Have you seen the recent development that the court has now backed the banks to demand customers submit their social media handles as part of their KYC requirements? What do you think of this?
And what do you think of this if crypto exchanges start demanding social media accounts as part of their KYC requirements?
I think this government are actually making a mistake with this one. I don’t know what this move for social media handles is about but, it’s got nothing to do with KYC. KYC document should be bio related, career and credentials that aren’t as random as a social media. Something that the next minute I could be so into it and the next hour, am not. That’s how random it goes, a place where you go to seek relief and live just as you please or front for the rest of the world to see.
How does that applies to anything KYC. It’s just a misguided on what to be looking at for KYC.
I find it completely unnecessary and wouldn’t be the best way to go about getting KYC on individuals. I’ll rather live any document blank than living a social media handle on it for KYC except, in cases where I want it for a means of contact (privately).
If they have the idea that these could cut down cyber crimes, I think they are mistaken. The singular ability for one to have more than one social media handle is what allows these to continue and having a single handle don’t stop that.