Coyster
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Activity: 2030
Merit: 1251
Life's but a walking shadow!
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June 22, 2019, 09:23:09 PM |
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Pros and cons mate, kYC/AML has its good and bad sides really, when viewed from angle X, then it's a good and needed regulation, but when viewed from another angle, the reverse is the case.
It keeps away impersonators,thieves,bad guys in general and it also makes it easy to track and trace them. But on another end it distorts privacy, it intrudes and gives up anonymity and vital documents which is in itself also not good.
I think the determining factor would be the purpose why you need to carry out KYC or AML, if it's worth it, if it's a trusted body(that you can trust with your documents),etc.if it's for a worthy purpose then it makes sense. For example in the crypto world, most users give up their identity just to claim some shit tokens on an ICO, those documents most times fall into the hands of scammers and untrustworthy people who use it for ill purposes, now that's an example of a lame purpose to give out vital documents about yourself.
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