCreward on February 08, 2015, 01:56:33 AM

When you use a traditional fiat based ATM you will have already gone through the issuing bank's AML process so there is no reason for the ATM to have to go through the process a 2nd time. This is not the case with bitcoin ATMs - they are simply complying with AML regulations

I was refering to companies that offer cash currency exchanges over the counter, no bank involved.

BTCreward

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When you use a traditional fiat based ATM you will have already gone through the issuing bank's AML process so there is no reason for the ATM to have to go through the process a 2nd time. This is not the case with bitcoin ATMs - they are simply complying with AML regulations

albert11

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IF i travel and go to a currency exchange i am not asked any kind of ID so why does btc ATM's which do just that (currency exchange) ask for id?

Anti money laundering laws should apply similarly to cash than btc right?

Topic: why do certain BTC ATM's require ID verification? (Read 1468 times)