Topic: Why KYC is important? - page 23. (Read 3301 times)
In my point of view, KYC means “Know Your Customer”. It is a process by which banks obtain information about the identity and address of the customers. This process helps to ensure that banks’ services are not misused. The KYC procedure is to be completed by the banks while opening accounts. Banks are also required to periodically update their customers’ KYC details.
KYC stands for KNOW YOUR CUSTOMER. Any relationship starts eg saving account or FD or RD you need to have entire details of your customer including his job profile, income source, occupation
The objective of the KYC is to identity theft, prevent terrorist financing, money laundering and financial fraud. KYC allows us to understand the customer better and manage risks prudently. KYC collects and verifies basic details of the customers like:
- Name and authorized signatures
- Legal status of the legal entity or a person
- Identity of the beneficial controllers and owners of the account.
The objective of the KYC is to identity theft, prevent terrorist financing, money laundering and financial fraud. KYC allows us to understand the customer better and manage risks prudently. KYC collects and verifies basic details of the customers like:
- Name and authorized signatures
- Legal status of the legal entity or a person
- Identity of the beneficial controllers and owners of the account.
KYC means Know your customer guidelines.
This is anti money laundering device.
Money laundering means bringing illegal money into the banking channel by opening accounts in benami names.
In order to avoid such accounts, KYC guidelines have been prescribed and according to this banks have to obtain the following documents from the customer at the time of opening accounts with the banks:
- Copy of one document for address proof - AADHAAR card/Passport/VOTER id card/Driving licence.
- Copy of one document for identity proof - AADHAAR card/Passport/VOTER id card/Driving licence; PAN card.
This is anti money laundering device.
Money laundering means bringing illegal money into the banking channel by opening accounts in benami names.
In order to avoid such accounts, KYC guidelines have been prescribed and according to this banks have to obtain the following documents from the customer at the time of opening accounts with the banks:
- Copy of one document for address proof - AADHAAR card/Passport/VOTER id card/Driving licence.
- Copy of one document for identity proof - AADHAAR card/Passport/VOTER id card/Driving licence; PAN card.
I have hesitated investment due to the existence of kyc
Because ico is many fraud There is risk of personal information leakage
Because ico is many fraud There is risk of personal information leakage
KYC or Know Your Customer is the process of a business identifying and verifying the identity of its clients
The objective of KYC guidelines in banks is to prevent the banks from being used, intentionally or unintentionally, by criminal elements for money laundering activities.
Related procedures also enable banks to better understand their customers and their financial dealings. This helps them manage their risks prudently.
In simple terms, KYC is nothing but the bank asking for your identity proof. This prevents fraud and misuse of banking facility. Kind of a security check. Just imagine if anyone can enter any airplane without any security check or luggage scanning. How would you feel about that? In simple terms, KYC is nothing but the bank asking for your identity proof. This prevents fraud and misuse of banking facility. Kind of a security check. Just imagine if anyone can enter any airplane without any security check or luggage scanning. How would you feel about that?
The objective of KYC guidelines in banks is to prevent the banks from being used, intentionally or unintentionally, by criminal elements for money laundering activities.
Related procedures also enable banks to better understand their customers and their financial dealings. This helps them manage their risks prudently.
In simple terms, KYC is nothing but the bank asking for your identity proof. This prevents fraud and misuse of banking facility. Kind of a security check. Just imagine if anyone can enter any airplane without any security check or luggage scanning. How would you feel about that? In simple terms, KYC is nothing but the bank asking for your identity proof. This prevents fraud and misuse of banking facility. Kind of a security check. Just imagine if anyone can enter any airplane without any security check or luggage scanning. How would you feel about that?
I'm still wondering why so many people are afraid of doing KYC, the point is just to evade unreliable ICOs.
Some people doesn't really like to become known, they just wanted to become anonymous at all times. We have to accept that there are people that just like that and it is their rights of privacy. At first they don't have to join or invest to any ICO that has KYC rules if they don't like to show their personal info. It would be a big problem if they don't understand the rules in the first place.
Thank you so much for information
KYC is really important but it's only for ICO projects don't accept investors come from any country in this world. There are a lot of ICO project still don't require KYC to their investor and investor although don't like to do KYC but they still do it if they're going to invest in a really good project. After all, you creat this topic just because you're trying to promote for your own project 
I'm still wondering why so many people are afraid of doing KYC, the point is just to evade unreliable ICOs.
Some people doesn't really like to become known, they just wanted to become anonymous at all times. We have to accept that there are people that just like that and it is their rights of privacy. At first they don't have to join or invest to any ICO that has KYC rules if they don't like to show their personal info. It would be a big problem if they don't understand the rules in the first place.
Prevent from fraud and from kyc identities of people can be clearly plowed, view suspicious transaction reports or not.
But only a bank can see that.
The point is to prevent fraud and things that are not in want.
But only a bank can see that.
The point is to prevent fraud and things that are not in want.
I'm still wondering why so many people are afraid of doing KYC, the point is just to evade unreliable ICOs.
KYC is stands for "Know Your Customer" and i think this is a system that identifies the true identity of a participants. And this KYC is important in order to validate cheaters and those scammers. But sometimes it can be used also by those scammers also by pretending to have a n ICO and will ask your information for their own benefit like using your information for bad intention and this is the disadvantage of KYC system implemented.
It would be great if the development team passed kyc before running ico, then there would be less scam. It seems to me that such a rule will soon be introduced
Kyc is newly implemented in ico bounty where we need to submit all the documents kyc restrict fake accounts and geuinue work culture as per bounty managers
Yes, it might be useful in some way to reduce scam users participating in any ICO but I think it revels once identity and I think crypto currency were originated from Bitcoin which helped us to transact currency without revealing once identity and introducing KYC seem to be against the original concept. Also, many users are not comfortable sharing their documents, ICO sites can be hacked any day. Hence, privacy of users are at risk and thereby I can't support any system which breaches once personal life.
Kyc is newly implemented in ico bounty where we need to submit all the documents kyc restrict fake accounts and geuinue work culture as per bounty managers
It is for the security of both parties. This was implemented a long time ago its just that many ICOs are not into KYC yet by that time. We all hate fraud/scammers and so do as the ICO projects so they use KYC to determine whether the participants are real or not.
KYC stands for "Know Your Customer". It is important to all investors inorder to prevent cheaters or scammer and also financial fraud. Allows them to understand the customer better and manage risks prudently,enable to better understand their financial dealings. To avoid any financial issues they must apply KYC procedures.
With bitcoin and altcoin gaining popularity over the years, investing in cryptocurrency is still deemed to be highly speculative as there is a lot of risk to consider, especially while it's an unregulated market. KYC procedures is regulated or needed for the prevention of suspicious transactions.
With bitcoin and altcoin gaining popularity over the years, investing in cryptocurrency is still deemed to be highly speculative as there is a lot of risk to consider, especially while it's an unregulated market. KYC procedures is regulated or needed for the prevention of suspicious transactions.
KYC is all about TAX. Governments will be happy to allow ICO's and Digital Currencies and Exchanges if they know they can tax its citizens who made profits from those activities!!!
At first I looked at KYC skeptically but now I understand why it is required. I sent my documents only to projects that introduce full confidence in me.
Not just in this market, but I feel that KYC process is of a lot of importance everywhere in the world. How would you even know that legitimate people are buying your product and not someone who is impersonating several other people? I am in favour of having KYC for every project and even the bounty hunters should be taken through the KYC process so that there is no cheating going on. It does take away the anonymity but then in order to curb scammers this KYC process is must.
systems such as the KYC I think it would be very beneficial if applied in all ICO. fair enough, nowadays many ICO always popping up and it takes a Verity of various parties as more and more scam that is very troubling. Maybe with the KYC is I think will be much giving a nice impact.
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