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Economy => Trading Discussion => Topic started by: Maged on February 08, 2014, 03:10:25 AM



Title: AML/KYC Explained
Post by: Maged on February 08, 2014, 03:10:25 AM
What is KYC ?

Know your customer (KYC) refers to due diligence activities that financial institutions and other regulated companies must perform to ascertain relevant information from their clients for the purpose of doing business with them. The term is also used to refer to the bank regulation which governs 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' anti-bribery compliance. Banks, insurers and export credit agencies are increasingly demanding that customers provide detailed anti-corruption due diligence information, to verify their probity and integrity.


Who has to enforce KYC ?

Know your customer (KYC) falls under the responsability of each financial institution and/or regulated company.

The regulations require these entities to adopt KYC procedures.  It assists them in knowing / understanding the customers and their financial dealings better to monitor their transactions for identification and prevention of suspicious transactions.


KYC Recommendations

KYC controls typically include the following:

- Collection and analysis of basic identity information (referred to in US regulations and practice a "Customer Identification Program" or CIP)
- Name matching against lists of known parties (such as "politically exposed person" or PEP)
- Determination of the customer's risk in terms of propensity to commit money laundering, terrorist finance, or identity theft
- Creation of an expectation of a customer's transactional behavior
- Monitoring of a customer's transactions against their expected behaviour and recorded profile as well as that of the customer's peers

KYC Jurisdiction and Locality

KYC regulations are local, and differ from country to country. Jurisdiction is also, on a coutry to country basis.

To know more about your specific country, visit: http://kycmap.com


KYC and Bitcoin Exchanges

Stricter KYC policies:

Bitstamp   https://www.bitstamp.net/privacy-policy/ (https://www.bitstamp.net/privacy-policy/)
Bitfinex       https://www.bitfinex.com/pages/tos (https://www.bitfinex.com/pages/tos)  or refer inquiries to compliance@bitfinex.com
BTCChina   (only since new PBOC guidance, Dec 2013) (link?)
Cavirtex   https://www.cavirtex.com/faq (https://www.cavirtex.com/faq)
Coinbase    https://coinbase.com/legal/privacy (https://coinbase.com/legal/privacy)
Kraken       https://www.kraken.com/legal/verification (https://www.kraken.com/legal/verification) (their General Counsel, Constance Choi is a well known specialist in the Regulatory and Compliance field)
Cryptonit    https://cryptonit.net/regulations (https://cryptonit.net/regulations)


Loose or non-existant KYC policies:

BTC-e   (??)
Crypsty   (??)
LocalBitcoin (p2p based, limited KYC?)




What is AML?

Standing for "Anti-money Laundering", it is a set of procedures, laws or regulations designed to stop the practice of generating income through illegal actions. In most cases money launderers hide their actions through a series of steps that make it look like money coming from illegal or unethical sources was earned legitimately.

Who has to enforce AML?

In response to mounting concern over money laundering, the Financial Action Task Force on Money Laundering (FATF) was established by the G-7 Summit that was held in Paris in 1989.

The Task Force was given the responsibility of examining money laundering techniques and trends, reviewing the action which had already been taken at a national or international level, and setting out the measures that still needed to be taken to combat money laundering. In April 1990, less than one year after its creation, the FATF issued a report containing a set of Forty Recommendations, which provide a comprehensive plan of action needed to fight against money laundering.

The FATF calls upon all countries to take the necessary steps to bring their national systems for combating money laundering and terrorism financing into compliance with the new FATF Recommendations, and to effectively implement these measures.

Again, as in the case of KYC, financial institutions and/or regulated companies are responsible for the implementation of internal AML policies.

AML Jurisdiction and Locality

AML regulations are also local, and differ from country to country. Some countries choose a top-down approach, inheriting much of their AML policies from the FATF, while others go for a bottom-up approach and then have to reconcile both policies. Extreme countries where such reconciliation is impossible (generally due to Government unwillingness) are excluded from the FATF membership, with the corollary of increased complications to access the international markets and financing.

For a full list of FATF members, visit:         http://en.wikipedia.org/wiki/Financial_Action_Task_Force_on_Money_Laundering

AML and Bitcoin Exchanges

Currently in compliance:

Bitstamp   https://www.bitstamp.net/aml-policy/ (https://www.bitstamp.net/aml-policy/)
Bitfinex      https://www.bitfinex.com/pages/tos (https://www.bitfinex.com/pages/tos) or refer inquiries to compliance@bitfinex.com
Cavirtex   https://www.cavirtex.com/why_virtex#proactively_working (https://www.cavirtex.com/why_virtex#proactively_working)
Coinbase    https://coinbase.com/legal/privacy (https://coinbase.com/legal/privacy)
Kraken       https://www.kraken.com/legal/aml (https://www.kraken.com/legal/aml) (their General Counsel, Constance Choi is a well known specialist in the Regulatory and Compliance field)
Cryptonit    https://cryptonit.net/regulations (https://cryptonit.net/regulations)

Unknown status:

BTCChina   (unclear since new PBOC guidance, Dec 2013) (are they financial institutions?)
BTC-e   https://btc-e.com/page/1
LocalBitcoin (p2p based, limited or no AML?)



WARNING:
Assume that restrictions for any Bitcoin to National Currency exchange may become more restrictive at any time in the future. Many exchanges in the past have restricted currency deposits or withdrawals proactively as BitStamp has (https://www.bitstamp.net/article/bitstamp-new-verification-requirements/), without any explicit order from a government agency to do so at the time. Others like BTCChina have in response to concerns made even the ability to continue to login to their platform contingent on supplying further identifying information (http://www.coindesk.com/btc-china-now-requires-id-accounts/). In the past surprise changes to AML/KYC requirements have lead users of exchanges to have their access to deposited funds substantially delayed while complying with new requirements or even lost access to their deposited funds completely if they could not comply with the new requirements. Changing AML/KYC exchange enacted AML/KYC requirements have affected users of all major exchanges that handle both Bitcoin and National currency. People who continue using such exchanges should prepare for the contingency that their exchange of choice will change their AML/KYC requirements in the future.


Title: Re: AML/KYC Process Explained
Post by: Maged on February 08, 2014, 03:16:27 AM
Want to improve this sticky? Edits to the sticky may be paid! Please post a quote of this sticky with all of the changes you would like included in the thread linked below:
https://bitcointalk.org/index.php?topic=357590.0

Feel free to use this sticky as a general discussion of AML/KYC policies.


Title: Re: AML/KYC Explained
Post by: repentance on February 22, 2014, 02:21:44 AM
To expand a bit on what all this means at local level.

Services design their own AML/KYC policies and risk management processes with the over-arching guidelines and statutory requirements in mind.  Conventional financial institutions tend to have extremely conservative risk assessment frameworks because they're at risk of fines in the hundreds of millions if they're found to be non-compliant.

The risk assessment/management procedures individual institutions use are developed by them.  They get to decide which customers and what transactions are "high risk" and can and do choose to cease providing services to high risk accounts rather than apply enhanced AML/KYC compliance procedures to those accounts.  They are under no legal obligation whatsoever to allow you to operate a high risk account and don't have to justify a refusal to do so (under some circumstances, they may even be prohibited from giving you a specific reason).

Compliance is a huge administrative burden for financial institutions and it's both cheaper and easier for them to dump accounts/customers who add to that burden.  They not only don't care if you take your business elsewhere, they actively want you to do so - they want your accounts to be someone else's headache.

When your financial institution refuses to process a transaction or closes your account, they are not telling you what to do with your money.  They don't actually give a fuck what you do with your money.  What they're doing is refusing to act as the middleman in transactions which expose them to potential liability.  Any fees they might have earned from that transaction pale into insignificance compared to the fines which allowing a single transaction which breaches AML/KYC requirements can attract (it's 11 million per breach here in Australia for a corporation and a single transaction can involve multiple breaches).  It's not about your right to send funds to potentially flaky Bitcoin services or Nigerian "princes" - it's about their right (and, to a large extent, obligation) to not involve themselves in high risk transactions.

People in general greatly over-estimate their importance as customers to financial institutions.  You may believe that you're giving them "a lot of business", but in the overall context of their operations you're not bringing them enough profit to justify the risks involved in servicing your account.  They can always find low risk customers to replace you.


Title: Re: AML/KYC Explained
Post by: AsiaNexgen on February 24, 2014, 02:39:03 AM
Can ANX get added to the list? 

We are a Money Services Operator (MSO) in Hong Kong.  This is the equivalent of a FINCEN/FINTRAC MSB in the USA.  We are under stringent compliance controls where we go above and beyond the standard KYC/AML and SSR requirements set out for the license.  Because we are in the crypto currency industry we heave to work much harder to keep abreast on the latest developments in KYC and AML than the typical MSO or banks to mitigate any risk in our business.  ANX was one of the first exchanges to implement strong KYC/AML requirements on all our customers since Day 1 of our opening in July 2013.  This proved to be painful and troublesome for some of our customers and even cost us some customers as they did not feel they needed to provide this information to us since many of the other exchanges did not have such policies and not an industry standard at the time. 

We knew that KYC/AML will be one of the main reasons why the regulators and government will ban or accept crypto currencies. Hence we had been forward thinking and adequately pre-empted these requirements that have been the norm today.  ANX is in this for the long term and will do what it takes to ensure we will stay in business to be able to provide our a customers a safe and compliant way to trade crypto currencies.


Title: Re: AML/KYC Explained
Post by: Himself on February 24, 2014, 03:53:54 AM
Add CoinMKT and VoS, please.


Title: Re: AML/KYC Explained
Post by: mateo on March 04, 2014, 12:07:53 PM
There's also https://bitcoin-central.net/ operated by Paymium (http://paymium.com/)


Title: Re: AML/KYC Explained
Post by: Sandia on April 08, 2014, 08:14:22 AM
- Determination of the customer's risk in terms of propensity to commit money laundering, terrorist finance, or identity theft
- Creation of an expectation of a customer's transactional behavior
- Monitoring of a customer's transactions against their expected behaviour and recorded profile as well as that of the customer's peers

And here is the problem.  If you are a normal, 9-5, go home to the wife and kids guy, then you will probably fit the guidelines/expectations perfectly.

If you are (like me and many others), an expat in Asia, using bank accounts in very Third World countries, you are shit out of luck.  Can I get verified at Coinbase, Bitstamp or other major exchange?  Not likely.  I get forced to BTC-e because I don't fit the normal profile.

If I could get a KYC support person to listen to my story, and make some allowance for it, it would be easy.  Unfortunately, that would take 30 minutes which they don't want to give.  The questions usually go like this:
Why don't you have a US bank account?  Why do you have an account in Cambodia and Vietnam?
-- Because I haven't lived in the US in 8 years.  I split time between those countries.
I need a utility bill and a copy of your passport.
-- Here is the passport.  I don't have a utility bill in my name.  It is normal here that utility bills stay in the landlord's name.  Since mail is never actually delivered, I pick them up at the utility office anyway.  What can i give you instead? A copy of my lease, notarized?  A letter from the local police?  Name it.
Sorry, sir.  Our rules state that a utility bill is required.  We will not be able to allow you to transfer your money back to your account from the exchange.  Fuck off, money laundering scum.

Expected profiles and expected behavior suck.


Title: Re: AML/KYC Explained
Post by: Flashman on May 05, 2014, 01:59:15 PM
At what point does supposed KYC/AML compliance requirement blocking access to amounts worth below the reporting trigger limits become a deliberate scam?

I am frustrated due to getting "KYC"ed for small scale investments, i.e. they already have my coin and are changing policy. Crypto financials have an absolutely abysmal security track record, and I am unwilling to spread my data around to every two satoshi operation, it's not a case of "if" ID theft will happen it's a case of WHEN. I am absolutely convinced that if I should give full ID to 10 such operations that it's absolutely guaranteed that my data would be stolen in a year. It's very highly likely even if I restrict myself to just 5... at the moment I am only providing ID to operations located in my home country who I can get restitution from easily if/when they screw up. I had deliberately limited size of investments for risk reasons and to "not have to deal" with any AML BS.

The problem is here, my credit could be abused into the tens of thousands of dollars range, so providing full ID is an additional tens of thousands worth of risk for things likely to realize a mere hundred or two in profit, if any.

I had expected crypto to fiat interfaces to require KYC, what has caught me off guard is the number of crypto<>crypto things now beginning to implement, often with no opportunity to withdraw investment.


Title: Re: AML/KYC Explained
Post by: btcsup on May 28, 2014, 05:59:03 PM
Important aspects. But i think MTGOX should be removed from this nice article. When i see it's name i become different, furry.


Title: Re: AML/KYC Explained
Post by: moriartybitcoin on June 17, 2014, 12:38:41 AM
AML/KYC is a barrier to entry for small Bitcoin startups and effectively hinders Bitcoin innovation .. it should be IGNORED


Title: Re: AML/KYC Explained
Post by: moriartybitcoin on June 17, 2014, 12:39:53 AM
AML/KYC does NOT protect anyone from being scammed. MtGox was the biggest fraud in the history of Bitcoin and it complied with AML/KYC laws.

All AML/KYC does is force small Bitcoin startups out of business because they can't afford to register with FinCEN.  It's just another monopoly trick and it does NOT protect ANYONE from getting ripped off. 


Title: Re: AML/KYC Explained
Post by: millsdmb on June 17, 2014, 04:25:22 AM
Where does purse.io fit?


Title: Re: AML/KYC Explained
Post by: bastilar on July 03, 2014, 10:02:39 PM
I'm always weary of any regulations about bitcoin. Nonetheless, it is nice to have a few regulated companies to buy and sell btc/usd from.

Of course, nothing is going to prevent a mt. gox like situation though.


Title: Re: AML/KYC Explained
Post by: bernard75 on August 13, 2014, 02:54:14 PM
Important aspects. But i think MTGOX should be removed from this nice article. When i see it's name i become different, furry.
Valid point. They are in compliance with bankruptcy atm.


Title: Re: AML/KYC Explained
Post by: coins-mining on August 20, 2014, 04:57:11 PM
Why some trading companies ask for more documents than others?

Some KYC are very annoying.



Title: Re: AML/KYC Explained
Post by: duke1839 on September 06, 2014, 03:27:21 PM
I'd like to propose some changes to KYC/AML rules.  Criminals have been known to use their ill gotten gains to eat at restaurants and shop in grocery stores.  I guess criminal activity can work up an appetite.  It is incumbent upon restaurants to ensure that the money their customers are paying has come from legitimate sources.  All restaurants should ask for ID and a utility bill before serving customers.  They also need to ask their customers for their employer information and annual income.  Self employed customers can produce a business license or other such documentation to prove the legitimacy of their income.  Grocery stores also need to comply with these rules but in addition, grocery stores should ask for social security numbers as well.  Maybe then we can protect children and fight Al Qaeda ISIS.  


Title: Re: AML/KYC Explained
Post by: tokyopotato on September 07, 2014, 05:09:42 PM
I'd like to propose some changes to KYC/AML rules.  Criminals have been known to use their ill gotten gains to eat at restaurants and shop in grocery stores.  I guess criminal activity can work up an appetite.  It is incumbent upon restaurants to ensure that the money their customers are paying has come from legitimate sources.  All restaurants should ask for ID and a utility bill before serving customers.  They also need to ask their customers for their employer information and annual income.  Self employed customers can produce a business license or other such documentation to prove the legitimacy of their income.  Grocery stores also need to comply with these rules but in addition, grocery stores should ask for social security numbers as well.  Maybe then we can protect children and fight Al Qaeda ISIS.  

Government AML regulations put the burden on financial institutions, not regular businesses.  Many banks are choosing not to accept anonymous cash deposits into bank accounts... such as JP Morgan Chase, which now only allows people to deposit cash into their own account.

Any cash deposit or cash withdrawal of more than $10,000 is required to be reported to the Federal government.



Title: Re: AML/KYC Explained
Post by: Sonicafund.com on September 25, 2014, 08:06:22 AM
It's not just cash deposits/withdrawals. Any combination of transactions reaching or exceeding 10.000 USD within 48 hours can/will be reported. This includes the EURO zone (SEPA) where a copy of each bank transaction is send to the US for analyses. So details of a bank transfer from Italy to Spain, or even within the same city between your family members is send over to the US. It depends on your risk profile if you get into trouble or not.

Also single person business owners (non-limited companies) also fall under that rule.


Title: Re: AML/KYC Explained
Post by: btc4anger on October 03, 2014, 12:00:38 PM
Isn't it a time to add Circle.com to the lists?
As far as I saw they request customer information and refer to KYC during registration.I wonder, whether this makes them compliant.


Title: Re: AML/KYC Explained
Post by: btcguys on October 11, 2014, 03:01:08 PM
if possible, can you please post sites that help with verification process? Would a website like: http://authenticid.co/pro-valid.html will help?


Title: Re: AML/KYC Explained
Post by: fran2k on October 12, 2014, 03:58:02 AM
Quite informative, thanks.

Would be very nice to extend this to some mayor altcoins sites, like BTER, i.e. It would be very good to have a community index of exchanges trustfulness.


Title: Re: AML/KYC Explained
Post by: bernard75 on October 25, 2014, 10:36:24 PM
Maybe you should expand the list with ATF, which is a relevant part too.

Anti-Terrorist Financing not Alcohol, Tobacco, Firearms. ;)


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Title: Re: AML/KYC Explained
Post by: BIT-Sharon on November 11, 2014, 03:30:39 AM
AML/KYC is a barrier to entry for small Bitcoin startups and effectively hinders Bitcoin innovation .. it should be IGNORED

In what aspects?


Title: Re: AML/KYC Explained
Post by: chillman on December 19, 2014, 12:05:00 PM
AML/KYC is a barrier to entry for small Bitcoin startups and effectively hinders Bitcoin innovation .. it should be IGNORED

In what aspects?

In aspect of implementing all the necessary procedures.


Title: Re: AML/KYC Explained
Post by: Kprawn on February 15, 2015, 09:41:05 AM
I do not really share their views on what Bitcoins is tho.....

http://moneytransmitterlicense.blogspot.com/ - This might just be one of the most $#^$% views on Bitcoin.

In my opinion, just another way to squeeze money out of people, to register for something, that bring little value. {Support us, and we protect you.. bla bla bla}

 


Title: Re: AML/KYC Explained
Post by: loiterin9 on February 18, 2015, 10:24:37 PM
KYC/AML makes sense only when it is enforced. When a company claims that they they are complaint the questions that you have to ask what are they compliant with? and Who do they report to?

I have seen only one company in bitcoin trading that have to comply with these standards dsx.uk (http://dsx.uk). There rest of them can be doing KYC or not no one would care.


Title: Re: AML/KYC Explained
Post by: crypto97 on February 21, 2015, 09:56:17 PM
A very informative post, thanks!


Title: Re: AML/KYC Explained
Post by: Afrikoin on March 13, 2015, 01:28:04 PM
Can ANX get added to the list? 

We are a Money Services Operator (MSO) in Hong Kong.  This is the equivalent of a FINCEN/FINTRAC MSB in the USA.  We are under stringent compliance controls where we go above and beyond the standard KYC/AML and SSR requirements set out for the license.  Because we are in the crypto currency industry we heave to work much harder to keep abreast on the latest developments in KYC and AML than the typical MSO or banks to mitigate any risk in our business.  ANX was one of the first exchanges to implement strong KYC/AML requirements on all our customers since Day 1 of our opening in July 2013.  This proved to be painful and troublesome for some of our customers and even cost us some customers as they did not feel they needed to provide this information to us since many of the other exchanges did not have such policies and not an industry standard at the time. 

We knew that KYC/AML will be one of the main reasons why the regulators and government will ban or accept crypto currencies. Hence we had been forward thinking and adequately pre-empted these requirements that have been the norm today.  ANX is in this for the long term and will do what it takes to ensure we will stay in business to be able to provide our a customers a safe and compliant way to trade crypto currencies.


what sort of KYC details would you require from a citizen of Kenya who would like to trade on your exchange/ have some sort of business relationship. This person has no ill intentions and would like to particpate in a HK based exchange and access full features.

Inbox also an option

Thanks.


Title: Re: AML/KYC Explained
Post by: BitcoinXio on April 01, 2015, 02:07:01 PM
KYC/AML makes sense only when it is enforced. When a company claims that they they are complaint the questions that you have to ask what are they compliant with? and Who do they report to?

This is a very good question that just came up this week with the revelations that a Secret Service agent was working on the Silk Road case, and also was working for CoinMkt Exchange as their Compliance Officer at the same time. It's quite clear from the unsealed govt documents that the agent was abusing his powers, and using them to his advantage at CoinMkt Exchange. Clearly, there was no measures or controls in place at CoinMkt that prevented or caught this abuse of power in direct relation to compliance/KYC/AML.

So even though an exchange might have KYC/AML procedures in place, as you said, it only makes sense when it's enforced and more importantly, who are overseeing these processes? Here's some more info on what I had said about this yesterday on reddit. (https://www.reddit.com/r/Bitcoin/comments/30x1he/anx_bitcoin_exchange_new_owner_of_coinmkt/cpwn5ib)


Title: Re: AML/KYC Explained
Post by: silversurfer1958 on April 07, 2015, 02:34:26 AM
Our current economic system is fraudulent, it's not really about money laundering,, it's really about making sure joe public can't earn money from his labours without Big brother getting a hefty slice of it.


Title: Re: AML/KYC Explained
Post by: freigeist on April 07, 2015, 05:29:01 PM
Our current economic system is fraudulent, it's not really about money laundering,, it's really about making sure joe public can't earn money from his labours without Big brother getting a hefty slice of it.

+1

Yes this is the reason for KYC/AML shit!!!
Soon I will have to bring a sample of my pee or stool to the bank if I would
have to use any of their services!

They recently started to ask fucking questions like
if I'm politically active or where do my relatives live because according to the "law"
they need to update the data they have on me?!

WTF?!  ???

The clerk gave me some papers to fill in my data and on that papers there
were written some shit about money laundering and terrorism.
I said to the clerk that if they want to get rid of terrorism
they need to seize all accounts belonging to political parties and politicians.



Title: Re: AML/KYC Explained
Post by: khawaja07 on May 27, 2015, 12:10:21 PM
i think kyc is mostly used in india...
it means know your customer..
it letsan organisation know to whom they are employing, it prevents fraud and illegeal people upon using services for bad or evil purposes. 8)


Title: Re: AML/KYC Explained
Post by: CryptoRev on July 13, 2015, 06:57:32 PM
i think kyc is mostly used in india...
it means know your customer..
it letsan organisation know to whom they are employing, it prevents fraud and illegeal people upon using services for bad or evil purposes. 8)

I think its implemented in many parts of the world. I'm sure about USA, India, New Zealand, South Africa and U.K.


Title: Re: AML/KYC Explained
Post by: chanlance on September 30, 2015, 12:36:40 PM
KYC REALLY JUST PROTECTS THE COMPANY AND 50% US THE USERS


Title: Re: AML/KYC Explained
Post by: nygaar on October 01, 2015, 01:13:06 PM
A very interesting post, more of this please.


Title: Re: AML/KYC Explained
Post by: uwichii on October 30, 2015, 05:43:30 AM

Want to improve this sticky? Edits to the sticky may be paid! Please post a quote of this sticky with all of the changes you would like included in the thread linked below:
https://bitcointalk.org/index.php?topic=357590.0

Feel free to use this sticky as a general discussion of AML/KYC policies.


Title: Re: AML/KYC Explained
Post by: Miracal on November 07, 2015, 06:49:27 AM
I'm always weary of any regulations about bitcoin. Nonetheless, it is nice to have a few regulated companies to buy and sell btc/usd from.

Of course, nothing is going to prevent a mt. gox like situation though.
I think we do need certain regulations for Bitcoins as well. too many illegal activities can mar the name. don't you think that will keep newbies away from the market?


Title: Re: AML/KYC Explained
Post by: moneyflow on November 08, 2015, 01:16:26 PM
I'm always weary of any regulations about bitcoin. Nonetheless, it is nice to have a few regulated companies to buy and sell btc/usd from.

Of course, nothing is going to prevent a mt. gox like situation though.
I agree. Rules and regulations for the safety of consumers are always important. Hope more financial companies start diligent efforts to regulate BTC transactions now. Another mt.gox like situation will scare away many potential new entrants towards BTC.


Title: Re: AML/KYC Explained
Post by: stzmc on November 08, 2015, 04:50:51 PM
Does BTC-e.com requires ID and verification?
Do they comply with KYC and AML rules?

Regards


Title: Re: AML/KYC Explained
Post by: Zorrocoin on November 09, 2015, 02:08:27 PM
I'm always weary of any regulations about bitcoin. Nonetheless, it is nice to have a few regulated companies to buy and sell btc/usd from.

Of course, nothing is going to prevent a mt. gox like situation though.
I think AML/KYC are just excuses to keep the smaller ventures away from the main competition (monopoly anyone?). At times the rules and their rigidity can mean hindrance more than facilitating. Most times they just make it harder than ease your transactions.


Title: Re: AML/KYC Explained
Post by: CDPromoSales on December 05, 2015, 03:12:27 AM
I'm always weary of any regulations about bitcoin. Nonetheless, it is nice to have a few regulated companies to buy and sell btc/usd from.

Of course, nothing is going to prevent a mt. gox like situation though.
I think AML/KYC are just excuses to keep the smaller ventures away from the main competition (monopoly anyone?). At times the rules and their rigidity can mean hindrance more than facilitating. Most times they just make it harder than ease your transactions.

its really just banks piling on imo.


Title: Re: AML/KYC Explained
Post by: hardpantech on April 09, 2016, 06:54:02 PM
Assume that restrictions for any Bitcoin to National Currency exchange may become more restrictive at any time in the future.

What an extraordinarily useful "Heads-Up," and seriously so.

I certainly wouldn't want to muddy up the discussion with any too off-hand speculation, but if one may endeavor to extrapolate as towards any application of this knowledge: In noticing that each transaction e.g at Kraken might be, to any extent, publicly - though anonymously - advertised at least via the Kraken web API -- perhaps, with some exceptions?* -- and there may be some fairly novel, if not altogether technical things found online as with regards to any manner of a system of material provenance, ostensibly applicable as towards a manner of a data forensics, namely as among developments of a sort of a Semantic Web standards-making community -- e.g the PROV-O ontology (https://www.w3.org/TR/prov-o/) developed in the W3C standards track -- moreover, in considering the essentially transparent though immediately anonymous nature of transactions onto the Blockchain, in short, I believe that the Blockchain is already doing a lot of the book-keeping, itself? Sure, it doesn't all bridge the gap onto individual identity, but I believe it's not as though anyone was trying to keep any Bitcoin transactions "Secret" altogether?

I certainly wouldn't want it to seem like a "Buzkill" that so many transactions on a Blockchain may be already publicly advertised - as may be necessary to the authentication algorithms applied throughout the numerous finite state machines that make up the quintessential "Bitcoin System". I believe it could pose a concern as with regards to data mining, as such, but hopefully such a concern may never develop too tall of a shadow in the Bitcoin community?

Considering that an AML/KYC burden must be legally and somehow shared as a responsibility, shared as by any hypothetical Bitcoin exchange broker extending of any single Bitcoin exchange's own material services, I would like to speculate that it could be - in any semantics - leveraged onto the trust provided/developed by the individual Bitcoin exchange institution? There are some concepts of a Web of Trust, developed in some IS/IT practices?

I believe that the initial post serves to elucidate so much of a legal side of running a formal, commercial service onto a Blockchain. Certainly, it's not all about Unicorns and Silk Superhighways, LoL?

* Maybe not as much publicly available about the "Dark" Bitcoin/altcoin currencies though?


Title: Re: AML/KYC Explained
Post by: Gaugh on April 16, 2016, 09:32:07 AM

And here is the problem.  If you are a normal, 9-5, go home to the wife and kids guy, then you will probably fit the guidelines/expectations perfectly.

If you are (like me and many others), an expat in Asia, using bank accounts in very Third World countries, you are shit out of luck.  Can I get verified at Coinbase, Bitstamp or other major exchange?  Not likely.  I get forced to BTC-e because I don't fit the normal profile.

If I could get a KYC support person to listen to my story, and make some allowance for it, it would be easy.  Unfortunately, that would take 30 minutes which they don't want to give.  The questions usually go like this:

Why don't you have a US bank account?  Why do you have an account in Cambodia and Vietnam?

-- Because I haven't lived in the US in 8 years.  I split time between those countries.

I need a utility bill and a copy of your passport.

-- Here is the passport.  I don't have a utility bill in my name.  It is normal here that utility bills stay in the landlord's name.  Since mail is never actually delivered, I pick them up at the utility office anyway.  What can i give you instead? A copy of my lease, notarized?  A letter from the local police?  Name it.

Sorry, sir.  Our rules state that a utility bill is required.  We will not be able to allow you to transfer your money back to your account from the exchange.  Fuck off, money laundering scum.

Expected profiles and expected behavior suck.

I know what you mean. I live in third world country too. This KYC policy seems to mean that soon enough btc will no longer be anonymous, fine by me, if they are not requesting for utility bill to prove my address. I can give them a government ID though.


Title: Re: AML/KYC Explained
Post by: Slowturtleinc on April 19, 2016, 08:42:26 PM
When you fill out one of these forms for KYC how long does it take till the government has a copy?
Just trying to figure out if they file the information or actually send it forward. Hoping its one of those issues where people just make sure they file the information in case of audit but something tells me they send any transaction over 10K forward for further scrutiny.



Title: Re: AML/KYC Explained
Post by: BunkerChain.Labs.Inc. on May 02, 2016, 12:48:28 PM
I agree that a lot of the AML KYC stuff can sometimes seem pointless. It is like an old system trying to keep track of everyone.

Did anybody catch the article about how 90% of the Bitcoin companies are meaningless because all of them are subject to AML/KYC?

https://news.bitcoin.com/tone-vays-90-bitcoin-cos-meaningless/

This coming from a Wall Street guy too.

What you think? Do we rage against the machine? Or play Trojan horse?


Title: Re: AML/KYC Explained
Post by: zhangweiwu on May 23, 2016, 03:34:31 AM
it's 11 million per breach here in Australia for a corporation and a single transaction can involve multiple breaches.

Hi repentance: I think you are in the know of how financial institution works and talk candid - the combination doesn't come easy. I am related to financial institutes in Australia and I'm a bitcoin early-adopter/supporter/consultant/journalist (google me Weiwu Zhang). I wish to get in touch with you:) You blocks private messages so I am trying my luck with a pubic post.


Title: Re: AML/KYC Explained
Post by: Btcoiner1 on June 02, 2016, 08:54:48 PM
Thanks for your post, Maged. I'm curious how KYC/AML regulations come into play for Bitcoin traders on LocalBitcoins/Paxful. Are there any existing threads that provide more information about what a trader has to go through to legally buy and sell Bitcoins on LocalBitcoin/Paxful?

I'm contemplating getting involved in buying and selling Bitcoins to earn profit, and I'd like to get an idea of how many hoops the high-volume sellers I see on LocalBitcoins have to go through. I've done a few trades where I sell bitcoins for cash, and it doesn't seem like the buyers collect much information or have an extensive process for verification.


Edit: Also, is there an easy way to see the latest post in threads that I've posted in? On other forums, you can alter the settings to subscribe you to a thread when you post, then you can easily be directly to the new posts, so you can easily keep up with the thread.

This is one of the largest forums I've been a part of, and I'm noticing myself getting lost in trying to keep up with conversations.

Thanks in advance to anyone who can help me out!  :)


Title: Re: AML/KYC Explained
Post by: kellah on July 10, 2016, 05:30:54 AM
Nothing is going to prevent a mt. gox like situation though. It depends on your risk profile if you get into trouble or not. I'm contemplating getting involved in buying and selling Bitcoins to earn profit. This is one of the largest forums I've been a part of. I hope this would be a good experience for me.


Title: Re: AML/KYC Explained
Post by: bjman on July 24, 2016, 06:46:41 AM

Sorry, sir.  Our rules state that a utility bill is required.  We will not be able to allow you to transfer your money back to your account from the exchange.  Fuck off, money laundering scum.


You understand the system well. I feel bad for your situation but the fact is that those exchanges don't really care enough to bother with customers in your situation.

BJ


Title: Re: AML/KYC Explained
Post by: reb0rn21 on September 20, 2016, 11:26:42 PM
KYC/AML is something you can not avoid or its more and more hard

I personally have nothing against it, but my biggest concerns is privacy and security of that organization and firm that hold and keep my data
so far many hacked or leaked aml data, even banks here where I am from have lazy security, last month they trowed out old visa debit cards in a trash bin :(

Its a disaster, and insane FBI/goverment/USA they don`t care at all, they are more and more squizing for more info



Title: Re: AML/KYC Explained
Post by: virasog on September 24, 2016, 01:38:02 PM
When you fill out one of these forms for KYC how long does it take till the government has a copy?
Just trying to figure out if they file the information or actually send it forward. Hoping its one of those issues where people just make sure they file the information in case of audit but something tells me they send any transaction over 10K forward for further scrutiny.



Very nicely put together and explained.  This is the only problem as I see it. 


Title: Re: AML/KYC Explained
Post by: virasog on September 25, 2016, 04:44:45 PM
Not a problem with your thread, just a statement on the rule system.  I have been to the silk road type sites on the DW. 


Title: Re: AML/KYC Explained
Post by: BitcoinPC on September 28, 2016, 03:31:20 PM
AML/KYC U.S. laws..

I guess I should point out some things I know about this..

Banks have software that run on all accounts, looking for structuring.. I.e cash deposit for a certain amounts, over a period of time. Or large cash deposits through multiple, atms etc.   This flags accounts..   Also tellers who think your up to something, are also compelled to report on you. If you take out large amounts of cash, they report on you also.  Account mangers have to audit any flagged account, based on a set of hush hush rules, and report. Like if you deposit as little as 2000.00 in cash, if that's not normal for that account. They also have to report on certain amount's to the Irs. Which everyone thinks is only for 10k dollars, but there are different reports for like 5k, or smaller.  Once you've been flagged if I remember correctly, report's go to three types of agencies. Law enforcement, Homeland Security,and IRS.  



This is 1984 /Big brother in your face !
You can buy a person’s info, SSN and everything for $1. You can get nice copies of ID’s, SSN card and other stuff, all for the same person for under $10.  I don’t buy them, but I see them and most of those sellers have good feedback.

The sites put the frameworks up there to comply and really could not care about the purpose and only follow through to that point of continuing to do business.


Title: Re: AML/KYC Explained
Post by: posternat on October 01, 2016, 07:28:35 AM
AML/KYC U.S. laws..

I guess I should point out some things I know about this..

Banks have software that run on all accounts, looking for structuring.. I.e cash deposit for a certain amounts, over a period of time. Or large cash deposits through multiple, atms etc.   This flags accounts..   Also tellers who think your up to something, are also compelled to report on you. If you take out large amounts of cash, they report on you also.  Account mangers have to audit any flagged account, based on a set of hush hush rules, and report. Like if you deposit as little as 2000.00 in cash, if that's not normal for that account. They also have to report on certain amount's to the Irs. Which everyone thinks is only for 10k dollars, but there are different reports for like 5k, or smaller.  Once you've been flagged if I remember correctly, report's go to three types of agencies. Law enforcement, Homeland Security,and IRS.  



This is 1984 /Big brother in your face !
You can buy a person’s info, SSN and everything for $1. You can get nice copies of ID’s, SSN card and other stuff, all for the same person for under $10.  I don’t buy them, but I see them and most of those sellers have good feedback.

The sites put the frameworks up there to comply and really could not care about the purpose and only follow through to that point of continuing to do business.

So, if I were a criminal and wanted to launder money I am most likely aware of the same things that I just stated and producing the things that these exchanges and sites need would be a piece of cake.


Title: Re: AML/KYC Explained
Post by: Sweetbtc on October 01, 2016, 09:44:46 AM
If I were the type that needs to launder money I surely have the knowledge and tools to turn a simple ID picture into whatever is needed and things like utility bills, well there are ten electric companies here in Florida and if I cannot download a bill template online I would be amazed. 


Title: Re: AML/KYC Explained
Post by: virasog on October 02, 2016, 06:34:53 AM
Whether the sites care or not, it is the people that are breaking the laws that have the easiest access to the tools to meet almost any verification online. Why did my fake ID not work buying beer when I was 16?  Because I had to use it in person.  Online, people have the time to do what they need to get around the rules. 


Title: Re: AML/KYC Explained
Post by: virasog on October 03, 2016, 06:07:19 PM
I am not making a statement one way or another about gun control, just using it as an example.  Gun control rules create a set of circumstances that means law abiding citizens have fewer guns and criminals have more.  The thing about a criminal is that rules do not matter to them.



Title: Re: AML/KYC Explained
Post by: buwaytress on October 24, 2016, 02:19:43 PM

And here is the problem.  If you are a normal, 9-5, go home to the wife and kids guy, then you will probably fit the guidelines/expectations perfectly.

If you are (like me and many others), an expat in Asia, using bank accounts in very Third World countries, you are shit out of luck.  Can I get verified at Coinbase, Bitstamp or other major exchange?  Not likely.  I get forced to BTC-e because I don't fit the normal profile.

If I could get a KYC support person to listen to my story, and make some allowance for it, it would be easy.  Unfortunately, that would take 30 minutes which they don't want to give.  The questions usually go like this:

Why don't you have a US bank account?  Why do you have an account in Cambodia and Vietnam?

-- Because I haven't lived in the US in 8 years.  I split time between those countries.

I need a utility bill and a copy of your passport.

-- Here is the passport.  I don't have a utility bill in my name.  It is normal here that utility bills stay in the landlord's name.  Since mail is never actually delivered, I pick them up at the utility office anyway.  What can i give you instead? A copy of my lease, notarized?  A letter from the local police?  Name it.

Sorry, sir.  Our rules state that a utility bill is required.  We will not be able to allow you to transfer your money back to your account from the exchange.  Fuck off, money laundering scum.

Expected profiles and expected behavior suck.

I know what you mean. I live in third world country too. This KYC policy seems to mean that soon enough btc will no longer be anonymous, fine by me, if they are not requesting for utility bill to prove my address. I can give them a government ID though.

I am an Asian, normally working as an expat in the Global South (Africa, South Asia, Souteast Asian) and I can tell you that in the past 15 years, KYC efforts from online payment options have been a very difficult process for me.

They do range from the merely inconvenient to what I feel is outright scammy (I refer to old-timer Paypal who would happily take a deposit or payment with zero KYC, then force you to provide all manner of impossible documentations the moment you try to access your funds).

In the age of digital bills, providing a physical sample of address is tedious process. I can't bear to think of the amount of time and money spent trying to convince an online payer/exchanger that I'm not a scary fake guy trying to abscond with 20 USD.

Forget using VPNs or travelling... access your account from another IP and these guys close down on you. They need better algorithms for one, but before that they need to be upfront about KYC. Don't surprise clients.

And yes, a good point about anonymity. What happened to the spirit of crypto?


Title: Re: AML/KYC Explained
Post by: Victorycoin on November 20, 2016, 08:39:16 AM
The financial institutions are agents of the government and AML/KYC is one such rods handed to them to beat people into line, so that a tab is kept on every of their dealings for scrutiny anytime. It gives government power to poke nose into people's financial dealings and not in the least a form of protection for people finances. That is what they are missing out in bitcoin and ever since them, they have been visibly agitated and fighting hard to circumvent this freedom.


Title: Re: AML/KYC Explained
Post by: iamTom123 on December 09, 2016, 02:48:58 PM
Reading the main post, I realized that here in my country many financial institutions are now implementing the same procedures. Even small pawnshops here have their own Know Your Pawner which is the same as KYC. I think this really has something to do with money laundering issues especially connected with drugs and terrorism, among many other factors.


Title: Re: AML/KYC Explained
Post by: tradesup on December 16, 2016, 08:56:26 PM
 What a contentious issue everyone!  And glad that there are so many interested bodies in learning more about protecting one's privacy and freedom of choice. 

   As mentioned by many other folks, the larger issue at hand is the freedom of choice to do what one wants with their employment earnings.  You can invest in almost anything in today's day and age, and try and earn a profit on it, including Tickle Me Elmo's Dolls, Barbie Dolls, and even Postage Stamps, Hockey Cards, or whatever you want.  The main idea is that you get to choose what you want to buy and collect without having people breathing down your neck about your own particular purchasing styles.

The problem with Crypto is that it got a bad rep early on by people who abused the system, but this also happens in the regular commercial banking industry, where big banks are continuously being caught in white-collar crime and fraud activities, so the issue is really a moot point.
 

Have you heard about Alcurex exchange? 

It is no AML/KYC and links to Poloniex, Bittrex, and offers high liquidity trading for US residents, and people all over the world. 

alcurex works for me


Title: Re: AML/KYC Explained
Post by: freigeist on December 17, 2016, 09:59:12 AM
What a contentious issue everyone!  And glad that there are so many interested bodies in learning more about protecting one's privacy and freedom of choice. 

   As mentioned by many other folks, the larger issue at hand is the freedom of choice to do what one wants with their employment earnings.  You can invest in almost anything in today's day and age, and try and earn a profit on it, including Tickle Me Elmo's Dolls, Barbie Dolls, and even Postage Stamps, Hockey Cards, or whatever you want.  The main idea is that you get to choose what you want to buy and collect without having people breathing down your neck about your own particular purchasing styles.

The problem with Crypto is that it got a bad rep early on by people who abused the system, but this also happens in the regular commercial banking industry, where big banks are continuously being caught in white-collar crime and fraud activities, so the issue is really a moot point.
 

Have you heard about Alcurex exchange? 

It is no AML/KYC and links to Poloniex, Bittrex, and offers high liquidity trading for US residents, and people all over the world. 

alcurex works for me



The system is made so that it can be abused but only  by some people not all.
Usually when banks or such institutions are found to be guilty of something they find scapegoats to sacrifice.
The master minds are always safe. Is like in politics when some minister is found guilty of something
they resign or is "replaced" but usually after some time they end up on another function (position) again.

I do not think that any AML/KYC can save us from anything its just another form of control of the masses so that the "elite" can
stay safe in position of power.

Regarding the exchange I never heard of it.
It don't see there any option (information) how to deposit USD or EUR therefore they don't ask for any AML/KYC data if
a customer does not use any FIAT currency.

In their terms this this is clearly written that they could ask  AML/KYC data if USD or EUR is used by the customer.




Title: Re: AML/KYC Explained
Post by: chalupasupreme on December 23, 2016, 05:30:26 PM
this is great info for btc buyers and sellers! this helped me alot!


Title: Re: AML/KYC Explained
Post by: th00ber on January 07, 2017, 11:36:55 AM
I  don't get it, so If I use a service that has AML, and I use it to transfert BTC into EUR.
My government get the infos ?

For exemple : If with mining I get like 5000$/year, does I will be asked to pay tax because the trading service will have send the infos to my country government ?


Title: Re: AML/KYC Explained
Post by: matt bourne on January 10, 2017, 09:19:05 AM
good


Title: Re: AML/KYC Explained
Post by: freigeist on January 14, 2017, 07:49:42 PM
I  don't get it, so If I use a service that has AML, and I use it to transfert BTC into EUR.
My government get the infos ?

For exemple : If with mining I get like 5000$/year, does I will be asked to pay tax because the trading service will have send the infos to my country government ?

They could get the info.
Depends on the tax law and other laws that you have in your country.
I doubt that they send info automatically for every transaction that people make.
Usually banks and other financial institution have software that tracks the incoming and outgoing transactions of the account.
So if the software detects a strange transaction pattern on the account than this account could get reported to
tax or other state authorities.


Title: Re: AML/KYC Explained
Post by: leonair on January 20, 2017, 03:00:07 AM
Can someone be imprison in making Laundering Fiat money and converting it to cryptocurrencies .What if your country is not in the lists of this AML/KYC the one who will commit it will not be punishable by law?


Title: Re: AML/KYC Explained
Post by: freigeist on January 21, 2017, 04:35:55 PM
Can someone be imprison in making Laundering Fiat money and converting it to cryptocurrencies .What if your country is not in the lists of this AML/KYC the one who will commit it will not be punishable by law?

Of course it can be and again it depends on the law in that country.
If there is not any law that regulates the issue than it won't be because in this case this won't be a crime.

For example take look at this:
https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country

In some countries is forbidden to even use crypto currencies while in others is legal or not restricted.
Also person could be punished to do money laundering or being a "financial mule" by using his own bank account(s)
to transfer money  to 3rd parties.





Title: Re: AML/KYC Explained
Post by: David7h6 on February 19, 2017, 02:10:44 PM
Regarding the list of stricter KYC compliance, you can add www.Quebex.com. (Canadian p2p Bitcoin exchange)



Title: Re: AML/KYC Explained
Post by: cryptoproject on March 09, 2017, 06:15:50 PM
is there any web provide all security tools for any bitcoin exchange business website ? eg.

1 - id verification manual and api
2 - sms verification
3 - 2 factor auth

i know there many websites like jumio charge per check. i am looking for cheapest solution under 1 roof or are there free sources available ?

please guide




Title: Re: AML/KYC Explained
Post by: m4nki on April 04, 2017, 09:30:47 AM
Thanks for this explanation. Helpful stuff.


Title: Re: AML/KYC Explained
Post by: rhamzter on April 13, 2017, 12:03:54 AM
AML is a Anti-Money Laundering it is use by the bank or other financing institution to know if it is the cash/BTC where from the legal/illegal job.
KYC is Know Your Client it is use to verify the identity of your client.


Title: Re: AML/KYC Explained
Post by: Heruur on April 20, 2017, 11:17:21 AM
Just yesterday a French startup was punished (80K€) by ACPR to not identify 34 customers for the use of bitcoin exchange services.  ::)


Title: Re: AML/KYC Explained
Post by: TWminer101 on May 13, 2017, 07:42:43 AM
There is a very serious risk associated with trading on exchanges.

If an exchange suddenly updates its KYC rules, and you can no longer meet those requirements (for whatever reason), then your funds will be permanently seized.

Good luck to any foreigners trying to get BTC out of Bitflyer in Japan.

My BTC on Bitflyer has been seized for over a month, with seemingly no way to withdraw it in any form, and no explanation from Bitflyer (they haven't answered my last 5 messages).



Title: Re: AML/KYC Explained
Post by: Naokia980 on May 14, 2017, 09:40:37 PM
is there any web provide all security tools for any bitcoin exchange business website ? eg.

1 - id verification manual and api
2 - sms verification
3 - 2 factor auth

i know there many websites like jumio charge per check. i am looking for cheapest solution under 1 roof or are there free sources available ?

please guide




Dont even look for this kind of service. KYC is common procedure for all online business related services.I faced with this rules when i opened my first  gambling account. Sometimes they ask for selfie with your id. For example Cex.io exchange has really disturbing KYC rules for new customers. They ask for tons of documents and selfie with your documents which in front of monitor have to be cover of this exchange :D That's really "more" compared to other exchanges.


Title: Re: AML/KYC Explained
Post by: WarrEagle on May 23, 2017, 01:35:08 PM
Can someone be imprison in making Laundering Fiat money and converting it to cryptocurrencies .What if your country is not in the lists of this AML/KYC the one who will commit it will not be punishable by law?

If you are a big enough fish, they can find you. I would venture to say if you are doing those type of transactions, on a regular basis and catch their attention they will go to great lengths to find and lock your funds up. The US treasury can lean on any country in any way they deem appropriate. KYC/AML is a big deal. Dont fuck with them.


Title: Re: AML/KYC Explained
Post by: John Wick on June 21, 2017, 08:07:37 PM
The guide is very an easyt-to-understand one. I saw KYC and AML terms in white papers and then I made google search about them. But the results were not simple. Your explanation is nicely done thank you.


Title: Re: AML/KYC Explained
Post by: linenoise on July 14, 2017, 08:23:50 PM
Reading the main post, I realized that here in my country many financial institutions are now implementing the same procedures. Even small pawnshops here have their own Know Your Pawner which is the same as KYC. I think this really has something to do with money laundering issues especially connected with drugs and terrorism, among many other factors.

That's the argument the government uses, don't fall for it. It's actually all about control. In the USA the Department of Justice created the modern asset forfeiture in the 80s with the intent to actually get large drug lords. This has turned into a nightmare of even local police able to confiscate nearly anything they want and force the citizens to have to fight to get their own property back - at their expense! It's so bad that the head of the department that created asset forfeiture as we know it, and his successor, have spent years trying to stop the practice.   I view the KYC rules in the same light... far overreaching rules that hinder the rights of the average citizen.


https://www.washingtonpost.com/opinions/abolish-the-civil-asset-forfeiture-program-we-helped-create/2014/09/18/72f089ac-3d02-11e4-b0ea-8141703bbf6f_story.html

Also even our own government didn't use KYC when they were giving suitcases of money - 12 billion USD - to who knows who in various hotspots around the world....
https://www.theguardian.com/world/2007/feb/08/usa.iraq1






Title: Re: AML/KYC Explained
Post by: bet101 on July 15, 2017, 04:06:24 AM
What is KYC ?

Know your customer (KYC) refers to due diligence activities that financial institutions and other regulated companies must perform to ascertain relevant information from their clients for the purpose of doing business with them. The term is also used to refer to the bank regulation which governs 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' anti-bribery compliance. Banks, insurers and export credit agencies are increasingly demanding that customers provide detailed anti-corruption due diligence information, to verify their probity and integrity.


Who has to enforce KYC ?

Know your customer (KYC) falls under the responsability of each financial institution and/or regulated company.

The regulations require these entities to adopt KYC procedures.  It assists them in knowing / understanding the customers and their financial dealings better to monitor their transactions for identification and prevention of suspicious transactions.


KYC Recommendations

KYC controls typically include the following:

- Collection and analysis of basic identity information (referred to in US regulations and practice a "Customer Identification Program" or CIP)
- Name matching against lists of known parties (such as "politically exposed person" or PEP)
- Determination of the customer's risk in terms of propensity to commit money laundering, terrorist finance, or identity theft
- Creation of an expectation of a customer's transactional behavior
- Monitoring of a customer's transactions against their expected behaviour and recorded profile as well as that of the customer's peers

KYC Jurisdiction and Locality

KYC regulations are local, and differ from country to country. Jurisdiction is also, on a coutry to country basis.

To know more about your specific country, visit: http://kycmap.com


KYC and Bitcoin Exchanges

Stricter KYC policies:

Bitstamp   https://www.bitstamp.net/privacy-policy/ (https://www.bitstamp.net/privacy-policy/)
Bitfinex       https://www.bitfinex.com/pages/tos (https://www.bitfinex.com/pages/tos)  or refer inquiries to compliance@bitfinex.com
BTCChina   (only since new PBOC guidance, Dec 2013) (link?)
Cavirtex   https://www.cavirtex.com/faq (https://www.cavirtex.com/faq)
Coinbase    https://coinbase.com/legal/privacy (https://coinbase.com/legal/privacy)
Kraken       https://www.kraken.com/legal/verification (https://www.kraken.com/legal/verification) (their General Counsel, Constance Choi is a well known specialist in the Regulatory and Compliance field)
Cryptonit    https://cryptonit.net/regulations (https://cryptonit.net/regulations)


Loose or non-existant KYC policies:

BTC-e   (??)
Crypsty   (??)
LocalBitcoin (p2p based, limited KYC?)




What is AML?

Standing for "Anti-money Laundering", it is a set of procedures, laws or regulations designed to stop the practice of generating income through illegal actions. In most cases money launderers hide their actions through a series of steps that make it look like money coming from illegal or unethical sources was earned legitimately.

Who has to enforce AML?

In response to mounting concern over money laundering, the Financial Action Task Force on Money Laundering (FATF) was established by the G-7 Summit that was held in Paris in 1989.

The Task Force was given the responsibility of examining money laundering techniques and trends, reviewing the action which had already been taken at a national or international level, and setting out the measures that still needed to be taken to combat money laundering. In April 1990, less than one year after its creation, the FATF issued a report containing a set of Forty Recommendations, which provide a comprehensive plan of action needed to fight against money laundering.

The FATF calls upon all countries to take the necessary steps to bring their national systems for combating money laundering and terrorism financing into compliance with the new FATF Recommendations, and to effectively implement these measures.

Again, as in the case of KYC, financial institutions and/or regulated companies are responsible for the implementation of internal AML policies.

AML Jurisdiction and Locality

AML regulations are also local, and differ from country to country. Some countries choose a top-down approach, inheriting much of their AML policies from the FATF, while others go for a bottom-up approach and then have to reconcile both policies. Extreme countries where such reconciliation is impossible (generally due to Government unwillingness) are excluded from the FATF membership, with the corollary of increased complications to access the international markets and financing.

For a full list of FATF members, visit:         http://en.wikipedia.org/wiki/Financial_Action_Task_Force_on_Money_Laundering

AML and Bitcoin Exchanges

Currently in compliance:

Bitstamp   https://www.bitstamp.net/aml-policy/ (https://www.bitstamp.net/aml-policy/)
Bitfinex      https://www.bitfinex.com/pages/tos (https://www.bitfinex.com/pages/tos) or refer inquiries to compliance@bitfinex.com
Cavirtex   https://www.cavirtex.com/why_virtex#proactively_working (https://www.cavirtex.com/why_virtex#proactively_working)
Coinbase    https://coinbase.com/legal/privacy (https://coinbase.com/legal/privacy)
Kraken       https://www.kraken.com/legal/aml (https://www.kraken.com/legal/aml) (their General Counsel, Constance Choi is a well known specialist in the Regulatory and Compliance field)
Cryptonit    https://cryptonit.net/regulations (https://cryptonit.net/regulations)

Unknown status:

BTCChina   (unclear since new PBOC guidance, Dec 2013) (are they financial institutions?)
BTC-e   https://btc-e.com/page/1
LocalBitcoin (p2p based, limited or no AML?)



WARNING:
Assume that restrictions for any Bitcoin to National Currency exchange may become more restrictive at any time in the future. Many exchanges in the past have restricted currency deposits or withdrawals proactively as BitStamp has (https://www.bitstamp.net/article/bitstamp-new-verification-requirements/), without any explicit order from a government agency to do so at the time. Others like BTCChina have in response to concerns made even the ability to continue to login to their platform contingent on supplying further identifying information (http://www.coindesk.com/btc-china-now-requires-id-accounts/). In the past surprise changes to AML/KYC requirements have lead users of exchanges to have their access to deposited funds substantially delayed while complying with new requirements or even lost access to their deposited funds completely if they could not comply with the new requirements. Changing AML/KYC exchange enacted AML/KYC requirements have affected users of all major exchanges that handle both Bitcoin and National currency. People who continue using such exchanges should prepare for the contingency that their exchange of choice will change their AML/KYC requirements in the future.

KYC is everything that is wrong with the block chain is it not? no privacy or animosity ! Dont get me wrong i am all for the KYC.


Title: Re: AML/KYC Explained
Post by: minobia on August 15, 2017, 03:22:19 PM
I'd like to propose some changes to KYC/AML rules.  Criminals have been known to use their ill gotten gains to eat at restaurants and shop in grocery stores.  I guess criminal activity can work up an appetite.  It is incumbent upon restaurants to ensure that the money their customers are paying has come from legitimate sources.  All restaurants should ask for ID and a utility bill before serving customers.  They also need to ask their customers for their employer information and annual income.  Self employed customers can produce a business license or other such documentation to prove the legitimacy of their income.  Grocery stores also need to comply with these rules but in addition, grocery stores should ask for social security numbers as well.  Maybe then we can protect children and fight Al Qaeda ISIS.  

Government AML regulations put the burden on financial institutions, not regular businesses.  Many banks are choosing not to accept anonymous cash deposits into bank accounts... such as JP Morgan Chase, which now only allows people to deposit cash into their own account.

Any cash deposit or cash withdrawal of more than $10,000 is required to be reported to the Federal government.




This is such a nonsense, you're really controlled at the end of the day, i hope we will not get same issues with coinbase or other exchanges operation in USA or EU


Title: Re: AML/KYC Explained
Post by: GummyDwarf on August 18, 2017, 06:09:17 PM
If you trade on exchanges, your coins are always at risk as far as your anonymity goes. If the exchange suddenly changes their AML and KYC laws, and you cannot comply, say goodbye to your money. Many people told others to just use a fake id number on okcoin, but now sometimes they require you to upload and verify to withdraw, which they know many can't do since they numbers don't match up. Bitflyer has seized my funds and won't let them go :(


Title: Re: AML/KYC Explained
Post by: joganuts on August 30, 2017, 05:18:13 PM
I'd like to propose some changes to KYC/AML rules.  Criminals have been known to use their ill gotten gains to eat at restaurants and shop in grocery stores.  I guess criminal activity can work up an appetite.  It is incumbent upon restaurants to ensure that the money their customers are paying has come from legitimate sources.  All restaurants should ask for ID and a utility bill before serving customers.  They also need to ask their customers for their employer information and annual income.  Self employed customers can produce a business license or other such documentation to prove the legitimacy of their income.  Grocery stores also need to comply with these rules but in addition, grocery stores should ask for social security numbers as well.  Maybe then we can protect children and fight Al Qaeda ISIS.  

Government AML regulations put the burden on financial institutions, not regular businesses.  Many banks are choosing not to accept anonymous cash deposits into bank accounts... such as JP Morgan Chase, which now only allows people to deposit cash into their own account.

Any cash deposit or cash withdrawal of more than $10,000 is required to be reported to the Federal government.




This is such a nonsense, you're really controlled at the end of the day, i hope we will not get same issues with coinbase or other exchanges operation in USA or EU
Dealing with exchanger is the common thing to consider when doing trader because it is the actual way of earning on trading and it is the only way where you cod now whenever to have an option on regards to the value of Bitcoin and also the transactions in the block chain that always affect bitcoin development.


Title: Re: AML/KYC Explained
Post by: linenoise on August 31, 2017, 06:34:08 AM
I'd like to propose some changes to KYC/AML rules.  Criminals have been known to use their ill gotten gains to eat at restaurants and shop in grocery stores.  I guess criminal activity can work up an appetite.  It is incumbent upon restaurants to ensure that the money their customers are paying has come from legitimate sources.  All restaurants should ask for ID and a utility bill before serving customers.  They also need to ask their customers for their employer information and annual income.  Self employed customers can produce a business license or other such documentation to prove the legitimacy of their income.  Grocery stores also need to comply with these rules but in addition, grocery stores should ask for social security numbers as well.  Maybe then we can protect children and fight Al Qaeda ISIS.  

Government AML regulations put the burden on financial institutions, not regular businesses.  Many banks are choosing not to accept anonymous cash deposits into bank accounts... such as JP Morgan Chase, which now only allows people to deposit cash into their own account.

Any cash deposit or cash withdrawal of more than $10,000 is required to be reported to the Federal government.




This is such a nonsense, you're really controlled at the end of the day, i hope we will not get same issues with coinbase or other exchanges operation in USA or EU

Chase is getting worse with cash deposits. They now request your ID when putting cash into your own account. It's a business account, businesses take cash for work. Oddly enough if I use the ATM and do a cash deposit no ID is required. Or a night deposit.  Go to a teller and they'll need an ID. I tried to ask why big brother was so bothersome, the last teller had no idea what I was referring to by big brother.


Title: Re: AML/KYC Explained
Post by: freigeist on August 31, 2017, 07:59:38 AM

Chase is getting worse with cash deposits. They now request your ID when putting cash into your own account. It's a business account, businesses take cash for work. Oddly enough if I use the ATM and do a cash deposit no ID is required. Or a night deposit.  Go to a teller and they'll need an ID. I tried to ask why big brother was so bothersome, the last teller had no idea what I was referring to by big brother.

The ID is not required because
they have a camera there and they can send your picture to a service that can identify you from a image
if required. ;)

Also if you have some card or magnet key that you have to sweep over
some sensor to open the ATM box for depositing cash
then you are already identified.

You don't have to wary is all done for "your safety"  8)


Title: Re: AML/KYC Explained
Post by: devrawal93 on August 31, 2017, 12:39:05 PM

Thanks for sharing,

But i think that Aml/Kyc it's just a formality & does Not protect anyone from being scammed. As you all must be knowing about MtGox, the biggest fraud done under Bitcoin World, and even it was complied with Aml/Kyc laws. But this Aml/Kyc does nothing other than shutting down the small Enterprises and other small minded Business who trying to survive here & there. Its just a LOOPHOLE to Escape.


Title: Re: AML/KYC Explained
Post by: freigeist on August 31, 2017, 12:47:58 PM

Thanks for sharing,

But i think that Aml/Kyc it's just a formality & does Not protect anyone from being scammed. As you all must be knowing about MtGox, the biggest fraud done under Bitcoin World, and even it was complied with Aml/Kyc laws. But this Aml/Kyc does nothing other than shutting down the small Enterprises and other small minded Business who trying to survive here & there. Its just a LOOPHOLE to Escape.


Of course is LOOPHOLE.
This shit is made to control common working people not the
Elite so they can seize your hard earned money in case you rebel.

So what about Panama Papers?
It seem all legal ;) Nobody is mentioning anything like it never occurred.


Title: Re: AML/KYC Explained
Post by: linenoise on August 31, 2017, 05:10:36 PM

Thanks for sharing,

But i think that Aml/Kyc it's just a formality & does Not protect anyone from being scammed. As you all must be knowing about MtGox, the biggest fraud done under Bitcoin World, and even it was complied with Aml/Kyc laws. But this Aml/Kyc does nothing other than shutting down the small Enterprises and other small minded Business who trying to survive here & there. Its just a LOOPHOLE to Escape.


Of course is LOOPHOLE.
This shit is made to control common working people not the
Elite so they can seize your hard earned money in case you rebel.

So what about Panama Papers?
It seem all legal ;) Nobody is mentioning anything like it never occurred.

The Panana Papers didn't have many from the USA in it, was mostly european. I've heard a few passing comments on some getting in trouble but that's not where I get most of my news.


Title: Re: AML/KYC Explained
Post by: anelenaniku on September 01, 2017, 11:05:02 AM
Almost every company , lawyer etc needs KYC today in order to work with you


Title: Re: AML/KYC Explained
Post by: Kunlejoe0 on September 02, 2017, 12:20:29 PM
What about bittrex? Does the exchange comply with Aml/kyc? I am very loaded there and the fact that they never had any issues makes me complacent.


Title: Re: AML/KYC Explained
Post by: cryptomeo on September 07, 2017, 05:56:37 AM
Almost all Chinese exchanges required it since last year, I think


Title: Re: AML/KYC Explained
Post by: alyssa85 on September 12, 2017, 03:55:23 PM


Chase is getting worse with cash deposits. They now request your ID when putting cash into your own account. It's a business account, businesses take cash for work. Oddly enough if I use the ATM and do a cash deposit no ID is required. Or a night deposit.  Go to a teller and they'll need an ID. I tried to ask why big brother was so bothersome, the last teller had no idea what I was referring to by big brother.

Usually, banks institute these kind of rules when something has gone wrong - so I'm guessing they had someone deposit a bunch of cash who shouldn't have, and they got chewed over by the govt over it. The response of the bank is always to do arse-covering so that in future they can't be chewed out, and that's how these draconian rules get started.


Title: Re: AML/KYC Explained
Post by: princespiglet on September 15, 2017, 02:56:13 PM
Look if they become big enough - and to me they look like they will - cryptocurrencies will have to have effective KYC/AML incorporated in some way. I don't think governments will care if it's at the exchange level - so every exchange does a reasonable job at KYC - or however. What they will care about is not having a significant percentage of financial flows - rather than the tiny and trivial percentage cryptos represent now - happening without them being able to know who the recipients are.

To me it's blindingly obvious that terrorists funders will - probably are - use cryptocurrencies to fund terrorists. This can't continue as cryptocurrencies  become increasingly adopted. There will have to be identification of people on each side. Just wait until half a dozen people are murdered in Paris, or Berlin, or London, or wherever, and the investigation shows that the attacker was funded with Bitcoin. The regulators won't play games then.

Just my view, possibly wrong.


Title: Re: AML/KYC Explained
Post by: OpenPub on September 16, 2017, 01:38:10 AM
Very good article, thank you!


Title: Re: AML/KYC Explained
Post by: nskendrovic on September 16, 2017, 03:35:03 PM
Almost every company , lawyer etc needs KYC today in order to work with you

Ya but I look forward to how it will be attempted to be applied to cryptocurrencies because it is very hard to get someones private keys and force them to move it.


Title: Re: AML/KYC Explained
Post by: BitcoinBallerina on September 16, 2017, 03:46:45 PM


Chase is getting worse with cash deposits. They now request your ID when putting cash into your own account. It's a business account, businesses take cash for work. Oddly enough if I use the ATM and do a cash deposit no ID is required. Or a night deposit.  Go to a teller and they'll need an ID. I tried to ask why big brother was so bothersome, the last teller had no idea what I was referring to by big brother.

Usually, banks institute these kind of rules when something has gone wrong - so I'm guessing they had someone deposit a bunch of cash who shouldn't have, and they got chewed over by the govt over it. The response of the bank is always to do arse-covering so that in future they can't be chewed out, and that's how these draconian rules get started.

haha of course people that work there aren't going to know what big brother is, they are part of big brother. But yes absolutely they are great at covering up.


Title: Re: AML/KYC Explained
Post by: Landagert on September 19, 2017, 01:23:19 PM
Interesting article ;D

I have been exposed to the system of KYC and somehow i find it a bit uneasy, since i have been ask to take selfies
, just to prove that we have possession of the card i think... when i rarely take a selfie :-[


Title: Re: AML/KYC Explained
Post by: Sentacks on September 19, 2017, 02:18:40 PM
Interesting article ;D

I have been exposed to the system of KYC and somehow i find it a bit uneasy, since i have been ask to take selfies
, just to prove that we have possession of the card i think... when i rarely take a selfie :-[

That is pretty odd (even as kyc goes) but I guess if you run a web only operation where you don't see your customers in person at any point, what other option would you have...

The good thing about this aml/kyc stuff is if you aren't doing anything nefarious you USUALLY don't have anything to worry about. I say usually because governments (esp US govt) have been known to seize large amounts of money first and ask questions later. When this happens to legitimate people it's disgusting. They usually have court battles they can't win because the government took their money. Not trying to scare anyone but be careful. Also google "innocent civil asset forfeiture" to read more about this crap.


Title: Re: AML/KYC Explained
Post by: Student1 on September 19, 2017, 07:27:23 PM
Hello Guys,

I am currently working on my thesis regarding Anti Money Laundering Law. I find it hard to come up with a legal research question which combines the ''Know Your Customers Policy'' and AML from a corporations perspective.

Are there any suggestions on a specific research question regarding this topic?

Thank You

Desperate Student1


Title: Re: AML/KYC Explained
Post by: Landagert on September 20, 2017, 05:45:37 AM
Interesting article ;D

I have been exposed to the system of KYC and somehow i find it a bit uneasy, since i have been ask to take selfies
, just to prove that we have possession of the card i think... when i rarely take a selfie :-[

That is pretty odd (even as kyc goes) but I guess if you run a web only operation where you don't see your customers in person at any point, what other option would you have...

The good thing about this aml/kyc stuff is if you aren't doing anything nefarious you USUALLY don't have anything to worry about. I say usually because governments (esp US govt) have been known to seize large amounts of money first and ask questions later. When this happens to legitimate people it's disgusting. They usually have court battles they can't win because the government took their money. Not trying to scare anyone but be careful. Also google "innocent civil asset forfeiture" to read more about this crap.

Yeah you are correct, it was from an exchange, and it is web based.

But still, I can't comprehend why need such measure. I think they ask both picture of the credit card, plus picture of the individual holding the credit card. For my opinion, a single verification is enough. and individual holding the card is sufficient enough, i think.


Title: Re: AML/KYC Explained
Post by: Landagert on September 20, 2017, 06:05:18 AM
Owh yeah, i been wanting to ask..

When does the AML/KYC has been implemented? because i only have heard it since i get involve with cryptocurrencies.

I suspect it must been new, or it is an old system. just my daily transaction called the system with another name


Title: Re: AML/KYC Explained
Post by: Mr.Hans on September 22, 2017, 01:45:04 PM
Hello everyone, i am a trader looking to buy large amounts of BTC / ETH / LTC
Anyone who wants to sell at the market price please contact me: robert.arneil@yahoo.com
We also trade Bitmain Antminer.

Thank's
Robert


Title: Re: AML/KYC Explained
Post by: CostaRibeiro on September 26, 2017, 04:13:10 PM
Loose or non-existant KYC policies:

BTC-e   (??)
Crypsty   (??)

 ::)


Title: Re: AML/KYC Explained
Post by: rgm108 on September 28, 2017, 11:43:37 AM
You effectively need a passport/ID, a utility bill and a bank statement in the United Kingdom.

That covers off most KYC checks.


Title: Re: AML/KYC Explained
Post by: SonOfNorth on October 02, 2017, 02:39:00 AM
You effectively need a passport/ID, a utility bill and a bank statement in the United Kingdom.

That covers off most KYC checks.

These two are the things that are killing it for me, because I have really neither. I just pay in cash for my accommodation, which in many cases is a hotel, so it includes every possible utility I might need. This in turn means that I won't get the needed documentation, so I'm totally out of luck.

I've spent the last decade living like this without a hitch, but I reckon it's about time for me to move back "home" and start sleazing off of welfare, because all these monkey tricks are no more worth it. I've already effectively lost my Payoneer account which I've had for years, and about to lose my PayPal account which I've had for a decade due to this crap.


Title: Re: AML/KYC Explained
Post by: bmichael05 on October 06, 2017, 07:26:28 PM
Owh yeah, i been wanting to ask..

When does the AML/KYC has been implemented? because i only have heard it since i get involve with cryptocurrencies.

I suspect it must been new, or it is an old system. just my daily transaction called the system with another name

It was implemented in USA at beginning of 21 century (2001-2002 y.).

Most likely you heard about this for the first time, because you did not work closely with financial institutions before.
And the theme of money laundering through the crypto currency is hot.


Title: Re: AML/KYC Explained
Post by: freedomstreaming on October 10, 2017, 12:36:32 AM
All of this is for the government to control you.


Title: Re: AML/KYC Explained
Post by: raven.tiu17 on October 10, 2017, 03:39:19 PM
AML/KYC is needed by the governments, it should be applied right now to the emerging ICO. SO people will not worry about their investment. AML is very important to every country in the world. yes because the daily transaction that we gather money from which exchanges coming from or illegal way to use bitcoin.


Title: Re: AML/KYC Explained
Post by: Choosewise on October 12, 2017, 08:14:49 PM
Decentralized exchanges when


Title: Re: AML/KYC Explained
Post by: Nothingbuttmoney on October 13, 2017, 09:19:54 PM
can someone explain why eth market capt 25 bil and other coins like dash ten times smaller but the coin like $300 , eth have 2000 developers around the world wanted to put dapp on the Eth network etc... then why the price seem like <300 most of the time


Title: Re: AML/KYC Explained
Post by: aliashraf on October 14, 2017, 06:21:05 PM
KYC/AML discourse is a very dumb one. The core idea is to track money to fight crimes. It is a lie, you can't remove or even reduce criminal activities by tracking money, it just opens another criminal line of activity: money laundering business.

This is it, nothing more, as long as it relates to crimes. It is so simple: I commit a crime then pay you to wash my earnings, so you commit the second crime and this way we have shared the revenue and doubled the crime statistics, now AML guys come along and you have to pay them a piece and thus we have done a 'hat trick' with just one ball, good job, Thank you AML!

On the other hand  it is a very dangerous tool in the hands of very dangerous people: governments. They sniff and violate privacy of citizens.

Lastly, an almost new phenomenon worth mentioning: USA/Israel governments have a lot of competitors, rivals and 'enemies' to deal with in the Middle East. Recently, they have fallen in love with AML discourse because they have found a magical trick: name everyone you hate 'terrorist' then push for AML restrictions and weaken him, then in the right moment, invade and rip the poor rival! Isn't it genius?  Hezbollah for example is a Lebanese group who resists against Israel invasions (they used to invade Lebanon whenever they feel bored), now guess what? Hezbollah is the head of all terrorists in the planet or even in the galaxy and AML is the most effective weapon to exterminate the group. This guys are brilliant, AML guys, believe me. They sold 100 billion dollars worth of weapons to Saudi Arabia (the worst kind of a regime one can imagine in 21st century at least) few months ago. Do some math and ask: which money is clean and which is not.


Title: Re: AML/KYC Explained
Post by: Renzyp on October 15, 2017, 01:00:51 PM
I’m nore interested now to have more knowledge  of this stuff guys !!!!! I research more all about this and I come back with the answers ,,,


Title: Re: AML/KYC Explained
Post by: cryptowilie on October 18, 2017, 03:09:43 PM
Good piece of article, KYC and AML is crucial for financial companies be it financial institutions such as banks, forex brokers and others. it assists customers from loosing their money and also from illegally acquired money being injected into mainstream economies


Title: Re: AML/KYC Explained
Post by: taeewo on October 19, 2017, 06:38:31 AM
This is very informative, i like trading on an exchange site that requires kyc


Title: Re: AML/KYC Explained
Post by: Renzyp on October 19, 2017, 09:33:27 AM
I’m always really interested to the trading my only worry I really don’t have much knowledge to navigate  wish I have a knowledge that what you had guys !!!!


Title: Re: AML/KYC Explained
Post by: richan on October 20, 2017, 11:52:04 AM
Anti Money Laundering and Know your customer policies are initiated by accounting and financial institutions to check customers source of funds. Bitcoins block chain technology aim to reduce these 2 policies by making transactions anonymous. However, Bitcoins exchanges ensuring strict AML and KYC policies defeat the aim of using Bitcoins as anonymous currencies. In my view, Exchanges should relax these policies in order to set block chain technology apart from mainstream banking .


Title: Re: AML/KYC Explained
Post by: creativepaul1976 on October 22, 2017, 10:07:36 AM
Really interesting and mixed views here. KYC does seem to defeat some of the objectives of cryptos and lean towards a government regulation instead. Maybe its just part of the transition? Half way house?


Title: Re: AML/KYC Explained
Post by: aliashraf on October 24, 2017, 11:39:29 AM
Anti Money Laundering and Know your customer policies are initiated by accounting and financial institutions to check customers source of funds. Bitcoins block chain technology aim to reduce these 2 policies by making transactions anonymous. However, Bitcoins exchanges ensuring strict AML and KYC policies defeat the aim of using Bitcoins as anonymous currencies. In my view, Exchanges should relax these policies in order to set block chain technology apart from mainstream banking .

Although from an etiologic point of view, asking about origins of a term is a common practice but it is not always the best or a complete approach to understanding it comprehensively. Instead it is always useful and enlightening that you try figuring it out how it is used right now.

So, saying 'accounting and financial institutions' invented KYC/AML discourse is not only a false statement (security/intelligence sector did it) but also misleading and confusing. It is misleading because 'washes' the term by pretending it to be a product of technological/scientific development and confusing because it remains silent about the political nature of KYc/AML discourse, the way it is being manipulated by power to be used against people.

The ultimate mission of cryptocurrencies is to deconstruct this term and protect people (and not just the white, rich, citizens of the USA or Europe) from government/accountants/financial institutes sniffing in their private life.

It is good to have governments to fight with drug smugglers, we don't have one though. Anti drug agencies are practically a part of the drug trafficking, playing their role, getting their share.

Fighting terrorism is a sacred mission to accomplish for governments, they don't. They plant terrorism, finance it, equip it, arm it,  everywhere and everywhen they find it (foolishly) useful. Governments use this label as an accusation against  their own puppets when they get out of line or against their rivals' puppets or (more oftenly) against ordinary people, intellectuals, resistance organizations (like Hezbollah in Lebanon) , ....

It is very interesting that instead of asking about where the weapons  or the drugs come from, these hypocrites, KYC/AML proponents, advertisers/imposers are asking about the money.

As I have mentioned earlier (in this topic?) tracking money is a business and nothing more, I pay someone to 'wash' my money and government pays someotherone to play cat and mouse with me.

 





Title: Re: AML/KYC Explained
Post by: Otami on November 04, 2017, 03:30:28 PM
tks ad

What is KYC ?

Know your customer (KYC) refers to due diligence activities that financial institutions and other regulated companies must perform to ascertain relevant information from their clients for the purpose of doing business with them. The term is also used to refer to the bank regulation which governs 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' anti-bribery compliance. Banks, insurers and export credit agencies are increasingly demanding that customers provide detailed anti-corruption due diligence information, to verify their probity and integrity.


Who has to enforce KYC ?

Know your customer (KYC) falls under the responsability of each financial institution and/or regulated company.

The regulations require these entities to adopt KYC procedures.  It assists them in knowing / understanding the customers and their financial dealings better to monitor their transactions for identification and prevention of suspicious transactions.


KYC Recommendations

KYC controls typically include the following:

- Collection and analysis of basic identity information (referred to in US regulations and practice a "Customer Identification Program" or CIP)
- Name matching against lists of known parties (such as "politically exposed person" or PEP)
- Determination of the customer's risk in terms of propensity to commit money laundering, terrorist finance, or identity theft
- Creation of an expectation of a customer's transactional behavior
- Monitoring of a customer's transactions against their expected behaviour and recorded profile as well as that of the customer's peers

KYC Jurisdiction and Locality

KYC regulations are local, and differ from country to country. Jurisdiction is also, on a coutry to country basis.

To know more about your specific country, visit: http://kycmap.com


KYC and Bitcoin Exchanges

Stricter KYC policies:

Bitstamp   https://www.bitstamp.net/privacy-policy/ (https://www.bitstamp.net/privacy-policy/)
Bitfinex       https://www.bitfinex.com/pages/tos (https://www.bitfinex.com/pages/tos)  or refer inquiries to compliance@bitfinex.com
BTCChina   (only since new PBOC guidance, Dec 2013) (link?)
Cavirtex   https://www.cavirtex.com/faq (https://www.cavirtex.com/faq)
Coinbase    https://coinbase.com/legal/privacy (https://coinbase.com/legal/privacy)
Kraken       https://www.kraken.com/legal/verification (https://www.kraken.com/legal/verification) (their General Counsel, Constance Choi is a well known specialist in the Regulatory and Compliance field)
Cryptonit    https://cryptonit.net/regulations (https://cryptonit.net/regulations)


Loose or non-existant KYC policies:

BTC-e   (??)
Crypsty   (??)
LocalBitcoin (p2p based, limited KYC?)




What is AML?

Standing for "Anti-money Laundering", it is a set of procedures, laws or regulations designed to stop the practice of generating income through illegal actions. In most cases money launderers hide their actions through a series of steps that make it look like money coming from illegal or unethical sources was earned legitimately.

Who has to enforce AML?

In response to mounting concern over money laundering, the Financial Action Task Force on Money Laundering (FATF) was established by the G-7 Summit that was held in Paris in 1989.

The Task Force was given the responsibility of examining money laundering techniques and trends, reviewing the action which had already been taken at a national or international level, and setting out the measures that still needed to be taken to combat money laundering. In April 1990, less than one year after its creation, the FATF issued a report containing a set of Forty Recommendations, which provide a comprehensive plan of action needed to fight against money laundering.

The FATF calls upon all countries to take the necessary steps to bring their national systems for combating money laundering and terrorism financing into compliance with the new FATF Recommendations, and to effectively implement these measures.

Again, as in the case of KYC, financial institutions and/or regulated companies are responsible for the implementation of internal AML policies.

AML Jurisdiction and Locality

AML regulations are also local, and differ from country to country. Some countries choose a top-down approach, inheriting much of their AML policies from the FATF, while others go for a bottom-up approach and then have to reconcile both policies. Extreme countries where such reconciliation is impossible (generally due to Government unwillingness) are excluded from the FATF membership, with the corollary of increased complications to access the international markets and financing.

For a full list of FATF members, visit:         http://en.wikipedia.org/wiki/Financial_Action_Task_Force_on_Money_Laundering

AML and Bitcoin Exchanges

Currently in compliance:

Bitstamp   https://www.bitstamp.net/aml-policy/ (https://www.bitstamp.net/aml-policy/)
Bitfinex      https://www.bitfinex.com/pages/tos (https://www.bitfinex.com/pages/tos) or refer inquiries to compliance@bitfinex.com
Cavirtex   https://www.cavirtex.com/why_virtex#proactively_working (https://www.cavirtex.com/why_virtex#proactively_working)
Coinbase    https://coinbase.com/legal/privacy (https://coinbase.com/legal/privacy)
Kraken       https://www.kraken.com/legal/aml (https://www.kraken.com/legal/aml) (their General Counsel, Constance Choi is a well known specialist in the Regulatory and Compliance field)
Cryptonit    https://cryptonit.net/regulations (https://cryptonit.net/regulations)

Unknown status:

BTCChina   (unclear since new PBOC guidance, Dec 2013) (are they financial institutions?)
BTC-e   https://btc-e.com/page/1
LocalBitcoin (p2p based, limited or no AML?)



WARNING:
Assume that restrictions for any Bitcoin to National Currency exchange may become more restrictive at any time in the future. Many exchanges in the past have restricted currency deposits or withdrawals proactively as BitStamp has (https://www.bitstamp.net/article/bitstamp-new-verification-requirements/), without any explicit order from a government agency to do so at the time. Others like BTCChina have in response to concerns made even the ability to continue to login to their platform contingent on supplying further identifying information (http://www.coindesk.com/btc-china-now-requires-id-accounts/). In the past surprise changes to AML/KYC requirements have lead users of exchanges to have their access to deposited funds substantially delayed while complying with new requirements or even lost access to their deposited funds completely if they could not comply with the new requirements. Changing AML/KYC exchange enacted AML/KYC requirements have affected users of all major exchanges that handle both Bitcoin and National currency. People who continue using such exchanges should prepare for the contingency that their exchange of choice will change their AML/KYC requirements in the future.


Title: Re: AML/KYC Explained
Post by: Gloriel on November 06, 2017, 09:51:17 AM
The only motive for regulating the circulation of money is the collection of taxes. You can buy and sell anything - just do not forget to give a share to the state. It is foolish to think that the fight against money laundering will somehow prevent terrorism or the work of cartels. So the next couple of years, officials will only think about one thing - how to regulate blockchane and to destroy the anonymous transfers


Title: Re: AML/KYC Explained
Post by: hrgaggad on November 12, 2017, 01:11:31 AM
This is needed to ensure that people are not using mis appropriately and are helping in money laundering in any way. They have been being used in current finance industry and helps keep people with wrong intent on bay


Title: Re: AML/KYC Explained
Post by: darkmefurico on November 15, 2017, 11:18:01 AM
KYC will be a big problem for a lot of ongoing projects. I see the SEC hunting down a lot of projects because of missing KYC.


Title: Re: AML/KYC Explained
Post by: cryptohacker76484954 on November 17, 2017, 01:05:05 AM
But what if the info in KYC is not correct ?


Title: Re: AML/KYC Explained
Post by: freigeist on November 17, 2017, 12:22:39 PM
But what if the info in KYC is not correct ?

I was wondering the same.

What is the procedure to verify a person i mean documents?
How they do it?
How they know that the supplied data is not fake or from another person?!


Title: Re: AML/KYC Explained
Post by: vannhart on November 18, 2017, 11:50:23 AM
Good thread with valuable info, thanks a lot !


Title: Re: AML/KYC Explained
Post by: 100eth on November 18, 2017, 01:52:42 PM
thank you sir this will be very helpful for beginners like me


Title: Re: AML/KYC Explained
Post by: Landagert on November 19, 2017, 06:33:17 AM
Some cryptocurrency based exchange platform, does not posses a strict KYC policy. I think that KYC policy is only needed if the amout of withdraw and deposit is high for a particular span of time, a month or 1-day period.

KYC is a good policy, but user and customer have the tendency to be frightful that their personal information may leak and get into the wrong hands


Title: Re: AML/KYC Explained
Post by: Crypto_Zone on November 21, 2017, 06:59:06 PM
Thank you very much for letting us know about the verification process.


Title: Re: AML/KYC Explained
Post by: Crypto_buddah on November 25, 2017, 06:52:02 AM
But what if the info in KYC is not correct ?

I guess the point is not the corretness of information in KYC but the fact that you organized duly the process of KYC monitoring. So if one day the police comes to you, as responsible for KYC, and asks questions about a John Smith you can show the documents you have. You are to do your part of business. But there are some good services there that can make a pretty good job in verifying peoples passports remotely. They can say if the papers are fake or not


Title: Re: AML/KYC Explained
Post by: Saksham on November 25, 2017, 09:27:29 PM
The details you have given about KYC and AML are awesome, it can be understood by any person who has the ability to read in English. Congratulation and keep doing this kind of post.


Title: Re: AML/KYC Explained
Post by: MUNENORI on November 26, 2017, 10:56:54 AM
1. It would be valuable if we'd know how long does it take to get approved based on which country the individual is from... Essentially based on which country his/ her docs originally come from.
2. And also what kind of docs each platform requests for commercial/ business account. Therefore with that it'd be reasonable to have some info on the limits on transactions (real limits, for example when the administration of any platforms hesitate to allow using the funds and keeps the transaction in pending etc. ).

That's a whole research there, but it's worth it for the crypto users.


Title: Re: AML/KYC Explained
Post by: Crypto_buddah on November 27, 2017, 06:33:09 AM
1. It would be valuable if we'd know how long does it take to get approved based on which country the individual is from... Essentially based on which country his/ her docs originally come from.
2. And also what kind of docs each platform requests for commercial/ business account. Therefore with that it'd be reasonable to have some info on the limits on transactions (real limits, for example when the administration of any platforms hesitate to allow using the funds and keeps the transaction in pending etc. ).

That's a whole research there, but it's worth it for the crypto users.

Hmm, that's interesting. Let's make a rating of KYC terms and times it takes to verify. We can begin with the top 10 exchanges.


Title: Re: AML/KYC Explained
Post by: Leetukyang on December 04, 2017, 06:02:58 AM
What is the importance of AML and KYC ? I mean some new users have a hard time doing and verifying our accounts. Like what if I dont have any Valid id or passport ? Then I cant verify my account ?


Title: Re: AML/KYC Explained
Post by: freigeist on December 05, 2017, 12:13:42 AM
What is the importance of AML and KYC ? I mean some new users have a hard time doing and verifying our accounts. Like what if I dont have any Valid id or passport ? Then I cant verify my account ?

Not only that.
Some want that you send also an utility bill or something with your name on it beside the ID or passport.
What if you do not pay any utility bills then you are screwed even by having valid passport or ID.


Title: Re: AML/KYC Explained
Post by: augmentedinvestor on December 05, 2017, 12:53:28 AM
Is there a good list out there of KYC requirements and thresholds by country?


Title: Re: AML/KYC Explained
Post by: kavyte on December 11, 2017, 12:46:07 PM
Is there a good list out there of KYC requirements and thresholds by country?

I saw a nice source at Pricewaterhouse Coopers. There is a PDF quick reference guide about KYC:
https://www.pwc.com/gx/en/financial-services/publications/assets/pwc-anti-money-laundering-2016.pdf

v


Title: Re: AML/KYC Explained
Post by: syaripudin on December 14, 2017, 07:42:24 AM
AML / KYC is an institution that aims to eliminate levels of corruption and trade regulations that contain AML risk management and compliance (GRC) in the form with the objective of minimizing reputation damage and risk exposure. and contains a service to meet the requirements of AUSTRAC, Anti Money Laundering, FATCA, OFAC and reputation reputation risk management and due diligence of business partners. as is the case with KYC with the same objective and in my country there is an individual institution that oversees all financial matters whether individual or a corporation with the same purpose of removing corruption and money laundering and other criminal activities. on the one hand there is a positive side that can be. but the question is all of these oversight agencies, will they be able to protect a crime from bitcoin users who are very difficult to detect as well as other fraud and crimes. I think there is nothing wrong as long as it does not aim to make it difficult for bitcoin users who do not commit a crime.


Title: Re: AML/KYC Explained
Post by: Nikhila on December 15, 2017, 05:29:52 AM
Hey I'm new to this discussion what is this group all about?


Title: Re: AML/KYC Explained
Post by: Igor.N. on December 18, 2017, 04:48:43 PM
Does anybody know any KYC/AML service provider with clear prices?


Title: Re: AML/KYC Explained
Post by: Julia_KA on December 19, 2017, 10:40:09 AM
Do you know any ICOs that requested KYC procedure for sending crypto? I mean I know some that request it if they accept fiat (e.g. Naga did). So would be know what your experience with KYC during ICOs was


Title: Re: AML/KYC Explained
Post by: JoshuaDunnink on December 19, 2017, 10:48:20 AM
Hey Guys,

As KYC is now going to be widely used in ICO's all over the palce and requireming them to all have a copy of some sort of proof of identity.
Currently nowhere I can find a retention period on how long they are allowed to maintain the documents. Further, I have not found regulatory policies on what is allowed to be done with them.

As stated in an ICO they are intending to use the data, for example,to improve their website.
To what extend is the use, of the data provided, limited or are there clear privacy rules on this?

The reason for asking is that this is now a global issue, in specific countries it is clear what the legal privacy policies are.
Can I assume the policies on privicy will be applied as maintained in the country from where the ICO innitiative is started?
In that case, (extreme example and not knowing the official legal policy) I will never invest in an ICO started by a Nigerian prince!


Title: Re: AML/KYC Explained
Post by: JoshuaDunnink on December 19, 2017, 10:55:36 AM
Do you know any ICOs that requested KYC procedure for sending crypto? I mean I know some that request it if they accept fiat (e.g. Naga did). So would be know what your experience with KYC during ICOs was

ENVION is doing KYC with ETH and BTC payments also.
although KYC is a good thing, I do have my concerns as shown above


Title: Re: AML/KYC Explained
Post by: drakecasasnova on December 20, 2017, 10:59:05 AM
True but OTP verification is still king. I don't know anyone who can hack phone messages remotely.


Title: Re: AML/KYC Explained
Post by: invot on December 20, 2017, 07:02:37 PM
How come these policies can be adapted to ICOs and others projects with blockchain technologies?

https://i.imgur.com/BDt0IoZs.jpg



Title: Re: AML/KYC Explained
Post by: ronnis.gomes on December 20, 2017, 07:37:39 PM
AMC / KYC is a very confusing process. Some companies, such as ICON and UTRUST, applied for their passport and said that their national identification and driver's license would not be accepted. But they changed their minds after many complaints.



Title: Re: AML/KYC Explained
Post by: Aditya1011 on December 21, 2017, 07:21:08 AM
Anti-Money Laundering (AML) and Know Your Customer (KYC) initiatives have emerged as important focus areas for financial institutions. Hefty penalties for non-compliance, challenges in acquiring the “right" customers, emerging digitally empowered competitors, and thinning profit margins are forcing financial institutions to reimagine their AML and KYC programs.

Genpact's proven experience of running industrialized AML and KYC operations for financial institutions globally, including several Fortune 500 clients, enables firms to augment operational efficiency, optimize processes, and improve compliance.



Title: Re: AML/KYC Explained
Post by: oktapodia on December 22, 2017, 12:48:00 AM
Good to know! Thanks for this post


Title: Re: AML/KYC Explained
Post by: chocobo21 on December 28, 2017, 02:27:32 PM
Thanks for the information, it's good to know more about this as i see more and more ICO asking for KYC and AML, also more and more exchange are asking for it. I hope they wont use our information for bad uses.


Title: Re: AML/KYC Explained
Post by: Nubitcoinerr on December 30, 2017, 04:11:45 PM
This platinum crypto exchange does not require ID's and has the best platform, and good reviews:

https://bitcointalk.org/index.php?topic=2667100.msg27203578#msg27203578


Title: Re: AML/KYC Explained
Post by: BitcoinThief on December 31, 2017, 09:30:47 AM
Thanks For The info makes things a lot easier :)


Title: Re: AML/KYC Explained
Post by: @Mhaiang on January 01, 2018, 05:51:53 AM
AML/KYC is a barrier to entry for small Bitcoin startups and effectively hinders Bitcoin innovation .. it should be IGNORED

AML/KYC is the best and ideal thing to do to prevent being scamed and why we should ignore this? For me it must be implemented if it is the way to avoid scammers.  ;)


Title: Re: AML/KYC Explained
Post by: JoshuaDunnink on January 04, 2018, 09:30:17 AM
AML/KYC is a barrier to entry for small Bitcoin startups and effectively hinders Bitcoin innovation .. it should be IGNORED

AML/KYC is the best and ideal thing to do to prevent being scamed and why we should ignore this? For me it must be implemented if it is the way to avoid scammers.  ;)

Could you explain me how this would prevent me from being scammed?
If I do KYC to a scammer, I would still loose my money after investment...

KYC to my believe only serves the purpose of preventing criminal investments to be made into ICO's


Title: Re: AML/KYC Explained
Post by: twintalk on January 05, 2018, 06:51:25 AM
Currently nowhere I can find a retention period on how long they are allowed to maintain the documents. Further, I have not found regulatory policies on what is allowed to be done with them.

For the US, I recently came across this article which lists ALM and Customer Account Information retention periods as 5-6 years after the account is closed:  https://www.finra.org/industry/comparison-aml-customer-identification-rule-and-secs-books-records-customer-account (https://www.finra.org/industry/comparison-aml-customer-identification-rule-and-secs-books-records-customer-account)


Title: Re: AML/KYC Explained
Post by: khungcuaso11 on January 09, 2018, 12:58:05 PM
More any new coin also verify KYC:
- thekey.vip
- Hdac.io
- Fintrux.com
-



Title: Re: AML/KYC Explained
Post by: Future3000 on January 12, 2018, 08:32:50 AM
Is anyone already using these? I know a project, called FreeZone (Freezone.one), they are going to work with AML and KYC. If anyone can check and tell me how real this is, it will be cool. The main idea is to give companies an opportunity for running crypto business legally in one country.


Title: Re: AML/KYC Explained
Post by: Cryptotradenz on January 13, 2018, 06:21:15 AM
Is KYC know your customer ?


Title: Re: AML/KYC Explained
Post by: Racekid on January 13, 2018, 11:08:03 PM
What is KYC ?

Know your customer (KYC) refers to due diligence activities that financial institutions and other regulated companies must perform to ascertain relevant information from their clients for the purpose of doing business with them. The term is also used to refer to the bank regulation which governs 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' anti-bribery compliance. Banks, insurers and export credit agencies are increasingly demanding that customers provide detailed anti-corruption due diligence information, to verify their probity and integrity.


Who has to enforce KYC ?

Know your customer (KYC) falls under the responsability of each financial institution and/or regulated company.

The regulations require these entities to adopt KYC procedures.  It assists them in knowing / understanding the customers and their financial dealings better to monitor their transactions for identification and prevention of suspicious transactions.


KYC Recommendations

KYC controls typically include the following:

- Collection and analysis of basic identity information (referred to in US regulations and practice a "Customer Identification Program" or CIP)
- Name matching against lists of known parties (such as "politically exposed person" or PEP)
- Determination of the customer's risk in terms of propensity to commit money laundering, terrorist finance, or identity theft
- Creation of an expectation of a customer's transactional behavior
- Monitoring of a customer's transactions against their expected behaviour and recorded profile as well as that of the customer's peers

KYC Jurisdiction and Locality

KYC regulations are local, and differ from country to country. Jurisdiction is also, on a coutry to country basis.

To know more about your specific country, visit: http://kycmap.com


KYC and Bitcoin Exchanges

Stricter KYC policies:

Bitstamp   https://www.bitstamp.net/privacy-policy/ (https://www.bitstamp.net/privacy-policy/)
Bitfinex       https://www.bitfinex.com/pages/tos (https://www.bitfinex.com/pages/tos)  or refer inquiries to compliance@bitfinex.com
BTCChina   (only since new PBOC guidance, Dec 2013) (link?)
Cavirtex   https://www.cavirtex.com/faq (https://www.cavirtex.com/faq)
Coinbase    https://coinbase.com/legal/privacy (https://coinbase.com/legal/privacy)
Kraken       https://www.kraken.com/legal/verification (https://www.kraken.com/legal/verification) (their General Counsel, Constance Choi is a well known specialist in the Regulatory and Compliance field)
Cryptonit    https://cryptonit.net/regulations (https://cryptonit.net/regulations)


Loose or non-existant KYC policies:

BTC-e   (??)
Crypsty   (??)
LocalBitcoin (p2p based, limited KYC?)




What is AML?

Standing for "Anti-money Laundering", it is a set of procedures, laws or regulations designed to stop the practice of generating income through illegal actions. In most cases money launderers hide their actions through a series of steps that make it look like money coming from illegal or unethical sources was earned legitimately.

Who has to enforce AML?

In response to mounting concern over money laundering, the Financial Action Task Force on Money Laundering (FATF) was established by the G-7 Summit that was held in Paris in 1989.

The Task Force was given the responsibility of examining money laundering techniques and trends, reviewing the action which had already been taken at a national or international level, and setting out the measures that still needed to be taken to combat money laundering. In April 1990, less than one year after its creation, the FATF issued a report containing a set of Forty Recommendations, which provide a comprehensive plan of action needed to fight against money laundering.

The FATF calls upon all countries to take the necessary steps to bring their national systems for combating money laundering and terrorism financing into compliance with the new FATF Recommendations, and to effectively implement these measures.

Again, as in the case of KYC, financial institutions and/or regulated companies are responsible for the implementation of internal AML policies.

AML Jurisdiction and Locality

AML regulations are also local, and differ from country to country. Some countries choose a top-down approach, inheriting much of their AML policies from the FATF, while others go for a bottom-up approach and then have to reconcile both policies. Extreme countries where such reconciliation is impossible (generally due to Government unwillingness) are excluded from the FATF membership, with the corollary of increased complications to access the international markets and financing.

For a full list of FATF members, visit:         http://en.wikipedia.org/wiki/Financial_Action_Task_Force_on_Money_Laundering

AML and Bitcoin Exchanges

Currently in compliance:

Bitstamp   https://www.bitstamp.net/aml-policy/ (https://www.bitstamp.net/aml-policy/)
Bitfinex      https://www.bitfinex.com/pages/tos (https://www.bitfinex.com/pages/tos) or refer inquiries to compliance@bitfinex.com
Cavirtex   https://www.cavirtex.com/why_virtex#proactively_working (https://www.cavirtex.com/why_virtex#proactively_working)
Coinbase    https://coinbase.com/legal/privacy (https://coinbase.com/legal/privacy)
Kraken       https://www.kraken.com/legal/aml (https://www.kraken.com/legal/aml) (their General Counsel, Constance Choi is a well known specialist in the Regulatory and Compliance field)
Cryptonit    https://cryptonit.net/regulations (https://cryptonit.net/regulations)

Unknown status:

BTCChina   (unclear since new PBOC guidance, Dec 2013) (are they financial institutions?)
BTC-e   https://btc-e.com/page/1
LocalBitcoin (p2p based, limited or no AML?)



WARNING:
Assume that restrictions for any Bitcoin to National Currency exchange may become more restrictive at any time in the future. Many exchanges in the past have restricted currency deposits or withdrawals proactively as BitStamp has (https://www.bitstamp.net/article/bitstamp-new-verification-requirements/), without any explicit order from a government agency to do so at the time. Others like BTCChina have in response to concerns made even the ability to continue to login to their platform contingent on supplying further identifying information (http://www.coindesk.com/btc-china-now-requires-id-accounts/). In the past surprise changes to AML/KYC requirements have lead users of exchanges to have their access to deposited funds substantially delayed while complying with new requirements or even lost access to their deposited funds completely if they could not comply with the new requirements. Changing AML/KYC exchange enacted AML/KYC requirements have affected users of all major exchanges that handle both Bitcoin and National currency. People who continue using such exchanges should prepare for the contingency that their exchange of choice will change their AML/KYC requirements in the future.
This is awesome. To add, Projects in their ICO phase also engage in "Know Your Customer "(KYC). So investors should be prepared to Disclose their personal details to be on the safe Side


Title: Re: AML/KYC Explained
Post by: @Mhaiang on January 15, 2018, 08:48:52 AM
AML/KYC is a barrier to entry for small Bitcoin startups and effectively hinders Bitcoin innovation .. it should be IGNORED

I think this AML/KYC is somewhat important yet can hinder also in the bitcoin growth but it can hinder as well illegal transactions here.


Title: Re: AML/KYC Explained
Post by: Future3000 on January 15, 2018, 10:32:07 AM
Actually I think that soon the majority of blockchain businesses will use AML and KYC.


Title: Re: AML/KYC Explained
Post by: starsnshamrocks on January 15, 2018, 06:40:54 PM
The thread is eye opening. Authorities have been interested from the very beginning to get an insight view into the coinmarkets/holders and have been wondering since how to best sez up tax rules etc. So it was just a matter of time until stricter rules for the exchanges were set up, no matter if they do not exchange fiat vs. cryto.


Title: Re: AML/KYC Explained
Post by: Isaremj3 on January 16, 2018, 02:05:48 PM
KYC issues I don't really know why also this happen this day, but I think their is good reason for introduction of kyc. Also, on the part of KYC body let the verification be fast so that it will ease people.


Title: Re: AML/KYC Explained
Post by: daynnite on January 16, 2018, 08:47:56 PM
Actually I think that soon the majority of blockchain businesses will use AML and KYC.
hmm very bad


Title: Re: AML/KYC Explained
Post by: Denijal on January 17, 2018, 09:12:23 AM
I don`t feel really safe with all of this KYC procedures. I am participating in many ICOs, many KYC.
Too much KYC, too much documents I left all over the place. And I wouldn`t like to be misused one day.


Title: Re: AML/KYC Explained
Post by: Kapz786 on January 18, 2018, 08:26:09 AM
I don`t feel really safe with all of this KYC procedures. I am participating in many ICOs, many KYC.
Too much KYC, too much documents I left all over the place. And I wouldn`t like to be misused one day.

Totally agree it's all a bit questionable with passport photo's, driver licences etc. all floating around.


Title: Re: AML/KYC Explained
Post by: Emmanuel95 on January 19, 2018, 07:14:40 PM
What is the important of kyc? It is just waste of time during ICO. The main important thing is that you should tell the participate those countries that can not take part in your ICO.


Title: Re: AML/KYC Explained
Post by: starsnshamrocks on January 20, 2018, 04:50:06 PM
Maged once again I have looked up what you have put together here and read through it. Just wanted to say thank you for this highly informative text, which nowadays will play a rising role and of course also in the way clients will evaluate exchanges and their offerings and how they deal with their personal data.   


Title: Re: AML/KYC Explained
Post by: margah09 on January 21, 2018, 07:41:32 AM
Is KYC really neccessary?,. I don't feel good at it, maybe because, there's too much documents to provide,. witch is really unsafe for whatever accounts that we have. passwords for example, it can possibly be traced using all the information they gother., maybe a valid Id will do. just for a bit of information of you client.,

If you trust the Company, and it is really for the safty of the account, Exert effort, do research.
CoinLion will use KYC processes and comply with AML (Anti Money Laundering) laws. CoinLion
provides quick and easy identity authentication services. With a same-day identity verification
policy.




Title: Re: AML/KYC Explained
Post by: dx_twisted on January 21, 2018, 10:18:19 AM
Is KYC really neccessary?,. I don't feel good at it, maybe because, there's too much documents to provide,. witch is really unsafe for whatever accounts that we have. passwords for example, it can possibly be traced using all the information they gother., maybe a valid Id will do. just for a bit of information of you client.,

If you trust the Company, and it is really for the safty of the account, Exert effort, do research.
CoinLion will use KYC processes and comply with AML (Anti Money Laundering) laws. CoinLion
provides quick and easy identity authentication services. With a same-day identity verification
policy.




KYC is important with banks so to know the information of a person wether all his money that he got came thru legal or illegal matters. With that, its easy to know if a person commit crimes that involves money or cryptocurrencies which will be the solution regarding the anonymity feature of the majority of digital coins. As per AML or Anti Money Laundering, this is to prevent illegal hoardings of coins which again, came out for heinous crimes such as drug related, syndicate, fix gambling, etc. It doesn't mean we don't have control of our coins, it's just that it will monitor each person's holding assets that will make the digital economy fair and safe to invest with.


Title: Re: AML/KYC Explained
Post by: merz123 on January 24, 2018, 11:13:24 PM
Honestly, I am really afraid with this KYC thing, what if they are going to use our info against us or maybe they have some plans about our data in the future. But with the recent trend, especially joining ICOs, they now require KYC. I am afraid but I also want to make money. No choice?


Title: Re: AML/KYC Explained
Post by: dfalkman on January 25, 2018, 07:41:50 PM
Did anyone see the SimpleToken ostKYC announcement? Is this something that will be of interest for other ICOs? https://medium.com/simple-token/introducing-ostkyc-the-complete-kyc-whitelisting-solution-for-icos-powered-by-ost-8027728df59d


Title: Re: AML/KYC Explained
Post by: mitrade on January 25, 2018, 11:09:27 PM
Actually I think that soon the majority of blockchain businesses will use AML and KYC.

that would suck....so much for anonymity


Title: Re: AML/KYC Explained
Post by: Kahhar on January 26, 2018, 05:02:35 AM
The KYC/AML/money transmitter/fincet stuff makes the barrier to entry high for new exchanges and the like to come online; a service which handles all of this for new businesses so it only has to be done at one place and can be used everywhere else would be "top shelf."


Title: Re: AML/KYC Explained
Post by: cryptomadu on January 26, 2018, 06:30:42 PM
Really helpful information for the newbies like us. To be honest previously I didn't know actually why KYC and AML for. But now I know it is a MUST for our own security. Thanks for this information.


Title: Re: AML/KYC Explained
Post by: jackkarwella on January 28, 2018, 10:13:14 PM
very nice work thanks dear 8)


Title: Re: AML/KYC Explained
Post by: blocklife on January 29, 2018, 10:44:11 AM
Can you explain a bit further what this means. for the future of exchanges and trading ?

would there be some such point where users will be removed for non-compliance even if they have an active balance

and how would decentralised exchanges work if there is not way the user identified themselves talk more of a kyc



Title: Re: AML/KYC Explained
Post by: honorato on February 03, 2018, 01:45:11 AM
Is KYC now mandatory for all new ICO.. seems every ICO now is implenting KYC..

Is it better to go for ico or wait for exchnges


Title: Re: AML/KYC Explained
Post by: fastlan on February 03, 2018, 08:21:35 AM
if anyone is looking for a great way to keep up with bitcoin trading on the go try this app out! works great for busy people like myself..http://aa1f1djq5joa9y83x1zki-gu1z.hop.clickbank.net/


Title: Re: AML/KYC Explained
Post by: shadyrifles on February 03, 2018, 05:48:32 PM
(AML) Anti-Money Laundering and Know your customers (KYC) they have emerged focus area for financial services to institutions. It's good to see the implementation of AML/KYC in ICO's which helps the organization to prevent fraudulent transactions.


Title: Re: AML/KYC Explained
Post by: kyenkirke1976 on February 04, 2018, 12:45:10 AM
KYC is good. But frauders are intelligent they know how to  protect themselves. They know how to keep their real identity. They can scam if they want.


Title: Re: AML/KYC Explained
Post by: shan05 on February 05, 2018, 01:15:16 AM
Thanks for pinning this thread.  I'm quite nrw to this KYC.  I have a lot of questions answered by this thread. More and more projects now are using KYC. This only shows that developers really is concerned with the investors safety.


Title: Re: AML/KYC Explained
Post by: toheed2x on February 05, 2018, 11:45:09 AM
thanksss for explain


Title: Re: AML/KYC Explained
Post by: ETHAppCoin on February 06, 2018, 10:25:44 AM
Good thread and well explained.

It's funny though how so much regulation is tied to something that was supposed to be decentralized and anonymous.
Plus, I don't remember when was the last time any company asked me that much personal/financial information.
Seriously, GRAND THEFT ID waiting to happen when somebody decides to hack the exchanges.


Title: Re: AML/KYC Explained
Post by: @Mhaiang on February 08, 2018, 02:17:57 PM
(AML) Anti-Money Laundering and Know your customers (KYC) they have emerged focus area for financial services to institutions. It's good to see the implementation of AML/KYC in ICO's which helps the organization to prevent fraudulent transactions.


Title: Re: AML/KYC Explained
Post by: Bythebass on February 08, 2018, 02:19:57 PM
Aml is necessary for everything that involves money transactions. It guarantees the government that there is notjing being violated against the law and it could also be the gateway for tax collection since government can get involve on the picture.


Title: Re: AML/KYC Explained
Post by: AstaYuno on February 08, 2018, 05:15:34 PM
Very informative thanks ~


Title: Re: AML/KYC Explained
Post by: OPEXDECAPEX on February 10, 2018, 04:42:43 AM
I am thinking of helping my US friend open an account with Bitoasis. But it seems that US citizens cannot open an account? Do anyone know of any other middle east exchanges?


Title: Re: AML/KYC Explained
Post by: freigeist on February 10, 2018, 03:40:23 PM
I am thinking of helping my US friend open an account with Bitoasis. But it seems that US citizens cannot open an account? Do anyone know of any other middle east exchanges?

It seem that the LAND OF THE FREE won't give freedom to his own citizens to spend
freely their "own" money therefore all exchanges and ICO-s around the world are refusing US citizens.

What you could to to help him is to open an account on your name and give him access.
But it should access them over VPS because i suppose US IP addresses will be blocked and account frozen if they find out.


Title: Re: AML/KYC Explained
Post by: Vyrtyx on February 10, 2018, 04:18:04 PM
Great thread, very informative, thanks!


Title: Re: AML/KYC Explained
Post by: Drobek on February 12, 2018, 10:35:59 PM
Any exchange requiring minimal KYC accepting Euro?


Title: Re: AML/KYC Explained
Post by: vrd on February 13, 2018, 03:38:56 AM
This has become the standard AML/KYC thread for the crypto space.


Title: Re: AML/KYC Explained
Post by: Dumzmol3421 on February 13, 2018, 04:29:42 AM
Thank you very much for providing Valuable information... but i am bit confused on how they are checking the accounts engaged with AML? is that finding by the country.. which was banned..?


Title: Re: AML/KYC Explained
Post by: freigeist on February 13, 2018, 11:12:12 AM
Any exchange requiring minimal KYC accepting Euro?

You could try Kraken tough many people are complaining that the verification process lasts to much
due big surge in user base.

Here you have a description of the verification tiers and data required:
https://support.kraken.com/hc/en-us/articles/201352206-What-are-the-Verification-Tiers-

In case you register there and want to complain about something:
https://bitcointalk.org/index.php?topic=290799.0



Title: Re: AML/KYC Explained
Post by: zeabat1234 on February 13, 2018, 04:41:18 PM
Very good information. Thank for your post


Title: Re: AML/KYC Explained
Post by: natsu01 on February 14, 2018, 04:33:27 AM
What is KYC ?

Know your customer (KYC) refers to due diligence activities that financial institutions and other regulated companies must perform to ascertain relevant information from their clients for the purpose of doing business with them. The term is also used to refer to the bank regulation which governs 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' anti-bribery compliance. Banks, insurers and export credit agencies are increasingly demanding that customers provide detailed anti-corruption due diligence information, to verify their probity and integrity.


Who has to enforce KYC ?

Know your customer (KYC) falls under the responsability of each financial institution and/or regulated company.

The regulations require these entities to adopt KYC procedures.  It assists them in knowing / understanding the customers and their financial dealings better to monitor their transactions for identification and prevention of suspicious transactions.


KYC Recommendations

KYC controls typically include the following:

- Collection and analysis of basic identity information (referred to in US regulations and practice a "Customer Identification Program" or CIP)
- Name matching against lists of known parties (such as "politically exposed person" or PEP)
- Determination of the customer's risk in terms of propensity to commit money laundering, terrorist finance, or identity theft
- Creation of an expectation of a customer's transactional behavior
- Monitoring of a customer's transactions against their expected behaviour and recorded profile as well as that of the customer's peers

KYC Jurisdiction and Locality

KYC regulations are local, and differ from country to country. Jurisdiction is also, on a coutry to country basis.

To know more about your specific country, visit: http://kycmap.com


KYC and Bitcoin Exchanges

Stricter KYC policies:

Bitstamp   https://www.bitstamp.net/privacy-policy/ (https://www.bitstamp.net/privacy-policy/)
Bitfinex       https://www.bitfinex.com/pages/tos (https://www.bitfinex.com/pages/tos)  or refer inquiries to compliance@bitfinex.com
BTCChina   (only since new PBOC guidance, Dec 2013) (link?)
Cavirtex   https://www.cavirtex.com/faq (https://www.cavirtex.com/faq)
Coinbase    https://coinbase.com/legal/privacy (https://coinbase.com/legal/privacy)
Kraken       https://www.kraken.com/legal/verification (https://www.kraken.com/legal/verification) (their General Counsel, Constance Choi is a well known specialist in the Regulatory and Compliance field)
Cryptonit    https://cryptonit.net/regulations (https://cryptonit.net/regulations)


Loose or non-existant KYC policies:

BTC-e   (??)
Crypsty   (??)
LocalBitcoin (p2p based, limited KYC?)




What is AML?

Standing for "Anti-money Laundering", it is a set of procedures, laws or regulations designed to stop the practice of generating income through illegal actions. In most cases money launderers hide their actions through a series of steps that make it look like money coming from illegal or unethical sources was earned legitimately.

Who has to enforce AML?

In response to mounting concern over money laundering, the Financial Action Task Force on Money Laundering (FATF) was established by the G-7 Summit that was held in Paris in 1989.

The Task Force was given the responsibility of examining money laundering techniques and trends, reviewing the action which had already been taken at a national or international level, and setting out the measures that still needed to be taken to combat money laundering. In April 1990, less than one year after its creation, the FATF issued a report containing a set of Forty Recommendations, which provide a comprehensive plan of action needed to fight against money laundering.

The FATF calls upon all countries to take the necessary steps to bring their national systems for combating money laundering and terrorism financing into compliance with the new FATF Recommendations, and to effectively implement these measures.

Again, as in the case of KYC, financial institutions and/or regulated companies are responsible for the implementation of internal AML policies.

AML Jurisdiction and Locality

AML regulations are also local, and differ from country to country. Some countries choose a top-down approach, inheriting much of their AML policies from the FATF, while others go for a bottom-up approach and then have to reconcile both policies. Extreme countries where such reconciliation is impossible (generally due to Government unwillingness) are excluded from the FATF membership, with the corollary of increased complications to access the international markets and financing.

For a full list of FATF members, visit:         http://en.wikipedia.org/wiki/Financial_Action_Task_Force_on_Money_Laundering

AML and Bitcoin Exchanges

Currently in compliance:

Bitstamp   https://www.bitstamp.net/aml-policy/ (https://www.bitstamp.net/aml-policy/)
Bitfinex      https://www.bitfinex.com/pages/tos (https://www.bitfinex.com/pages/tos) or refer inquiries to compliance@bitfinex.com
Cavirtex   https://www.cavirtex.com/why_virtex#proactively_working (https://www.cavirtex.com/why_virtex#proactively_working)
Coinbase    https://coinbase.com/legal/privacy (https://coinbase.com/legal/privacy)
Kraken       https://www.kraken.com/legal/aml (https://www.kraken.com/legal/aml) (their General Counsel, Constance Choi is a well known specialist in the Regulatory and Compliance field)
Cryptonit    https://cryptonit.net/regulations (https://cryptonit.net/regulations)

Unknown status:

BTCChina   (unclear since new PBOC guidance, Dec 2013) (are they financial institutions?)
BTC-e   https://btc-e.com/page/1
LocalBitcoin (p2p based, limited or no AML?)



WARNING:
Assume that restrictions for any Bitcoin to National Currency exchange may become more restrictive at any time in the future. Many exchanges in the past have restricted currency deposits or withdrawals proactively as BitStamp has (https://www.bitstamp.net/article/bitstamp-new-verification-requirements/), without any explicit order from a government agency to do so at the time. Others like BTCChina have in response to concerns made even the ability to continue to login to their platform contingent on supplying further identifying information (http://www.coindesk.com/btc-china-now-requires-id-accounts/). In the past surprise changes to AML/KYC requirements have lead users of exchanges to have their access to deposited funds substantially delayed while complying with new requirements or even lost access to their deposited funds completely if they could not comply with the new requirements. Changing AML/KYC exchange enacted AML/KYC requirements have affected users of all major exchanges that handle both Bitcoin and National currency. People who continue using such exchanges should prepare for the contingency that their exchange of choice will change their AML/KYC requirements in the future.
Some Bounty are finding KYC when participating in their ICO sale just to make sure that the participants are not from the country restricted in their campaign.


Title: Re: AML/KYC Explained
Post by: KRAUSS on February 14, 2018, 09:35:45 PM
I am community manager at Quoine. We are the first licensed crypto exchange in Japan. We are using KYC and it is strongly required by FSA. As per my mind it is absolutly normal and I hope will be used by every exchange. But one point. If you send copies of your ID and statement to not licensed exchange.... Are you sure they will not use not on purpose... Can you be sure about  " that side" ???


Title: Re: AML/KYC Explained
Post by: Drobek on February 14, 2018, 09:50:22 PM
Any exchange requiring minimal KYC accepting Euro?

You could try Kraken tough many people are complaining that the verification process lasts to much
due big surge in user base.

Here you have a description of the verification tiers and data required:
https://support.kraken.com/hc/en-us/articles/201352206-What-are-the-Verification-Tiers-

In case you register there and want to complain about something:
https://bitcointalk.org/index.php?topic=290799.0



Thank you. I already have an unverified account over there :)


Title: Re: AML/KYC Explained
Post by: bit-joker on February 15, 2018, 04:10:03 PM
Any chance we'll get rid of KYC and AML anytime soon, for ICO investors? It's annoying and frankly if there's someone that should be KYCed and AMLed, it should be the ICO team.


Title: Re: AML/KYC Explained
Post by: M0N3YMAGNET on February 17, 2018, 01:00:56 AM
It's an invasion of privacy in my opinion, but the world is controlled by man made laws, and this is how they maintain that control. If everyone was free range and able to do whatever they please, they would lose control. This is why BTC is attacked, obviously, and why ICO sales have been using KYC methods that are a total invasion of privacy. For example, Eximchain wanted to gain access to peoples GMAIL for the recent ICO. I mean wtf was that?! Also, the majority of these ICO's have reverted back to VC funding, so it's all private and the only public decentralized aspect of it are the airdrops, but even the airdrops are requiring full ID checks. I think Blockchain technology can end up becoming incredibly invasive. It depends on the project.


Title: Re: AML/KYC Explained
Post by: Cryptagio on February 19, 2018, 02:35:29 PM
I think that decentralized exchanges have good chances to make trading kyc/aml free, however how authorities would react??


Title: Re: AML/KYC Explained
Post by: dmotor on February 19, 2018, 06:55:42 PM
Do KYC and AML related to some jurisdiction or doesn't matter country/state? If so, how the average user can find what is required for instance in Ghana or Algeria?


Title: Re: AML/KYC Explained
Post by: Cryptagio on February 20, 2018, 08:24:20 AM
Do KYC and AML related to some jurisdiction or doesn't matter country/state? If so, how the average user can find what is required for instance in Ghana or Algeria?

KYC/AML is related to jurisdictions, however there are international rules that countries have to follow to be compliant. Usually FATF establishes such rules. In addition each bank should have its own KYC/AML policy


Title: Re: AML/KYC Explained
Post by: minhnguyen on February 20, 2018, 04:53:38 PM
will personal information of users be missused or stolen?


Title: Re: AML/KYC Explained
Post by: akes2090 on February 21, 2018, 12:44:33 PM
Is it imperative for institutions to conduct their own KYC and AML (perhaps in terms of regulations such as SOX, HIPAA, Basel etc) processes or can they outsource it to bureaus which offer such services?


Title: Re: AML/KYC Explained
Post by: sokol2504 on February 24, 2018, 10:40:29 AM
Now this innovation is very difficult, to be honest. And does not cause trust. I try to take part in projects that are completely sure. Of the latter, it is SAFINUS. I did not encounter any problems.


Title: Re: AML/KYC Explained
Post by: uncleduckerr on February 26, 2018, 06:24:12 PM
All KYC and AML does is put tons of innocent peoples information all in one spot so the hackers can find a jackpot of information. It happens over and over and over again with centralized parties and this will not be the one time when that doesn't happen.


Title: Re: AML/KYC Explained
Post by: Mike Mayor on February 26, 2018, 09:42:36 PM
All KYC and AML does is put tons of innocent peoples information all in one spot so the hackers can find a jackpot of information. It happens over and over and over again with centralized parties and this will not be the one time when that doesn't happen.

Precisely. Also even you or I could make an ICO and harvest and sell the info we aquire. They work about $100 each so if you get 1000 people you have $100000.

KYC is against crypto. Noone needs nor wants it.


Title: Re: AML/KYC Explained
Post by: canaveralnonie on February 27, 2018, 06:38:15 AM
For me, KYC is such a time consuming process. As a investor, I want to hide all my information specially if I want to buy a lot of token. I am much confident if they didn't know my identity, cause less info, less hacker resources. But most bitcoiner said, it's a company privacy and rules. That's why I cannot skip those step by step process this past several month.


Title: Re: AML/KYC Explained
Post by: zkidkid on February 27, 2018, 10:15:22 AM
I strongly believe that KYC/AML doesn't help to prevent Money Laundering.
What if they use our private document for other purpose ? How could we be sure that our document will be deleted after they finish reviewing our personal info ?
The key point of Bitcoin & others are to protect user information and it's a joke if we allow them to force people to submit their personal information to buy/sell coins.



Title: Re: AML/KYC Explained
Post by: denbike on February 27, 2018, 09:24:51 PM
So what makes exchanges like Airswap able to avoid doing KYC/AML?


Title: Re: AML/KYC Explained
Post by: habibsir on February 27, 2018, 09:51:30 PM
Anti money laundering (AML) refers to a set of procedures, laws and regulations designed to stop the practice of generating income through illegal actions.Know your customer (KYC) refers to due diligence activities that financial institutions and other regulated companies must perform to ascertain.


Title: Re: AML/KYC Explained
Post by: uyenthuy2212 on February 28, 2018, 03:08:16 AM
KYC can indentified someone, it helps to control well. I like the exchange or ICO coin take the KYC :) ;)


Title: Re: AML/KYC Explained
Post by: vrd on February 28, 2018, 03:57:13 AM
Basic Definition of KYC as the name suggest KNOW YOUR CUSTOMER , its not at all complicated as I have seen some people are making it  its basically knowing  your customer and to know your customer you have to look at his original and authentic documents and verify it by an institution where that person has some area of interest in aspect fo life. its as simple as that.


Title: Re: AML/KYC Explained
Post by: Gusk on February 28, 2018, 12:49:45 PM
Any information can be stolen or sold and then it will get to interested persons who can use it against you. Already, there have been cases when, under torture, their bitcoins were taken from people!


Title: Re: AML/KYC Explained
Post by: Zadicar on March 01, 2018, 07:49:12 PM
All KYC and AML does is put tons of innocent peoples information all in one spot so the hackers can find a jackpot of information. It happens over and over and over again with centralized parties and this will not be the one time when that doesn't happen.

Precisely. Also even you or I could make an ICO and harvest and sell the info we aquire. They work about $100 each so if you get 1000 people you have $100000.

KYC is against crypto. Noone needs nor wants it.
Each information might cost even more than $100 and if those people do tend to sell out those info then it would be an another source of income but a total mess up for those people who do sent their informations online.Im against with this AML/KYC policies which it is totally against crypto but well we do have the free will if we do proceed or not into sending documents.


Title: Re: AML/KYC Explained
Post by: fabiorem on March 01, 2018, 08:38:52 PM
KYC is a complete and outright invasion of privacy and an attack on human rights.

Its not because of showing IDs and passports, this is normal in any bank, and the exchanges would be no different, as they are centralized like any bank. But this issue about taking a selfie with the ID, and in some cases, even a note stating the day and hour the picture was take (as is happening with Binance right now, I had to withdraw my ether from there after I saw it) and they asking you, over and over again, for you to take another photo, and then another, and another, and another, because of "bad resolution" (as most cellphones would have to be professional cameras, used for artistic photography), and all the while, keeping your account locked, and, if you have money stored there, your funds blocked, all of this is a blatant attack on human rights, and is pure, outright centralization, a dictatorship ruled by G7 and its standards they took off from their asses, since they dont consider a lot of people, specially in third world countries, dont have cellphones with professional cameras. I had this issue with CEX.IO some months ago, in 2017, and I never traded with them again. At that time, that exchange was a exception, and a LOT of people were complaining about them. What I see now is this becoming the norm, and people are just complying themselves with it, like it was something normal. It is not, and I'm mad with it.

We need decentralized exchanges now. We need a P2P exchange inside a blockchain, that we can store in our desktops and run nodes for it. Dont you think they will not go after localbitcoins, because they will, and it will be the megaupload of bitcoin. We need a exchange blockchain NOW, this is urgent because Circle bought Poloniex, and Circle belongs to Goldmann Sachs. KYC is just the beginning of a long series of abuses which will force people out of bitcoin. All the while the globalists will create their own centralized cryptocurrency and persuade the merchants to adopt it. We will have 90% volatility in bitcoin prices, due to increasing speculation, and this will put away most of the merchants. At the end, only financial institutions, linked to the stock markets, will be able to trade in the exchanges, which will be highly centralized and controlled by some committee ruled out from the new Poloniex, all under the supervision of the IMF. I'm not spreading FUD. And dont start talking about tether printing to me because derivatives markets sells futures contracts on gold without having gold to cover it.


Title: Re: AML/KYC Explained
Post by: optherium on March 03, 2018, 03:13:21 AM
There are plenty of valid arguments for and against KYC. The bottom line is that this is a regulatory requirement for financial institutions and it's finding its way into digital assets. Businesses that comply with such requirements will have fewer potential problems than those that do not comply. Because of this, platforms that provide KYC solutions will be in high demand.


Title: Re: AML/KYC Explained
Post by: Keskitalo77 on March 03, 2018, 05:40:55 PM
Now that I have begun the process of attempting to purchase my first Bitcion, I wonder if there is not a sense of irony in the Bitcoin community about the level of trust the exchanges expect from their customers.I think the real issues that people have with KYC/AML and the exchanges is the unreasonable level of info/trust they expect. I opened a dedicated bank account to route my funds through and their expectations in opening an account did not seem nearly as unreasonable as any exchange I have looked at so far. They didn't ask for things such as where I work, how I plan to use my funds, a picture of myself, passport info etc.

The ridiculous invasion of privacy that the exchanges are engaged in is clearly of their own design. In one reply to this post it is stated that each organization creates its own KYC/AML program, and that is obvious given that the traditional bank asked for less info than than the exchanges. If the bank can comply with these regulations while asking for a minimum of information, so can the exchanges. I am not trying to stay 100% anonymous. I just don't trust any third party with the info the exchanges are asking for. It seems to me the end result of Bitcoin is that third parties are expecting more trust and information than before Bitcoin.

It seems to me that the promise and purpose of Bitcoin is dying or dead...


Title: Re: AML/KYC Explained
Post by: steve_rogers on March 04, 2018, 10:29:07 PM
Hello everyone, I think this is kind of crazy, that each second project request your personal data, including scans of your docs.
The major idea of cryptocurrency inspired me with its anonymous holding and trading. And I donīt like this tendency, hope in next couple of months everything gonna change, cause I donīt wanna find my personal data somewhere in dark net. What do you think guys, how we can insecure us from KYC ?


Title: Re: AML/KYC Explained
Post by: freigeist on March 05, 2018, 04:09:13 PM
Hello everyone, I think this is kind of crazy, that each second project request your personal data, including scans of your docs.
The major idea of cryptocurrency inspired me with its anonymous holding and trading. And I donīt like this tendency, hope in next couple of months everything gonna change, cause I donīt wanna find my personal data somewhere in dark net. What do you think guys, how we can insecure us from KYC ?

The only way to do that is to stop using FIAT money where is not needed.
Stop using bank,  credit/debit card services.
Stop using centralized exchanges (Bittrex, Poloniex etc..) and any other service that asks you for your private personal data.

Decentralized exchanges and other decentralized applications will be the only solution to that problem.


Title: Re: AML/KYC Explained
Post by: steve_rogers on March 05, 2018, 05:40:13 PM
Hello everyone, I think this is kind of crazy, that each second project request your personal data, including scans of your docs.
The major idea of cryptocurrency inspired me with its anonymous holding and trading. And I donīt like this tendency, hope in next couple of months everything gonna change, cause I donīt wanna find my personal data somewhere in dark net. What do you think guys, how we can insecure us from KYC ?

The only way to do that is to stop using FIAT money where is not needed.
Stop using bank,  credit/debit card services.
Stop using centralized exchanges (Bittrex, Poloniex etc..) and any other service that asks you for your private personal data.

Decentralized exchanges and other decentralized applications will be the only solution to that problem.


Yeah, but still the cryptowallets are not strong enough to hold the mayor part of your savings. We cannot pay for regular products with crypto,
and thatīs why we should convert our cryptoearnings in FIAT with the help of banks and exchanges. I think we should wait for a little, when we will obtain
the currency with fast transactions, high level of protection, totally anonymous, and the most important thing with high TRUST level from the society, people should be able to buy and sell everything and not be afraid that tomorrow or in one week all their income has been decreased in two times.

But, you are right, that we should try to avoid the resources with KYC as much as possible.


Title: Re: AML/KYC Explained
Post by: taichiswag on March 06, 2018, 04:17:21 PM
KYC shoudn't be compulsory on big exchange like CoinBase, they should allow and add limit to Non-KYC users like Binance has done


Title: Re: AML/KYC Explained
Post by: KRAUSS on March 06, 2018, 08:44:50 PM
Hello everyone, I think this is kind of crazy, that each second project request your personal data, including scans of your docs.
The major idea of cryptocurrency inspired me with its anonymous holding and trading. And I donīt like this tendency, hope in next couple of months everything gonna change, cause I donīt wanna find my personal data somewhere in dark net. What do you think guys, how we can insecure us from KYC ?

The only way to do that is to stop using FIAT money where is not needed.
Stop using bank,  credit/debit card services.
Stop using centralized exchanges (Bittrex, Poloniex etc..) and any other service that asks you for your private personal data.

Decentralized exchanges and other decentralized applications will be the only solution to that problem.

You are right, but people will not do such. Decentralized exchanges are not popular and comfortable in comparison with huge centralized exchanges. It is like FidoNet and Internet ))) ( hope somebody can remember what was actually FidoNet haha)


Title: Re: AML/KYC Explained
Post by: freigeist on March 07, 2018, 01:34:38 PM
Hello everyone, I think this is kind of crazy, that each second project request your personal data, including scans of your docs.
The major idea of cryptocurrency inspired me with its anonymous holding and trading. And I donīt like this tendency, hope in next couple of months everything gonna change, cause I donīt wanna find my personal data somewhere in dark net. What do you think guys, how we can insecure us from KYC ?

The only way to do that is to stop using FIAT money where is not needed.
Stop using bank,  credit/debit card services.
Stop using centralized exchanges (Bittrex, Poloniex etc..) and any other service that asks you for your private personal data.

Decentralized exchanges and other decentralized applications will be the only solution to that problem.

You are right, but people will not do such. Decentralized exchanges are not popular and comfortable in comparison with huge centralized exchanges. It is like FidoNet and Internet ))) ( hope somebody can remember what was actually FidoNet haha)

They are not comfortable for sure right now but as the technology advances so will the the exchanges
and I hope it won't be so long until someone build a decentralized exchange that could be comfortable and easy
to use like the current centralized exchanges.



Title: Re: AML/KYC Explained
Post by: bitbunnny on March 07, 2018, 07:29:16 PM
KYC shoudn't be compulsory on big exchange like CoinBase, they should allow and add limit to Non-KYC users like Binance has done

This is the users perspective and something we would like to see. We like our personal data to stay anonimous and confidential.
But from exchanges perspective who are under big pressure by different laws and regulations this is impossibe if they want to run legitimate business. Otherwise they risk a lot and that is not in their best interest.


Title: Re: AML/KYC Explained
Post by: KRAUSS on March 07, 2018, 09:22:13 PM
Hello everyone, I think this is kind of crazy, that each second project request your personal data, including scans of your docs.
The major idea of cryptocurrency inspired me with its anonymous holding and trading. And I donīt like this tendency, hope in next couple of months everything gonna change, cause I donīt wanna find my personal data somewhere in dark net. What do you think guys, how we can insecure us from KYC ?

The only way to do that is to stop using FIAT money where is not needed.
Stop using bank,  credit/debit card services.
Stop using centralized exchanges (Bittrex, Poloniex etc..) and any other service that asks you for your private personal data.

Decentralized exchanges and other decentralized applications will be the only solution to that problem.

You are right, but people will not do such. Decentralized exchanges are not popular and comfortable in comparison with huge centralized exchanges. It is like FidoNet and Internet ))) ( hope somebody can remember what was actually FidoNet haha)

They are not comfortable for sure right now but as the technology advances so will the the exchanges
and I hope it won't be so long until someone build a decentralized exchange that could be comfortable and easy
to use like the current centralized exchanges.



I dont belive in somebody who will build  once. We have such exchanges as Binance and Okex and Bitfinex with billions day volume and millions of participants today. And I think those exchanges will be do everything to have the same quoality of busines as long as it is possible...


Title: Re: AML/KYC Explained
Post by: Keskitalo77 on March 07, 2018, 11:21:18 PM
KYC shoudn't be compulsory on big exchange like CoinBase, they should allow and add limit to Non-KYC users like Binance has done

This is the users perspective and something we would like to see. We like our personal data to stay anonimous and confidential.
But from exchanges perspective who are under big pressure by different laws and regulations this is impossibe if they want to run legitimate business. Otherwise they risk a lot and that is not in their best interest.

The point is that they don't have to be nearly as invasive as they are. I opened a bank account specifically for buying cryptocurrencies and the bank didn't ask for anything like what the exchanges expect. The exchanges request more information than they need. If the old, stuffy banking institution can comply with KYC without asking where I work and what I plan to do with my money then so can the exchanges.


Title: Re: AML/KYC Explained
Post by: O$IRIS on March 08, 2018, 04:25:46 AM
It appears that AML/KYC are for business-as-usual type of solutions. The true decentralized and open blockchain do not require any of the KYC stuff.


Title: Re: AML/KYC Explained
Post by: Knmcrypto on March 08, 2018, 04:44:27 AM
Notice Binance not on the list of KML compliant exchanges. Makes sense considering recent events.


Title: Re: AML/KYC Explained
Post by: TrumpD on March 09, 2018, 10:22:19 AM
If we being very sincere with ourselves and logical, the KYC/AML request are a necessity in today world, because of the reasons clearly stated. Its a fact that there is terrorism financing, human trafficking and sex slaves, drug dealing etc. If we are good people at heart, I believe that we would like all these stuff to be stopped or eradicated totally, but now cryptos anonymity has only created a big avenue for these things to thrive.

That being said, I don't like my personal data in hands of millions of random people and companies. Already we are suffering from "targeted adverts" to a phones and email, after webiste have promised not to share our personal data. So yea, I can't really trust the KYC/AML words for it. So I guess is a tough one, "universal gain vs. personal gain". A better world with more transparent dealings or a worse world but you (we) the individuals safe in our own small corner - in the end the chaos will reach your doorstep.

What i'd love the most genius cryptographers to come up with is a system where we keep our anonymity, but we can meet the requirements of these KYC/AML to ensure we are not doing illegal stuff... May The Force BE With Them.


Title: Re: AML/KYC Explained
Post by: akes2090 on March 09, 2018, 11:48:09 AM
If we being very sincere with ourselves and logical, the KYC/AML request are a necessity in today world, because of the reasons clearly stated. Its a fact that there is terrorism financing, human trafficking and sex slaves, drug dealing etc. If we are good people at heart, I believe that we would like all these stuff to be stopped or eradicated totally, but now cryptos anonymity has only created a big avenue for these things to thrive.

That being said, I don't like my personal data in hands of millions of random people and companies. Already we are suffering from "targeted adverts" to a phones and email, after webiste have promised not to share our personal data. So yea, I can't really trust the KYC/AML words for it. So I guess is a tough one, "universal gain vs. personal gain". A better world with more transparent dealings or a worse world but you (we) the individuals safe in our own small corner - in the end the chaos will reach your doorstep.

What i'd love the most genius cryptographers to come up with is a system where we keep our anonymity, but we can meet the requirements of these KYC/AML to ensure we are not doing illegal stuff... May The Force BE With Them.

I fully agree with you and my experiences relate. I am also trying to roll out an ICO that will make decentralized ID's possible. So in essence you would only need to perform KYC once, and as soon as all checks are done - your documents and the like are deleted, which means there will be no centralized storage of ID or data. If security is breached - intruders will have access to nothing but the blockchain TXs (elaborated on further below) which is futile as it would already be in the public domain. The onus would rest on you though to ensure that your device (PC/tablet/smartphone) is not vulnerable.

* If your (hypothetical) address is: 1234 Crypto Street, Cryptoville, Cryptania
* Your date of birth (derived from ID/SSN or equivalent) is: 01/01/1980

Any other entity that would require KYC should only know that you are from Cryptoville, Cryptania (street address should not be necessary) and that you are 38 years of age - no "specific" info will be divulged. We would simulanteously check if you are on any PEP/terrorist/other crime related lists and have just an atomic value of Yes or No. Once KYC is successful - we issue a cryptographic identity that can be used any other place where KYC is required as we would "vouch" for the legitimacy of your identity. Even further should an entity need to access your profile - they would need to have undergone KYC in the first place, and then you can either accept/reject the access to your info. These requests will be written to a blockchain so that there is transparency and a proper audit trail. This is the jist of the propsed system - I have omitted the complex cryptography and smart contracts behind the concept.

Hopefully the crypto community will see the value behind this venture and support us so that it can be implemented successfully.


Title: Re: AML/KYC Explained
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Title: Re: AML/KYC Explained
Post by: trademindxofficial on March 11, 2018, 02:09:27 PM
Thanks - great write-up. Interesting how this applies to token sales rather than exchanges/other services. Exchanges are dealing directly with fiat, so it makes sense for AML/KYC.

In the case of a token sale, surely the seller is basically selling a digital asset that has some future utility? Furthermore tokens are almost always bought with other cryptocurrencies, not fiat, so why does AML/KYC apply to token sales? It seems strange to say that a token is not an investment/security and then apply the kind of controls an investment/security has to it?

If I buy an ebook (digital asset) and even pay with fiat, there are no such checks. So why are these checks being applied to token sales?


Title: Re: AML/KYC Explained
Post by: Sir mikolo on March 16, 2018, 06:44:46 AM
Know Your Customer or (KYC) is a requirement in the process of adhering to the preventitive measures necessary to monitor money laundering techniques used by suspected parties. It involves questions by a banking officer or principal of a firm which allows the officer to ascertain the primary source of funds which are being used to carryout a financial transaction.
The Financial Industry Regulatory Authority (FINRA)
is responsible for making sure all financial firms adhere to the “Bank Secrecy Act.” The Bank Secrecy Act has implementing regulations which amount to “Anti-Money Laundering” (AML) rules. The AML rules are in place to help
protect and report suspicious activity regarding financial transactions. It mainly focuses on those actions which predicate money laundering, terrorist funding, market manipulation and securities fraud.


Title: Re: AML/KYC Explained
Post by: Mike1992 on March 16, 2018, 06:54:25 AM
The set of procedures, rules and regulations which are designed with a view to curtail the money laundering or criminal use of the financial institutions is called Anti Money laundering process. Many measures are developed across the globe to curtail money laundering and combating terrorist financing. While KYC is one of a anti money laundering procedure or a small part of AML and Combating Financing terrorism (CFT).


Title: Re: AML/KYC Explained
Post by: Shafiqul Islam on March 17, 2018, 02:16:35 PM
AML/KYC is a barrier to entry for small Bitcoin startups and effectively hinders Bitcoin innovation .. it should be IGNORED
KYC means know your consuser.it is a effective way of getting tokens or coins. Kyc is an anti Cheater activities in AIRDROP and bounties.


Title: Re: AML/KYC Explained
Post by: NotVitalik on March 18, 2018, 06:04:06 PM
This is all amazing guys but why KYC/AML is still so centralized? I mean common, blockchain is used everywhere and still we have to send over Internet our passports, driving licenses, utility bills, etc. Any ideas how to  get around it? There must a company to offer decentralized KYC services.


Title: Re: AML/KYC Explained
Post by: Schmutzfrosch on March 19, 2018, 05:26:10 PM
This is all amazing guys but why KYC/AML is still so centralized? I mean common, blockchain is used everywhere and still we have to send over Internet our passports, driving licenses, utility bills, etc. Any ideas how to  get around it? There must a company to offer decentralized KYC services.

Ya, Selfkey is building decentralized platform to do KYC/ID without a need to send your docs over the network.


Title: Re: AML/KYC Explained
Post by: szulczuk on March 19, 2018, 10:15:24 PM
The subject is really interesting, but I think it should improve some aspects, or possibly they are not very well explained and people like me do not understand well because we do not live in an environment where that is imagined feasible.


Title: Re: AML/KYC Explained
Post by: bitbunnny on March 20, 2018, 01:22:57 PM
This is all amazing guys but why KYC/AML is still so centralized? I mean common, blockchain is used everywhere and still we have to send over Internet our passports, driving licenses, utility bills, etc. Any ideas how to  get around it? There must a company to offer decentralized KYC services.

Nope, this wouldn't function. Not from the personal data protection perspective, at least not in Europe.
These are all your personal data and they can't be shared and distributed without your explicite consent and used for exactly defined purpose. The regulation is rather strict concerning that issue.


Title: Re: AML/KYC Explained
Post by: freigeist on March 20, 2018, 03:15:41 PM
This is all amazing guys but why KYC/AML is still so centralized? I mean common, blockchain is used everywhere and still we have to send over Internet our passports, driving licenses, utility bills, etc. Any ideas how to  get around it? There must a company to offer decentralized KYC services.

Nope, this wouldn't function. Not from the personal data protection perspective, at least not in Europe.
These are all your personal data and they can't be shared and distributed without your explicite consent and used for exactly defined purpose. The regulation is rather strict concerning that issue.

What about this?!

https://www.civic.com/
https://www.icopass.id/



Title: Re: AML/KYC Explained
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Title: Re: AML/KYC Explained
Post by: pissyas on March 21, 2018, 05:49:41 PM
What is KYC ?

Know your customer (KYC) refers to due diligence activities that financial institutions and other regulated companies must perform to ascertain relevant information from their clients for the purpose of doing business with them. The term is also used to refer to the bank regulation which governs 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' anti-bribery compliance. Banks, insurers and export credit agencies are increasingly demanding that customers provide detailed anti-corruption due diligence information, to verify their probity and integrity.


Who has to enforce KYC ?

Know your customer (KYC) falls under the responsability of each financial institution and/or regulated company.

The regulations require these entities to adopt KYC procedures.  It assists them in knowing / understanding the customers and their financial dealings better to monitor their transactions for identification and prevention of suspicious transactions.


KYC Recommendations

KYC controls typically include the following:

- Collection and analysis of basic identity information (referred to in US regulations and practice a "Customer Identification Program" or CIP)
- Name matching against lists of known parties (such as "politically exposed person" or PEP)
- Determination of the customer's risk in terms of propensity to commit money laundering, terrorist finance, or identity theft
- Creation of an expectation of a customer's transactional behavior
- Monitoring of a customer's transactions against their expected behaviour and recorded profile as well as that of the customer's peers

KYC Jurisdiction and Locality

KYC regulations are local, and differ from country to country. Jurisdiction is also, on a coutry to country basis.

To know more about your specific country, visit: http://kycmap.com


KYC and Bitcoin Exchanges

Stricter KYC policies:

Bitstamp   https://www.bitstamp.net/privacy-policy/ (https://www.bitstamp.net/privacy-policy/)
Bitfinex       https://www.bitfinex.com/pages/tos (https://www.bitfinex.com/pages/tos)  or refer inquiries to compliance@bitfinex.com
BTCChina   (only since new PBOC guidance, Dec 2013) (link?)
Cavirtex   https://www.cavirtex.com/faq (https://www.cavirtex.com/faq)
Coinbase    https://coinbase.com/legal/privacy (https://coinbase.com/legal/privacy)
Kraken       https://www.kraken.com/legal/verification (https://www.kraken.com/legal/verification) (their General Counsel, Constance Choi is a well known specialist in the Regulatory and Compliance field)
Cryptonit    https://cryptonit.net/regulations (https://cryptonit.net/regulations)


Loose or non-existant KYC policies:

BTC-e   (??)
Crypsty   (??)
LocalBitcoin (p2p based, limited KYC?)




What is AML?

Standing for "Anti-money Laundering", it is a set of procedures, laws or regulations designed to stop the practice of generating income through illegal actions. In most cases money launderers hide their actions through a series of steps that make it look like money coming from illegal or unethical sources was earned legitimately.

Who has to enforce AML?

In response to mounting concern over money laundering, the Financial Action Task Force on Money Laundering (FATF) was established by the G-7 Summit that was held in Paris in 1989.

The Task Force was given the responsibility of examining money laundering techniques and trends, reviewing the action which had already been taken at a national or international level, and setting out the measures that still needed to be taken to combat money laundering. In April 1990, less than one year after its creation, the FATF issued a report containing a set of Forty Recommendations, which provide a comprehensive plan of action needed to fight against money laundering.

The FATF calls upon all countries to take the necessary steps to bring their national systems for combating money laundering and terrorism financing into compliance with the new FATF Recommendations, and to effectively implement these measures.

Again, as in the case of KYC, financial institutions and/or regulated companies are responsible for the implementation of internal AML policies.

AML Jurisdiction and Locality

AML regulations are also local, and differ from country to country. Some countries choose a top-down approach, inheriting much of their AML policies from the FATF, while others go for a bottom-up approach and then have to reconcile both policies. Extreme countries where such reconciliation is impossible (generally due to Government unwillingness) are excluded from the FATF membership, with the corollary of increased complications to access the international markets and financing.

For a full list of FATF members, visit:         http://en.wikipedia.org/wiki/Financial_Action_Task_Force_on_Money_Laundering

AML and Bitcoin Exchanges

Currently in compliance:

Bitstamp   https://www.bitstamp.net/aml-policy/ (https://www.bitstamp.net/aml-policy/)
Bitfinex      https://www.bitfinex.com/pages/tos (https://www.bitfinex.com/pages/tos) or refer inquiries to compliance@bitfinex.com
Cavirtex   https://www.cavirtex.com/why_virtex#proactively_working (https://www.cavirtex.com/why_virtex#proactively_working)
Coinbase    https://coinbase.com/legal/privacy (https://coinbase.com/legal/privacy)
Kraken       https://www.kraken.com/legal/aml (https://www.kraken.com/legal/aml) (their General Counsel, Constance Choi is a well known specialist in the Regulatory and Compliance field)
Cryptonit    https://cryptonit.net/regulations (https://cryptonit.net/regulations)

Unknown status:

BTCChina   (unclear since new PBOC guidance, Dec 2013) (are they financial institutions?)
BTC-e   https://btc-e.com/page/1
LocalBitcoin (p2p based, limited or no AML?)



WARNING:
Assume that restrictions for any Bitcoin to National Currency exchange may become more restrictive at any time in the future. Many exchanges in the past have restricted currency deposits or withdrawals proactively as BitStamp has (https://www.bitstamp.net/article/bitstamp-new-verification-requirements/), without any explicit order from a government agency to do so at the time. Others like BTCChina have in response to concerns made even the ability to continue to login to their platform contingent on supplying further identifying information (http://www.coindesk.com/btc-china-now-requires-id-accounts/). In the past surprise changes to AML/KYC requirements have lead users of exchanges to have their access to deposited funds substantially delayed while complying with new requirements or even lost access to their deposited funds completely if they could not comply with the new requirements. Changing AML/KYC exchange enacted AML/KYC requirements have affected users of all major exchanges that handle both Bitcoin and National currency. People who continue using such exchanges should prepare for the contingency that their exchange of choice will change their AML/KYC requirements in the future.
We can see that the ICO projects in 2017 are very well developed and have very successful projects such as brilliant REC, HXT, CMT ... These are all outstanding projects. But in addition to those projects, there are also many failed projects and can not call for capital success. Now, the market has developed and requires buyers and sellers to implement KYC so that they can improve their credibility and verification of their projects, avoid virtual registrations. virtual bridge.


Title: Re: AML/KYC Explained
Post by: omorfi on March 21, 2018, 11:22:54 PM
I justed learned the AML procedure from you article, thanks for that. I really like and support KYC process. This is a nightmare for the multi account owners. The best parf of this enable a fair bounty distribution.


Title: Re: AML/KYC Explained
Post by: V-t.Ester on March 22, 2018, 07:54:09 AM
Several months ago I made certain that some projects that need verification are very uncertain. On the question to the manager: "So, when I will receive my tokens?" I've got an answer: "We don't have official announcement yet." A lot of people I spoke with believe that project failed. So KYC doesn't always guaranty reliability.


Title: Re: AML/KYC Explained
Post by: sallee2 on March 23, 2018, 05:20:41 AM
I think you are in the know of how financial institution works and talk candid - the combination doesn't come easy. I am related to financial institutes in Australia and I'm a bitcoin early-adopter/supporter/consultant/journalist. If you take out large amounts of cash, they report on you also.  Account mangers have to audit any flagged account, based on a set of hush hush rules, and report. Like if you deposit as little as 2000.00 in cash, if that's not normal for that account


Title: Re: AML/KYC Explained
Post by: strongwarrior238 on March 23, 2018, 05:21:02 AM
I am not making a statement one way or another about gun control, just using it as an example.  Gun control rules create a set of circumstances that means law abiding citizens have fewer guns and criminals have more. The financial institutions are agents of the government and AML/KYC is one such rods handed to them to beat people into line, so that a tab is kept on every of their dealings for scrutiny anytime


Title: Re: AML/KYC Explained
Post by: tatum506 on March 23, 2018, 05:21:12 AM
It's an invasion of privacy in my opinion, but the world is controlled by man made laws, and this is how they maintain that control. If everyone was free range and able to do whatever they please, they would lose control. This is why BTC is attacked, obviously, and why ICO sales have been using KYC methods that are a total invasion of privacy


Title: Re: AML/KYC Explained
Post by: BitcoinMarshal on March 23, 2018, 08:10:15 PM
Several months ago I made certain that some projects that need verification are very uncertain. On the question to the manager: "So, when I will receive my tokens?" I've got an answer: "We don't have official announcement yet." A lot of people I spoke with believe that project failed. So KYC doesn't always guaranty reliability.
Its absolutely right its never been guarantee that if some one asking for KYC then this project is going to be succeeded its just for some paper works I also joined few projects and passed this but still these most failed and now in next few months this is going to be more tough as many governments going to be very strict about this which can hit these ICO's very baldy as many users don't want to share their own personal information on internet for safety


Title: Re: AML/KYC Explained
Post by: Bobby Ocean on March 24, 2018, 09:33:32 AM
Here a reality check: KYC/AML is not your friend, it will not help you from getting scammed, it will not help you to have more trust in the people you are working with in cryptroland. It's one and only purpose (in this context) is to control the on and off ramp in exchanges that allow you to convert crypto to fiat and back again. To be able to track your financial activities and coerce you into revealing private information about profit and loss in exchanges around the world.

However, there is very little actual policy that has been written into law, anywhere, right now.  Most of the news and PR spin coming from Governments around the world is pure FUD, then backpedaling.  As a result of these quasi-empty, well timed threats coming out of news agencies that are literally being paid to churn out paid propaganda, many exchanges are voluntarily enacting KYC/AML policies to the effect of locking up peoples money, losing clients, and going out of business.  

Exchanges are not banks.  Right now, in the US, exchanges that do fiat to crypto and allow bank wires in and out of accounts are not currently required to send their customers a 1099K form, which is the form that reports to the IRS on profit, loss and income. Why is that?  Because the IRS has still not set a clear policy on crypto.  The last policy the IRS set was in 2014 in it's decision to classify Bitcoin as an asset instead of a currency, which pretty much the definition of a poison pill. And recently a Federal Court determined that it was the courts opinion that Bitcoin was not an asset, but a commodity.

KYC/AML has nothing to do with terrorism, or organized crime anymore, those guys from the Cartels, The Triads, The various Mob Organizations, Putins Oligarchs, they simply go right to the top and pay off or blackmail the government officials and regulators. They really don't even have to try and blackmail anybody anymore, cause most of these people in control of these things are just happy to take the money.  

"The regulators aren't concerned about money laundering, except that they get their cut." - Paul H.


Anyone who is in crypto and is fully supporting KYC/AML should have their head examined. KYC/AML is about control.  Control of most of us here on these forums, the little people, the tax cattle.

Quote
Satoshi Nakamoto's vision outlined in Bitcoin: A Peer-to-Peer Electronic Cash System:

"Abstract: A  purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.  Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work."

Bitcoin is the first decentralized digital currency, as the system works without a central bank or single administrator. The network is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes through the use of cryptography and recorded in a public distributed ledger called a blockchain.

This reality is brought to you the people in the inside of the Global Fiat Cabal who happen to be very good stock traders who are making really good money in the various crypto to fiat exchanges around the world. Take some time to get to know know them, they are here among us:

A conversation overheard on a US based crypto trading floor a few weeks back by several retired successful stock brokers who now play the market of BTC to USD:

Quote
Paul H: The regulators aren't concerned about money laundering, except that they get their cut. If they were, all the big banks would be shut down. They have already paid fines for money laundering. And we know they are continuing, because they have been fined again.

So, its not about money laundering, its about making sure the tax cattle cannot escape.  All the little people have to stay and take their hair cut. (Like Crimea) While all the big boys, in the club, get to avoid such.

Fortunately, if the govern-cement does ban cryptos, it will only make them more valuable, and more people will use them. See any of the past prohibitions.

Ted C: Yep. The tax issue is huge. I think having such an open international exchange program is making the tax collector sweat. How can you possibly track the trades and gains on exchanges who are housed everywhere throughout the globe? You pretty much have to rely on the tax payer's honesty, and they are unlikely to do that.
$0.04

Robert G: Especially when honesty can cost you so much. Never speak of bitcoin and the Infernal Revolting Service will never ask you any questions.  Speak of bitcoin and they will have you over a barrel and demanding to know everything and after all that they will fine you for not doing what they said (after) in the first place.

Paul H:   They don't have to use bitcoin for money laundering If such currencies like monero and dash exist ))

Ted C: Yep, it's pretty difficult to launder money with crypto anyways. At least on a grand scale. You can turn it into cash easy enough, but the difficulty of laundering money has never been getting cash, it's getting fiat into a legit bank account without raising eyebrows. Still not easy to do with crypto.

Tony R: It will be interesting to see how cryptos for cannabis will fit into this world, as this blog says, less than 1 percent is used for money laundering. How do all the cannabis-related coins fit into this if they plan on using it for the exchange of cannabis (even legal cannabis)? Would that be considered "illicit activities" in the minds of regulators? Yet, the big banks are the biggest launderers of drug cartel money.


Fred S:It is simply the Big Corps finding an excuse to try to shut down Cryptocurrency

A little word to the wise: Coinbase has been thoroughly compromised. Move your accounts to Gemini, bitFlyer, anyone but Coinbase. We will soon see the garroted, rotting corpses hanging from the lampposts in cities around the US of the people betrayed by Coinbase when they caved in court, and most suspect that the price of the deal was an always open backdoor for the IRS to access information on US taxpayers with little or no resistance, going forward.



Title: Re: AML/KYC Explained
Post by: zakalwe on March 25, 2018, 04:44:43 PM
Countries like United States and Singapore have their own set of rules regarding purchasing crypto assets and other financial services specially banking. in order to acquire digital currencies and services from bank and other financial institute one has to go through certain verification process of identity check where you have to present identity proof documents. this process is called KYC or know your customer. AML or anti money laundering is similar process conducts to prevent the criminal activities.


Title: Re: AML/KYC Explained
Post by: resus on March 27, 2018, 01:19:08 PM
Isn't it a time to add Circle.com to the lists?
As far as I saw they request customer information and refer to KYC during registration.I wonder, whether this makes them compliant.


Title: Re: AML/KYC Explained
Post by: krocosee91010 on March 27, 2018, 04:45:09 PM
whether it is a requirement to submit a KYC to a list on the exchange, and now ICO also has to submit to KYC and that I am worried about ICO or its project scam, please Explain mate, and i think not all Exchange and ICO has official Regulation.


Title: Re: AML/KYC Explained
Post by: rtwspark on March 28, 2018, 05:03:58 AM
One thing to consider is that KYC/AML apply to traditional fiat, so say an exchange like Bitmex, from what I understand, has very low hurdles for customer acquisition.  I think all they need is an email.  But that's because they don't actually accept fiat - everything they do is in crypto


Title: Re: AML/KYC Explained
Post by: freigeist on March 28, 2018, 10:40:32 AM
One thing to consider is that KYC/AML apply to traditional fiat, so say an exchange like Bitmex, from what I understand, has very low hurdles for customer acquisition.  I think all they need is an email.  But that's because they don't actually accept fiat - everything they do is in crypto

On Poloniex and Bittrex there isn't any FIAT but yet they still fuck you with KYC and artificial withdrawal limits!
Almost all the ICO-s are using only Crypto but still want your KYC data. Why is that?


Title: Re: AML/KYC Explained
Post by: monkeyrage on March 29, 2018, 01:07:17 AM
At what point does supposed KYC/AML compliance requirement blocking access to amounts worth below the reporting trigger limits become a deliberate scam?

I am frustrated due to getting "KYC"ed for small scale investments, i.e. they already have my coin and are changing policy. Crypto financials have an absolutely abysmal security track record, and I am unwilling to spread my data around to every two satoshi operation, it's not a case of "if" ID theft will happen it's a case of WHEN. I am absolutely convinced that if I should give full ID to 10 such operations that it's absolutely guaranteed that my data would be stolen in a year. It's very highly likely even if I restrict myself to just 5... at the moment I am only providing ID to operations located in my home country who I can get restitution from easily if/when they screw up. I had deliberately limited size of investments for risk reasons and to "not have to deal" with any AML BS.

The problem is here, my credit could be abused into the tens of thousands of dollars range, so providing full ID is an additional tens of thousands worth of risk for things likely to realize a mere hundred or two in profit, if any.

I had expected crypto to fiat interfaces to require KYC, what has caught me off guard is the number of crypto<>crypto things now beginning to implement, often with no opportunity to withdraw investment.
Exactly... And it's far worse, because there is no accountability - when compared to a Chase or BofA, etc. big institution.. At least a breach with those monkeys mean you have some control..  The random exchanges are asking for all kinds of photos of passports, or drivers  licenses, etc.. So now personal info AND digital images (JPG's) are out there.. Sucks.


Title: Re: AML/KYC Explained
Post by: KRAUSS on March 29, 2018, 12:54:02 PM
One thing to consider is that KYC/AML apply to traditional fiat, so say an exchange like Bitmex, from what I understand, has very low hurdles for customer acquisition.  I think all they need is an email.  But that's because they don't actually accept fiat - everything they do is in crypto

On Poloniex and Bittrex there isn't any FIAT but yet they still fuck you with KYC and artificial withdrawal limits!
Almost all the ICO-s are using only Crypto but still want your KYC data. Why is that?


The worst thing is what you dont know to whom you send you documents. If you will send your passport to every ICO, what is not licensed and regulated  you can be scamed (((


Title: Re: AML/KYC Explained
Post by: rapidleech on April 01, 2018, 05:35:12 PM
How come these policies can be adapted to ICOs and others projects with blockchain technologies?


Title: Re: AML/KYC Explained
Post by: mubigfan on April 05, 2018, 01:45:03 AM
Thanks you for your post. I am newbie, it help me so much to understand about KYC that need for ICO project.


Title: Re: AML/KYC Explained
Post by: V1saya on April 05, 2018, 01:52:05 AM
One thing to consider is that KYC/AML apply to traditional fiat, so say an exchange like Bitmex, from what I understand, has very low hurdles for customer acquisition.  I think all they need is an email.  But that's because they don't actually accept fiat - everything they do is in crypto

On Poloniex and Bittrex there isn't any FIAT but yet they still fuck you with KYC and artificial withdrawal limits!
Almost all the ICO-s are using only Crypto but still want your KYC data. Why is that?


Poloniex and Bittrex are under US strict policies reason why they are imposing strict KYC. Who knows the US government already have our complete personal identifications for possible investigations. I wonder why both companies didn't transfer to different country like Malta where Binance is heading.


Title: Re: AML/KYC Explained
Post by: lrdeoliveira on April 05, 2018, 07:04:27 AM
Maged once again I have looked up what you have put together here and read through it. Just wanted to say thank you for this highly informative text, which nowadays will play a rising role and of course also in the way clients will evaluate exchanges and their offerings and how they deal with their personal data


Title: Re: AML/KYC Explained
Post by: toantk on April 10, 2018, 10:32:25 AM
Thank for you explaination.


Title: Re: AML/KYC Explained
Post by: sudnokpok on April 11, 2018, 08:36:49 AM
Important aspects. But i think MTGOX should be removed from this nice article. When i see it's name i become different, furry.


Title: Re: AML/KYC Explained
Post by: SolyanMinimus on April 11, 2018, 01:44:27 PM
Thanks


Title: Re: AML/KYC Explained
Post by: scorpionso on April 13, 2018, 06:39:53 AM
thank you very much for this picked valuable info.  ;) If I had a merit I would share  :'(


Title: Re: AML/KYC Explained
Post by: Danny Uchay on April 14, 2018, 09:20:28 PM
Great job! I've learned a thing or two from your post. Thanks.


Title: Re: AML/KYC Explained
Post by: Danny Uchay on April 14, 2018, 09:31:00 PM
To expand a bit on what all this means at local level.

Services design their own AML/KYC policies and risk management processes with the over-arching guidelines and statutory requirements in mind.  Conventional financial institutions tend to have extremely conservative risk assessment frameworks because they're at risk of fines in the hundreds of millions if they're found to be non-compliant.

The risk assessment/management procedures individual institutions use are developed by them.  They get to decide which customers and what transactions are "high risk" and can and do choose to cease providing services to high risk accounts rather than apply enhanced AML/KYC compliance procedures to those accounts.  They are under no legal obligation whatsoever to allow you to operate a high risk account and don't have to justify a refusal to do so (under some circumstances, they may even be prohibited from giving you a specific reason).

Compliance is a huge administrative burden for financial institutions and it's both cheaper and easier for them to dump accounts/customers who add to that burden.  They not only don't care if you take your business elsewhere, they actively want you to do so - they want your accounts to be someone else's headache.

When your financial institution refuses to process a transaction or closes your account, they are not telling you what to do with your money.  They don't actually give a fuck what you do with your money.  What they're doing is refusing to act as the middleman in transactions which expose them to potential liability.  Any fees they might have earned from that transaction pale into insignificance compared to the fines which allowing a single transaction which breaches AML/KYC requirements can attract (it's 11 million per breach here in Australia for a corporation and a single transaction can involve multiple breaches).  It's not about your right to send funds to potentially flaky Bitcoin services or Nigerian "princes" - it's about their right (and, to a large extent, obligation) to not involve themselves in high risk transactions.

People in general greatly over-estimate their importance as customers to financial institutions.  You may believe that you're giving them "a lot of business", but in the overall context of their operations you're not bringing them enough profit to justify the risks involved in servicing your account.  They can always find low risk customers to replace you.

Great contribution. I like the new perspective your post took. Thanks


Title: Re: AML/KYC Explained
Post by: Aljaz19 on April 15, 2018, 05:10:42 PM
Really helpful, thanks!


Title: Re: AML/KYC Explained
Post by: kramr on April 16, 2018, 08:34:06 AM
The thread opens the eyes. From the very beginning, the authorities were interested in having a clear idea of the monetary markets / holders and were wondering about the best way to adjust fiscal rules, etc. Thus, it was only a matter of time when more stringent rules were set for exchange, it does not matter if they change fiat vs. Cryto.


Title: Re: AML/KYC Explained
Post by: Zuzma on April 17, 2018, 12:36:58 PM
SelfKey is one of the top 5 blockchain projects designed to increase our freedom
 https://www.investinblockchain.com/blockchain-projects-freedom/


Title: Re: AML/KYC Explained
Post by: butrsukumpanumet on April 17, 2018, 08:01:35 PM
AML/KYC is a barrier. I don't have a utility bill in my name.  It is normal here that utility bills stay in the landlord's name.


Title: Re: AML/KYC Explained
Post by: sudnokpok on April 18, 2018, 05:47:23 AM
Important aspects. But i think MTGOX should be removed from this nice article. When i see it's name i become different, furry.


Title: Re: AML/KYC Explained
Post by: Zizi19231 on April 18, 2018, 07:39:32 PM
I see more and more ICO asking for KYC and AML, also more and more exchange are asking for it. I hope they wont use our information for bad uses.


Title: Re: AML/KYC Explained
Post by: CryptoGOD321 on April 19, 2018, 06:23:49 AM
To think that Localbitcoins just started applying KYC/AML on their platform.... Oh well the next biggest P2P marketplace is Paxful. I guess I'm going on there.


Title: Re: AML/KYC Explained
Post by: damsix on April 21, 2018, 01:32:04 AM
strongly agree with AML and KYC because it can be a strong security to enter the exchange.

the example of it when there are certain parties in other countries will corruption and the money in the run to Bitcoin, automatically enter the exchange exchanges and when the money deposit and buy Bitcoin then we will see where the transaction and how much deposit. and that's his function from KYC and AML.


Title: Re: AML/KYC Explained
Post by: riplete on April 21, 2018, 04:39:59 PM
Services design their own AML/KYC policies and risk management processes with the over-arching guidelines and statutory requirements in mind.  Conventional financial institutions tend to have extremely conservative risk assessment frameworks because they're at risk of fines in the hundreds of millions if they're found to be non-compliant.


Title: Re: AML/KYC Explained
Post by: XFlowZion on April 23, 2018, 07:32:01 AM
AML/KYC is a barrier. I don't have a utility bill in my name.  It is normal here that utility bills stay in the landlord's name.

That's also what I'm facing right now. I want to participate in an ICO but the name on the bill is entitled to my father which is not allowed. They should consider two ids instead of one id and one bill.


Title: Re: AML/KYC Explained
Post by: ov3rflow9x on April 23, 2018, 08:33:59 AM
Both of them are related to jurisdiction, But there are international laws and rules that countries have to follow to be good. Usually fatf try to establish such rules.


Title: Re: AML/KYC Explained
Post by: catcoin524 on April 25, 2018, 09:20:36 AM
can anybody explain exactly how do you detact AML in the crypto world ?
i mean in order to launder money you need to hack the blockchain am i wrong ?


Title: Re: AML/KYC Explained
Post by: BitcoinMarshal on April 25, 2018, 10:31:00 AM
AML/KYC is a barrier. I don't have a utility bill in my name.  It is normal here that utility bills stay in the landlord's name.

That's also what I'm facing right now. I want to participate in an ICO but the name on the bill is entitled to my father which is not allowed. They should consider two ids instead of one id and one bill.
In some cases this can solve with bank statement which any one can obtain with own name bank account and some companies accepted birth certificate if you living in your birth home


Title: Re: AML/KYC Explained
Post by: picostocks on April 25, 2018, 10:48:22 AM
Does anyone know how accurate are the data from the kycmap.com ?

Last blog/news post is from 2015... Since that time many things happend in case of cryptocurrency policies but in the kyc/aml as well.


Title: Re: AML/KYC Explained
Post by: jcdelcasti on April 26, 2018, 03:24:11 PM
Could someone could explain me what is KYB??

I heard about KYC but nothing about KYB

Regards!!


Title: Re: AML/KYC Explained
Post by: KRAUSS on April 26, 2018, 04:47:04 PM
Could someone could explain me what is KYB??

I heard about KYC but nothing about KYB

Regards!!


KYB = Know your business - Know Your Business is the due diligence review of your business and industry which when reviewed against Money Laundering techniques allows you to develop policies and assess suspicious activities or transactions.

or Kick Your Butt )))


Title: Re: AML/KYC Explained
Post by: jcdelcasti on April 26, 2018, 06:39:24 PM
Thanks a lot!!!! Is difficult to understand all of the different terms.  :)


Title: Re: AML/KYC Explained
Post by: 2520 on April 26, 2018, 08:40:54 PM
I dont know guys. As for me i very worry about private information. day by day KYC become more strict :( :(


Title: Re: AML/KYC Explained
Post by: SocratesCO on April 27, 2018, 07:52:59 AM
What is KYC ?

Know your customer (KYC) refers to due diligence activities that financial institutions and other regulated companies must perform to ascertain relevant information from their clients for the purpose of doing business with them. The term is also used to refer to the bank regulation which governs 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' anti-bribery compliance. Banks, insurers and export credit agencies are increasingly demanding that customers provide detailed anti-corruption due diligence information, to verify their probity and integrity.


Who has to enforce KYC ?

Know your customer (KYC) falls under the responsability of each financial institution and/or regulated company.

The regulations require these entities to adopt KYC procedures.  It assists them in knowing / understanding the customers and their financial dealings better to monitor their transactions for identification and prevention of suspicious transactions.


KYC Recommendations

KYC controls typically include the following:

- Collection and analysis of basic identity information (referred to in US regulations and practice a "Customer Identification Program" or CIP)
- Name matching against lists of known parties (such as "politically exposed person" or PEP)
- Determination of the customer's risk in terms of propensity to commit money laundering, terrorist finance, or identity theft
- Creation of an expectation of a customer's transactional behavior
- Monitoring of a customer's transactions against their expected behaviour and recorded profile as well as that of the customer's peers

KYC Jurisdiction and Locality

KYC regulations are local, and differ from country to country. Jurisdiction is also, on a coutry to country basis.

To know more about your specific country, visit: http://kycmap.com


KYC and Bitcoin Exchanges

Stricter KYC policies:

Bitstamp   https://www.bitstamp.net/privacy-policy/ (https://www.bitstamp.net/privacy-policy/)
Bitfinex       https://www.bitfinex.com/pages/tos (https://www.bitfinex.com/pages/tos)  or refer inquiries to compliance@bitfinex.com
BTCChina   (only since new PBOC guidance, Dec 2013) (link?)
Cavirtex   https://www.cavirtex.com/faq (https://www.cavirtex.com/faq)
Coinbase    https://coinbase.com/legal/privacy (https://coinbase.com/legal/privacy)
Kraken       https://www.kraken.com/legal/verification (https://www.kraken.com/legal/verification) (their General Counsel, Constance Choi is a well known specialist in the Regulatory and Compliance field)
Cryptonit    https://cryptonit.net/regulations (https://cryptonit.net/regulations)


Loose or non-existant KYC policies:

BTC-e   (??)
Crypsty   (??)
LocalBitcoin (p2p based, limited KYC?)




What is AML?

Standing for "Anti-money Laundering", it is a set of procedures, laws or regulations designed to stop the practice of generating income through illegal actions. In most cases money launderers hide their actions through a series of steps that make it look like money coming from illegal or unethical sources was earned legitimately.

Who has to enforce AML?

In response to mounting concern over money laundering, the Financial Action Task Force on Money Laundering (FATF) was established by the G-7 Summit that was held in Paris in 1989.

The Task Force was given the responsibility of examining money laundering techniques and trends, reviewing the action which had already been taken at a national or international level, and setting out the measures that still needed to be taken to combat money laundering. In April 1990, less than one year after its creation, the FATF issued a report containing a set of Forty Recommendations, which provide a comprehensive plan of action needed to fight against money laundering.

The FATF calls upon all countries to take the necessary steps to bring their national systems for combating money laundering and terrorism financing into compliance with the new FATF Recommendations, and to effectively implement these measures.

Again, as in the case of KYC, financial institutions and/or regulated companies are responsible for the implementation of internal AML policies.

AML Jurisdiction and Locality

AML regulations are also local, and differ from country to country. Some countries choose a top-down approach, inheriting much of their AML policies from the FATF, while others go for a bottom-up approach and then have to reconcile both policies. Extreme countries where such reconciliation is impossible (generally due to Government unwillingness) are excluded from the FATF membership, with the corollary of increased complications to access the international markets and financing.

For a full list of FATF members, visit:         http://en.wikipedia.org/wiki/Financial_Action_Task_Force_on_Money_Laundering

AML and Bitcoin Exchanges

Currently in compliance:

Bitstamp   https://www.bitstamp.net/aml-policy/ (https://www.bitstamp.net/aml-policy/)
Bitfinex      https://www.bitfinex.com/pages/tos (https://www.bitfinex.com/pages/tos) or refer inquiries to compliance@bitfinex.com
Cavirtex   https://www.cavirtex.com/why_virtex#proactively_working (https://www.cavirtex.com/why_virtex#proactively_working)
Coinbase    https://coinbase.com/legal/privacy (https://coinbase.com/legal/privacy)
Kraken       https://www.kraken.com/legal/aml (https://www.kraken.com/legal/aml) (their General Counsel, Constance Choi is a well known specialist in the Regulatory and Compliance field)
Cryptonit    https://cryptonit.net/regulations (https://cryptonit.net/regulations)

Unknown status:

BTCChina   (unclear since new PBOC guidance, Dec 2013) (are they financial institutions?)
BTC-e   https://btc-e.com/page/1
LocalBitcoin (p2p based, limited or no AML?)



WARNING:
Assume that restrictions for any Bitcoin to National Currency exchange may become more restrictive at any time in the future. Many exchanges in the past have restricted currency deposits or withdrawals proactively as BitStamp has (https://www.bitstamp.net/article/bitstamp-new-verification-requirements/), without any explicit order from a government agency to do so at the time. Others like BTCChina have in response to concerns made even the ability to continue to login to their platform contingent on supplying further identifying information (http://www.coindesk.com/btc-china-now-requires-id-accounts/). In the past surprise changes to AML/KYC requirements have lead users of exchanges to have their access to deposited funds substantially delayed while complying with new requirements or even lost access to their deposited funds completely if they could not comply with the new requirements. Changing AML/KYC exchange enacted AML/KYC requirements have affected users of all major exchanges that handle both Bitcoin and National currency. People who continue using such exchanges should prepare for the contingency that their exchange of choice will change their AML/KYC requirements in the future.

Well explained thanks! These are very useful information especially for those who just started in crypto world


Title: Re: AML/KYC Explained
Post by: deslt on April 29, 2018, 12:17:10 AM
I have some ideas about how to solve this... but I am quite stuck financially
check out my proof-of-human idea

https://github.com/desLT/dID


Title: Re: AML/KYC Explained
Post by: tunapa on April 30, 2018, 06:48:16 PM
Thanks for this detailed explanation on KYC and AML. This is of great importance in the crypto community and very soon, it will be made compulsory among other top exchanges. Bittrex mandate KYC for all users so as to be able to withdraw .its also good that most exchanges are now strict on this.


Title: Re: AML/KYC Explained
Post by: sudnokpok on May 02, 2018, 08:01:51 AM
I'm always weary of any regulations about bitcoin. Nonetheless, it is nice to have a few regulated companies to buy and sell btc/usd from. Of course, nothing is going to prevent a mt. gox like situation though.


Title: Re: AML/KYC Explained
Post by: ov3rflow9x on May 03, 2018, 10:17:10 AM
It's precisely, also even you, me, or anybody can make an ICO and harvest for selling the information that we get by that, that's very bad for usual people


Title: Re: AML/KYC Explained
Post by: bkrobottc1 on May 03, 2018, 04:36:43 PM
I wonder, Will our personal data be used for no good purposes?


Title: Re: AML/KYC Explained
Post by: AnnSerg77 on May 03, 2018, 10:35:38 PM
AML/KYC does NOT protect anyone from being scammed. was the biggest fraud in the history of Bitcoin and it complied with AML/KYC laws.

All AML/KYC does is force small Bitcoin startups out of business because they can't afford to register with FinCEN.  It's just another monopoly trick and it does NOT protect ANYONE from getting ripped off.


Title: Re: AML/KYC Explained
Post by: ov3rflow9x on May 04, 2018, 10:37:00 AM
I'm confident that any of that kyc of aml doesn't help to prevent any money laundering. What if they will use our documents for other purposes, huh?


Title: Re: AML/KYC Explained
Post by: callyf on May 06, 2018, 06:46:54 AM
Kyc is required but the company should be support as much as people's want too


Title: Re: AML/KYC Explained
Post by: khoa10b1 on May 06, 2018, 11:01:28 AM
I find the shortcoming of AML / KYC is that it takes a lot of time for verification to be completed


Title: Re: AML/KYC Explained
Post by: BitcoinMarshal on May 06, 2018, 11:58:02 AM
I find the shortcoming of AML / KYC is that it takes a lot of time for verification to be completed
Its not take too much time probably they give reply in 72 hours I clear few in just few hours its all depend on company support


Title: Re: AML/KYC Explained
Post by: shaheer001 on May 07, 2018, 07:15:25 AM
In my opinion there should be a set point of withdrawal or deposit and at the point KYC or AML must be implemented small or medium trading like 01 BTC to 10 BTC should be ignored and all ICO s must be followed the KYC and AML rules not for investors,May be i am wrong but this is impacting negatively


Title: Re: AML/KYC Explained
Post by: ov3rflow9x on May 07, 2018, 10:38:44 AM
That kind of information about people might cost much more than even 100$ and if those people do tend to sell out those info, then it would be another source of income for them


Title: Re: AML/KYC Explained
Post by: ntacrypto on May 08, 2018, 02:51:18 AM
good luck


Title: Re: AML/KYC Explained
Post by: cryptosluck on May 08, 2018, 02:03:08 PM
Yes, KYC information has a disadvantage where our information is spreaded around the internet. But, I think it is a good idea as it generally protects the customer, in a case if someone does a fraud transaction. They can trace it back to the person and save the victims.


Title: Re: AML/KYC Explained
Post by: ItsEzMkay on May 08, 2018, 05:57:04 PM
Truly unfortunate that everybody is going the KYC route, what a plague this has been on the industry and will continue to only hinder people not help them :-\.


Title: Re: AML/KYC Explained
Post by: vishudda on May 09, 2018, 06:19:39 AM
Very well explained about the KYC and AML process. These days, not just the exchanges, before the investments in the whitelist process ICOs are asking for KYC process to make sure that the investor is a genuine investor. After checking the complete information of the person who applied for whitelist will be the eligible person to invest in the tokens. I would like to know, is it safe to process KYC with ICO companies even if we invest less amounts?


Title: Re: AML/KYC Explained
Post by: freigeist on May 10, 2018, 11:41:03 AM
Yes, KYC information has a disadvantage where our information is spreaded around the internet. But, I think it is a good idea as it generally protects the customer, in a case if someone does a fraud transaction. They can trace it back to the person and save the victims.

And how about the case when your personal info that you willingly gave to a "known" 3rd parties
for accessing ICO or any other service gets used to do the fraud transaction or any other
financial or legal transaction without your knowledge.

Who will be traced at the end?!
Don't tell you never thought of that possibility or never heard of identity theft?!   ???


Title: Re: AML/KYC Explained
Post by: minairia3 on May 15, 2018, 11:49:38 PM
Very well indeed. A thorough look of how to be able to know about KYC. It's becoming a headache nowadays for the ICOs. The anonymity is being compromised yet if some needs to filter frauds and scams as well. But the danger really is identity theft. That's really the primary concern when the info is being hacked or leaked. Well we do it in exchanges so just take the risk yourself.


Title: Re: AML/KYC Explained
Post by: harastvo on May 16, 2018, 09:22:55 AM
That was very useful, a im writting this reply to get more activity :)


Title: Re: AML/KYC Explained
Post by: Fritz93 on May 16, 2018, 08:24:07 PM
In general, I'm not against KYC, the most important thing is that the verification is adequate. Because sometimes it suits, it remains to send more of their tests for completeness of the picture.


Title: Re: AML/KYC Explained
Post by: parlament9 on May 18, 2018, 09:37:29 PM
Thanks, I have really learned a lot of new about KYC!
But I don't love KYC. I very much am afraid for the personal data that they haven't gone to darknet and my person wasn't lit somewhere in Brazil on a poster or somewhere else.


Title: Re: AML/KYC Explained
Post by: tntdl on May 19, 2018, 03:57:08 PM
I think the KYC policy is very important, after that the ICO, Airdrop, Bounty campaign should apply KYC policy to all members.
I've seen many spammers, cheats ... They get tokens in such ways I think it's unfair to others. And it will destroy a nice project


Title: Re: AML/KYC Explained
Post by: rockersrocket on May 20, 2018, 08:36:05 AM
Hi I fm India... I have no passport

I got Aadhar Card

Will aadhar card can be used as KYC for International Exchanges


Title: Re: AML/KYC Explained
Post by: torry28 on May 20, 2018, 08:49:23 AM
Hi I fm India... I have no passport

I got Aadhar Card

Will aadhar card can be used as KYC for International Exchanges
What is Aadhar Card? sorry i'm not from India so i don't know about that card. Is it one of Debit/Credit Card in your country?


Title: Re: AML/KYC Explained
Post by: Fondo Platform on May 23, 2018, 03:59:49 AM
Hi I fm India... I have no passport

I got Aadhar Card

Will aadhar card can be used as KYC for International Exchanges

You should ask Passport from your gov. It's a international well known document.


Title: Re: AML/KYC Explained
Post by: mrclark on May 23, 2018, 10:16:25 AM
Was the biggest fraud in the history of bitcoin. Medium trading like 01 btc to 10 btc should be ignored. If those people do tend to sell out those info. I think it is a good idea as it generally protects the customer. What a plague this has been on the industry. After checking the complete information of the person to invest in the token. The danger really is identity theft.


Title: Re: AML/KYC Explained
Post by: cryptoasis on May 24, 2018, 04:08:39 PM
Was the biggest fraud in the history of bitcoin. Medium trading like 01 btc to 10 btc should be ignored. If those people do tend to sell out those info. I think it is a good idea as it generally protects the customer. What a plague this has been on the industry. After checking the complete information of the person to invest in the token. The danger really is identity theft.

I agree at least up to 5 btc should be ignored. 


Title: Re: AML/KYC Explained
Post by: Naijalegend on May 25, 2018, 12:29:01 AM
I'm glad I saw this, been wondering what KYC means, the full meaning that is, I know the process, as I see it everywhere this days, but I keep forgetting to checkout the full meaning. Thanks for this.


Title: Re: AML/KYC Explained
Post by: Kelangbat99 on May 26, 2018, 12:40:32 AM
Hi,
About proof of address.
I dont have bankstatement, so can i used what instead of it?

Thank for sharing


Title: Re: AML/KYC Explained
Post by: ryzaadit on May 26, 2018, 05:08:11 AM
Hi,
About proof of address.
I dont have bankstatement, so can i used what instead of it?

Thank for sharing
You can use anything proof at least on that proof have your name or your address home. An example you using bill electricity, phone, water anything atleast have some information about you.


Title: Re: AML/KYC Explained
Post by: isidrorex on May 27, 2018, 04:01:10 PM
I think the goal and the mission of implementing KYC to some bounty campaign has a positive reason and me myself has to go through this KYC Process in order to participate in their bounties but I am okay with it because for me it is a good thing that they should know who is their customer or investor and to prevent laundering or scamming their campaign. So I am okay with it and I support it.


Title: Re: AML/KYC Explained
Post by: Shayesmiles on May 27, 2018, 04:13:07 PM
Is there any way that AML/KYC processes can be undertaken by an ICO company manually?

Any resources and help will go a long way  :D


Title: Re: AML/KYC Explained
Post by: tuankent55555 on May 28, 2018, 06:42:05 AM
Isn't it a time to add Circle.com to the lists?
As far as I saw they request customer information and refer to KYC during registration


Title: Re: AML/KYC Explained
Post by: CryptoGOD321 on May 30, 2018, 07:47:52 AM
I, personally, am not a fan of KYC. I'm a firm believer that anonymity was included into crypto by design. I mean obviously there are going to be other people that feel another way, but I guess some of us just aren't comfortable sharing so much information.


Title: Re: AML/KYC Explained
Post by: BitcoinSaving on May 31, 2018, 01:38:11 PM
I think the concept to cryptos totally anonymous (as long it's only cryptos).
most of the countries in the world will not request any tax as long it's cryptos and not fiat money.


Title: Re: AML/KYC Explained
Post by: Dheo on June 01, 2018, 11:35:10 AM
Hi,
About proof of address.
I dont have bankstatement, so can i used what instead of it?

Thank for sharing
You can use anything proof at least on that proof have your name or your address home. An example you using bill electricity, phone, water anything atleast have some information about you.

You can used anything that the ICO allowed. Some iCO that need kyc have their own choices so you can look to their website.just Be careful everytime you send your identity.


Title: Re: AML/KYC Explained
Post by: ZeroColds on June 01, 2018, 01:22:17 PM
What about broker/exchange KYC procedures, i heard many users do not use fiat exchange on bitfinex because of KYC.
What do you think they do with our data, except user verification?


Title: Re: AML/KYC Explained
Post by: MrDom2 on June 04, 2018, 05:33:57 PM
http://bitcoinist.com/3-icos-huge-potential-2018/


Title: Re: AML/KYC Explained
Post by: eaphrodites on June 05, 2018, 05:20:49 AM
GBX and Rock Token....im so pumped


Title: Re: AML/KYC Explained
Post by: boki77 on June 06, 2018, 11:22:47 PM
I`m be rich with ETrader_Bot for Satoshi Nakamoto: https://www.bitcointаlk.оrg/ETrader-Bot-Best-Software-For-Trading/ (http://signalcoinbot.me) . You can be rich to.


Title: Re: AML/KYC Explained
Post by: pawanp264 on June 07, 2018, 10:53:04 AM
I found third party services who offer the KYC services, https://shuftipro.com/ The services they are providing:
Facial Recognition
Document Verification
Name Verification
Address Verification
Document Expiry Check


Title: Re: AML/KYC Explained
Post by: Ronaldobaban17 on June 07, 2018, 11:07:00 PM
KYC stand for know your costumer and it is very important to every business or ICO to protect their company interes. Especially when companies are offering investment globally and most of the investors are just online investors,it is the company’s right to know who are their investors and where it came from.For them to have a record and for government compliance purposes.


Title: Re: AML/KYC Explained
Post by: CHAMHAMAN on June 08, 2018, 11:21:45 AM
It's nice to learn about that 


Title: Re: AML/KYC Explained
Post by: kripkiki12 on June 08, 2018, 01:46:26 PM
Good topic! I am always a bit concerned about it, sharing name, ID number, etc with ICOs or other groups. Can this process be considered trustworthy, I am a bit afraid about data policy.


Title: Re: AML/KYC Explained
Post by: TheOldSage on June 09, 2018, 07:33:05 AM
Thank you for such detailed information!


Title: Re: AML/KYC Explained
Post by: St3rling0x on June 09, 2018, 09:59:47 AM
Blockchain KYC for DEXes will be the next step to increase adoption of decentralized technology in the traditional fintech world.


Title: Re: AML/KYC Explained
Post by: mekie on June 09, 2018, 01:53:35 PM
In the U.K. following the financial crisis and scandals around the mis-selling of financial services and products all financial institutions are going to extraordinary lengths to cover their arses by asking  irrelevant questions, just in case they get taken to court  by their disgruntled  ex customers. It also helps the with their AML and Proceeds  of crime act, responsibilities.

It is possible to get around the regulations but there are risks involved    


Title: Re: AML/KYC Explained
Post by: shanyuan01 on June 11, 2018, 05:48:58 AM
good explanation, very useful thank u


Title: Re: AML/KYC Explained
Post by: CRYPTOWOLF_BOT on June 11, 2018, 10:20:23 AM
In the U.K. following the financial crisis and scandals around the mis-selling of financial services and products all financial institutions are going to extraordinary lengths to cover their arses by asking  irrelevant questions, just in case they get taken to court  by their disgruntled  ex customers. It also helps the with their AML and Proceeds  of crime act, responsibilities.

It is possible to get around the regulations but there are risks involved    

What kind of irrelevant questions, I wonder?
And how can they protect them in court?


Title: Re: AML/KYC Explained
Post by: zanezane on June 12, 2018, 04:36:57 AM
Good topic! I am always a bit concerned about it, sharing name, ID number, etc with ICOs or other groups. Can this process be considered trustworthy, I am a bit afraid about data policy.

Yeah me too like is there a law or at least a regulation that can protect our identity from being use to fraudulent acts and identity theft? We never know when sh*t can happen. On the other hand, can we us customers can demand a Know the Company? Of course we really want to know them like can they be also transparent? Showing some proof of their identity and other personal stuff. Of course LinkedIn accounts can be falsified.


Title: Re: AML/KYC Explained
Post by: skylit1992 on June 13, 2018, 05:58:01 AM
Thank you so much for the information. I'm not that familiar in KYC but now I know it. thanks again.


Title: Re: AML/KYC Explained
Post by: Oluwasean on June 13, 2018, 10:52:51 AM
This is good article. I have been researching about KYC and AML for a while and this write us is an eye opener. Thanks for sharing :o


Title: Re: AML/KYC Explained
Post by: raphaeliam on June 13, 2018, 06:30:18 PM
KYC is a regulatory requirement for crime detection purposes.


Title: Re: AML/KYC Explained
Post by: VUKIMTHAO on June 14, 2018, 03:39:59 AM
I think, KYC is needed for each account. It shows the transparency of your property. :)


Title: Re: AML/KYC Explained
Post by: Crytodon on June 15, 2018, 05:42:31 AM
What about issues like Terrorism funding


Title: Re: AML/KYC Explained
Post by: Alex__71 on June 15, 2018, 08:32:41 AM
"KYC(Know Your Customer) is important to the financial industry. We have came up with a new concept that can map every person, every business and every asset to the blockchain," says Professor Cao. "Every person or business will have a real account. We then transfer through smart contracts to build deeper trust." By identity mapping, it will allow Usechain to meet the critical KYC standards of traditional financial institutions, shifting the focus on "who you are" to "what you can do", making it more compliant to applications outside of its own ecosystem. It will also greatly reduce the cost of identity assurance and reform financial industry.

Engineered by a world-class technical team, Usechain will achieve a balance between scalability and security by fusing their unique "Randomized Proof of Work" (RPOW) revolutionized consensus built on identity with a multi-tiered sharding network to make transactions safe and efficient. Real identity information will be encrypted for privacy and mapped for legal assurance so as to be available to governments for investigations against criminal actions.

The solid academic background of team members makes Usechain rigorous in designing and developing a blockchain ecosystem, and the business school resources make a great potential to fully utilize blockchain technologies in business scenarios.


Title: Re: AML/KYC Explained
Post by: tranglhftu@gmail.com on June 15, 2018, 05:40:01 PM
I think AML/KYC very important


Title: Re: AML/KYC Explained
Post by: twkasun7 on June 15, 2018, 05:59:03 PM
I saw most of the bounties using KYC these days. are they really necessary? bounty hunters are not investors.how can they laundering money by doing bounties.


Title: Re: AML/KYC Explained
Post by: MrMac1000 on June 15, 2018, 09:18:48 PM
Sometimes I feel the KYC process is overkill, and it looks like it's fairly easy to fake photographs or document. More of a formality than anything else.


Title: Re: AML/KYC Explained
Post by: tl150111 on June 16, 2018, 06:30:38 AM
o expand a bit on what all this means at local level.

Services design their own AML/KYC policies and risk management processes with the over-arching guidelines and statutory requirements in mind.  Conventional financial institutions tend to have extremely conservative risk assessment frameworks because they're at risk of fines in the hundreds of millions if they're found to be non-compliant.

The risk assessment/management procedures individual institutions use are developed by them.  They get to decide which customers and what transactions are "high risk" and can and do choose to cease providing services to high risk accounts rather than apply enhanced AML/KYC compliance procedures to those accounts.  They are under no legal obligation whatsoever to allow you to operate a high risk account and don't have to justify a refusal to do so (under some circumstances, they may even be prohibited from giving you a specific reason).

Compliance is a huge administrative burden for financial institutions and it's both cheaper and easier for them to dump accounts/customers who add to that burden.  They not only don't care if you take your business elsewhere, they actively want you to do so - they want your accounts to be someone else's headache.

When your financial institution refuses to process a transaction or closes your account, they are not telling you what to do with your money.  They don't actually give a fuck what you do with your money.  What they're doing is refusing to act as the middleman in transactions which expose them to potential liability.  Any fees they might have earned from that transaction pale into insignificance compared to the fines which allowing a single transaction which breaches AML/KYC requirements can attract (it's 11 million per breach here in Australia for a corporation and a single transaction can involve multiple breaches).  It's not about your right to send funds to potentially flaky Bitcoin services or Nigerian "princes" - it's about their right (and, to a large extent, obligation) to not involve themselves in high risk transactions.

People in general greatly over-estimate their importance as customers to financial institutions.  You may believe that you're giving them "a lot of business", but in the overall context of their operations you're not bringing them enough profit to justify the risks involved in servicing your account.  They can always find low risk customers to replace you.


Title: Re: AML/KYC Explained
Post by: bongnor531 on June 16, 2018, 12:29:21 PM
Hi! Is someone maybe aware of a trustworthy company that does KYC? I am looking for one with good reputation with reasonable pricing. Data storage is also an important issue. Thanks in advance!


Title: Re: AML/KYC Explained
Post by: phuongthai on June 17, 2018, 06:07:10 AM
KYC I find it very necessary for the Blockchain project ... It guarantees the rights of investors..Deep the phishing situation


Title: Re: AML/KYC Explained
Post by: qwertyqwerty on June 18, 2018, 06:04:27 PM
It's precisely, also even you, me, or anybody can make an ICO and harvest for selling the information that we get by that, that's very bad for usual people


Title: Re: AML/KYC Explained
Post by: markiz73 on June 20, 2018, 09:44:35 PM
I do not know what they say professors, experts and other assholes about the AML/KYC.
But in darknet now a lot of personal information is sold for 5-10 dollars per package, and wholesale is much cheaper, thanks to ICO. Now scammers are actively using it to get free profits.
Millions of packages of up-to-date personal information. Now on these bots you can draw up any activity.


Title: Re: AML/KYC Explained
Post by: crypki21 on June 21, 2018, 02:22:00 PM
It might have some negative aspects as mentioned above. But in general, supposing good faith, KYC is a good thing in my view. It makes the whole ICO process more trustworthy and could lead to cut out suspicious scammers in a certain extent.


Title: Re: AML/KYC Explained
Post by: f12345 on June 22, 2018, 04:32:53 AM
I believe most US based entities would have to check OFAC sanctions list compliance to make sure customer is not involved in illicit activities. Circle must already be compliant imho.


Title: Re: AML/KYC Explained
Post by: ArunTomar on June 22, 2018, 06:43:45 AM
what is KYC. Who  required KYC, how it can be done.
Very well explained in this post. Thanks for sharing this information


Title: Re: AML/KYC Explained
Post by: JopToto on June 22, 2018, 07:40:58 PM
In some sites, KYC is abusive. I mean websites without USD can avoid this method because we have already proove our ID when we have bougth Bitcoin before.


Title: Re: AML/KYC Explained
Post by: whitewolfofcoinstreet on June 22, 2018, 08:55:53 PM
KYC/AML does protect from fraud but mostly protects the companies who follow them from liability though some actually do use it to protect their clients. SOME...


Title: Re: AML/KYC Explained
Post by: DonnieMitchel on June 23, 2018, 07:19:11 PM
a very useful article for beginners