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Author Topic: AML/KYC Explained  (Read 201512 times)
Maged
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February 08, 2014, 03:10:25 AM
Merited by RodeoX (2)
 #1

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/
Bitfinex       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
Coinbase    https://coinbase.com/legal/privacy
Kraken       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


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/
Bitfinex      https://www.bitfinex.com/pages/tos or refer inquiries to compliance@bitfinex.com
Cavirtex   https://www.cavirtex.com/why_virtex#proactively_working
Coinbase    https://coinbase.com/legal/privacy
Kraken       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

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, 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. 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.

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February 08, 2014, 03:16:27 AM
 #2

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.

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February 22, 2014, 02:21:44 AM
 #3

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.

All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
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February 24, 2014, 02:39:03 AM
 #4

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.

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February 24, 2014, 03:53:54 AM
 #5

Add CoinMKT and VoS, please.
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March 04, 2014, 12:07:53 PM
 #6

There's also https://bitcoin-central.net/ operated by Paymium

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April 08, 2014, 08:14:22 AM
 #7

- 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.
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May 05, 2014, 01:59:15 PM
 #8

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.

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May 28, 2014, 05:59:03 PM
 #9

Important aspects. But i think MTGOX should be removed from this nice article. When i see it's name i become different, furry.

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June 17, 2014, 12:38:41 AM
 #10

AML/KYC is a barrier to entry for small Bitcoin startups and effectively hinders Bitcoin innovation .. it should be IGNORED

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June 17, 2014, 12:39:53 AM
 #11

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. 

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June 17, 2014, 04:25:22 AM
 #12

Where does purse.io fit?

Hitler Finds out about the Butterfly Labs Monarch http://www.youtube.com/watch?v=4jYNMKdv36w
Get $10 worth of BTC Free when you buy $100 worth at coinbase.com/?r=51dffa8970f85a53bd000034
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July 03, 2014, 10:02:39 PM
 #13

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.

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August 13, 2014, 02:54:14 PM
 #14

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.
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August 20, 2014, 04:57:11 PM
 #15

Why some trading companies ask for more documents than others?

Some KYC are very annoying.


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September 06, 2014, 03:27:21 PM
 #16

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.  

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September 07, 2014, 05:09:42 PM
 #17

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.

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September 25, 2014, 08:06:22 AM
 #18

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.

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October 03, 2014, 12:00:38 PM
 #19

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.
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October 11, 2014, 03:01:08 PM
 #20

if possible, can you please post sites that help with verification process? Would a website like: http://authenticid.co/pro-valid.html will help?
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October 12, 2014, 03:58:02 AM
 #21

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.
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October 25, 2014, 10:36:24 PM
 #22

Maybe you should expand the list with ATF, which is a relevant part too.

Anti-Terrorist Financing not Alcohol, Tobacco, Firearms. Wink
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November 07, 2014, 07:41:08 PM
 #23

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November 11, 2014, 03:30:39 AM
 #24

AML/KYC is a barrier to entry for small Bitcoin startups and effectively hinders Bitcoin innovation .. it should be IGNORED

In what aspects?
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December 19, 2014, 12:05:00 PM
 #25

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.
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February 15, 2015, 09:41:05 AM
 #26

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}

 

Spot available if you want to advertise something :->
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February 18, 2015, 10:24:37 PM
 #27

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. There rest of them can be doing KYC or not no one would care.
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February 21, 2015, 09:56:17 PM
 #28

A very informative post, thanks!
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March 13, 2015, 01:28:04 PM
 #29

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.



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April 01, 2015, 02:07:01 PM
 #30

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.

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April 07, 2015, 02:34:26 AM
 #31

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.
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April 07, 2015, 05:29:01 PM
 #32

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?!  Huh

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.


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May 27, 2015, 12:10:21 PM
 #33

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. Cool

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July 13, 2015, 06:57:32 PM
 #34

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. Cool

I think its implemented in many parts of the world. I'm sure about USA, India, New Zealand, South Africa and U.K.
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September 30, 2015, 12:36:40 PM
 #35

KYC REALLY JUST PROTECTS THE COMPANY AND 50% US THE USERS
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October 01, 2015, 01:13:06 PM
 #36

A very interesting post, more of this please.
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October 30, 2015, 05:43:30 AM
 #37


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.
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November 07, 2015, 06:49:27 AM
 #38

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?
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November 08, 2015, 01:16:26 PM
 #39

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.
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November 08, 2015, 04:50:51 PM
 #40

Does BTC-e.com requires ID and verification?
Do they comply with KYC and AML rules?

Regards
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November 09, 2015, 02:08:27 PM
 #41

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.
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December 05, 2015, 03:12:27 AM
 #42

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.

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April 09, 2016, 06:54:02 PM
 #43

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 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?

spchamp at onename
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April 16, 2016, 09:32:07 AM
 #44


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.
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April 19, 2016, 08:42:26 PM
 #45

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.


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May 02, 2016, 12:48:28 PM
 #46

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?
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May 23, 2016, 03:34:31 AM
 #47

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.

My (old) column about Bitcoin & China: http://bitcoinblog.de/tag/zhangweiwuengl/
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June 02, 2016, 08:54:48 PM
 #48

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!  Smiley
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July 10, 2016, 05:30:54 AM
 #49

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.
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July 24, 2016, 06:46:41 AM
 #50


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
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September 20, 2016, 11:26:42 PM
 #51

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 Sad

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


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September 24, 2016, 01:38:02 PM
 #52

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. 


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September 25, 2016, 04:44:45 PM
 #53

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. 


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September 28, 2016, 03:31:20 PM
 #54

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.
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October 01, 2016, 07:28:35 AM
 #55

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.

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October 01, 2016, 09:44:46 AM
 #56

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. 


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October 02, 2016, 06:34:53 AM
 #57

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. 


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October 03, 2016, 06:07:19 PM
 #58

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.



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October 24, 2016, 02:19:43 PM
 #59


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?

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November 20, 2016, 08:39:16 AM
 #60

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.

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& .38,000 STORES. are
accepting MOZO TOKENS

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December 09, 2016, 02:48:58 PM
 #61

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.
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December 16, 2016, 08:56:26 PM
 #62

 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

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December 17, 2016, 09:59:12 AM
 #63

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.



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December 23, 2016, 05:30:26 PM
 #64

this is great info for btc buyers and sellers! this helped me alot!
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January 07, 2017, 11:36:55 AM
 #65

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 ?
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January 10, 2017, 09:19:05 AM
 #66

good
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January 14, 2017, 07:49:42 PM
 #67

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.

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January 20, 2017, 03:00:07 AM
 #68

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?
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January 21, 2017, 04:35:55 PM
 #69

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.




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February 19, 2017, 02:10:44 PM
 #70

Regarding the list of stricter KYC compliance, you can add www.Quebex.com. (Canadian p2p Bitcoin exchange)


https://www.Quebex.com Candian Bitcoin Exchange
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March 09, 2017, 06:15:50 PM
 #71

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


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April 04, 2017, 09:30:47 AM
 #72

Thanks for this explanation. Helpful stuff.

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April 13, 2017, 12:03:54 AM
 #73

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.

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April 20, 2017, 11:17:21 AM
 #74

Just yesterday a French startup was punished (80K€) by ACPR to not identify 34 customers for the use of bitcoin exchange services.  Roll Eyes
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May 13, 2017, 07:42:43 AM
 #75

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).

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May 14, 2017, 09:40:37 PM
 #76

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 Cheesy That's really "more" compared to other exchanges.

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May 23, 2017, 01:35:08 PM
 #77

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.

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June 21, 2017, 08:07:37 PM
 #78

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.
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July 14, 2017, 08:23:50 PM
 #79

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





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July 15, 2017, 04:06:24 AM
 #80

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/
Bitfinex       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
Coinbase    https://coinbase.com/legal/privacy
Kraken       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


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/
Bitfinex      https://www.bitfinex.com/pages/tos or refer inquiries to compliance@bitfinex.com
Cavirtex   https://www.cavirtex.com/why_virtex#proactively_working
Coinbase    https://coinbase.com/legal/privacy
Kraken       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

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, 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. 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.
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August 15, 2017, 03:22:19 PM
 #81

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
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August 18, 2017, 06:09:17 PM
 #82

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 Sad
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August 30, 2017, 05:18:13 PM
 #83

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.

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August 31, 2017, 06:34:08 AM
 #84

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.

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August 31, 2017, 07:59:38 AM
 #85


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. Wink

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"  Cool

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August 31, 2017, 12:39:05 PM
 #86


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.
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August 31, 2017, 12:47:58 PM
 #87


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 Wink Nobody is mentioning anything like it never occurred.

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August 31, 2017, 05:10:36 PM
 #88


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 Wink 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.

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September 01, 2017, 11:05:02 AM
 #89

Almost every company , lawyer etc needs KYC today in order to work with you
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September 02, 2017, 12:20:29 PM
 #90

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.

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September 07, 2017, 05:56:37 AM
 #91

Almost all Chinese exchanges required it since last year, I think

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September 12, 2017, 03:55:23 PM
 #92



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.

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September 15, 2017, 02:56:13 PM
 #93

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.
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September 16, 2017, 01:38:10 AM
 #94

Very good article, thank you!
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September 16, 2017, 03:35:03 PM
 #95

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.

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September 16, 2017, 03:46:45 PM
 #96



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.

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September 19, 2017, 01:23:19 PM
 #97

Interesting article Grin

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 Embarrassed

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September 19, 2017, 02:18:40 PM
 #98

Interesting article Grin

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 Embarrassed

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.

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September 19, 2017, 07:27:23 PM
 #99

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
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September 20, 2017, 05:45:37 AM
 #100

Interesting article Grin

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 Embarrassed

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.

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September 20, 2017, 06:05:18 AM
 #101

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

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September 22, 2017, 01:45:04 PM
 #102

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
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September 26, 2017, 04:13:10 PM
 #103

Loose or non-existant KYC policies:

BTC-e   (??)
Crypsty   (??)

 Roll Eyes
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September 28, 2017, 11:43:37 AM
 #104

You effectively need a passport/ID, a utility bill and a bank statement in the United Kingdom.

That covers off most KYC checks.

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October 02, 2017, 02:39:00 AM
 #105

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.

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October 06, 2017, 07:26:28 PM
 #106

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.

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October 10, 2017, 12:36:32 AM
 #107

All of this is for the government to control you.

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October 10, 2017, 03:39:19 PM
 #108

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.

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October 12, 2017, 08:14:49 PM
 #109

Decentralized exchanges when

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October 13, 2017, 09:19:54 PM
 #110

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

https://bitcointalk.org/index.php?topic=2214619
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October 14, 2017, 06:21:05 PM
 #111

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.
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October 15, 2017, 01:00:51 PM
 #112

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 ,,,
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October 18, 2017, 03:09:43 PM
 #113

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

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October 19, 2017, 06:38:31 AM
 #114

This is very informative, i like trading on an exchange site that requires kyc

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October 19, 2017, 09:33:27 AM
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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 !!!!
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October 20, 2017, 11:52:04 AM
 #116

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 .

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October 22, 2017, 10:07:36 AM
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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?
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October 24, 2017, 11:39:29 AM
 #118

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.

 



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November 04, 2017, 03:30:28 PM
 #119

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/
Bitfinex       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
Coinbase    https://coinbase.com/legal/privacy
Kraken       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


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/
Bitfinex      https://www.bitfinex.com/pages/tos or refer inquiries to compliance@bitfinex.com
Cavirtex   https://www.cavirtex.com/why_virtex#proactively_working
Coinbase    https://coinbase.com/legal/privacy
Kraken       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

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, 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. 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.
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November 06, 2017, 09:51:17 AM
 #120

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
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November 12, 2017, 01:11:31 AM
 #121

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

HG
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November 15, 2017, 11:18:01 AM
 #122

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.

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November 17, 2017, 01:05:05 AM
 #123

But what if the info in KYC is not correct ?
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November 17, 2017, 12:22:39 PM
 #124

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?!

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November 18, 2017, 11:50:23 AM
 #125

Good thread with valuable info, thanks a lot !
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November 18, 2017, 01:52:42 PM
 #126

thank you sir this will be very helpful for beginners like me

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November 19, 2017, 06:33:17 AM
 #127

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

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November 21, 2017, 06:59:06 PM
 #128

Thank you very much for letting us know about the verification process.
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November 25, 2017, 06:52:02 AM
 #129

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
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November 25, 2017, 09:27:29 PM
 #130

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.

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November 26, 2017, 10:56:54 AM
 #131

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.
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November 27, 2017, 06:33:09 AM
 #132

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.
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December 04, 2017, 06:02:58 AM
 #133

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 ?

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December 05, 2017, 12:13:42 AM
 #134

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.

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December 05, 2017, 12:53:28 AM
 #135

Is there a good list out there of KYC requirements and thresholds by country?
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December 11, 2017, 12:46:07 PM
 #136

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

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December 14, 2017, 07:42:24 AM
 #137

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.

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December 15, 2017, 05:29:52 AM
 #138

Hey I'm new to this discussion what is this group all about?
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December 18, 2017, 04:48:43 PM
 #139

Does anybody know any KYC/AML service provider with clear prices?
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December 19, 2017, 10:40:09 AM
 #140

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
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December 19, 2017, 10:48:20 AM
 #141

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!
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December 19, 2017, 10:55:36 AM
 #142

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
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December 20, 2017, 10:59:05 AM
 #143

True but OTP verification is still king. I don't know anyone who can hack phone messages remotely.

Collection of bitcoin tools  [goo .gl/vpjFb]
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December 20, 2017, 07:02:37 PM
 #144

How come these policies can be adapted to ICOs and others projects with blockchain technologies?




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December 20, 2017, 07:37:39 PM
 #145

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.


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December 21, 2017, 07:21:08 AM
 #146

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.

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December 22, 2017, 12:48:00 AM
 #147

Good to know! Thanks for this post

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December 28, 2017, 02:27:32 PM
 #148

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.
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December 30, 2017, 04:11:45 PM
 #149

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

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December 31, 2017, 09:30:47 AM
 #150

Thanks For The info makes things a lot easier Smiley
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January 01, 2018, 05:51:53 AM
 #151

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.  Wink

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January 04, 2018, 09:30:17 AM
 #152

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.  Wink

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
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January 05, 2018, 06:51:25 AM
 #153

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
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January 09, 2018, 12:58:05 PM
 #154

More any new coin also verify KYC:
- thekey.vip
- Hdac.io
- Fintrux.com
-

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January 12, 2018, 08:32:50 AM
 #155

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.
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January 13, 2018, 06:21:15 AM
 #156

Is KYC know your customer ?
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January 13, 2018, 11:08:03 PM
 #157

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/
Bitfinex       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
Coinbase    https://coinbase.com/legal/privacy
Kraken       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


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/
Bitfinex      https://www.bitfinex.com/pages/tos or refer inquiries to compliance@bitfinex.com
Cavirtex   https://www.cavirtex.com/why_virtex#proactively_working
Coinbase    https://coinbase.com/legal/privacy
Kraken       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

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, 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. 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

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January 15, 2018, 08:48:52 AM
 #158

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.

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January 15, 2018, 10:32:07 AM
 #159

Actually I think that soon the majority of blockchain businesses will use AML and KYC.
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January 15, 2018, 06:40:54 PM
 #160

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.

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January 16, 2018, 02:05:48 PM
 #161

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.

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January 16, 2018, 08:47:56 PM
 #162

Actually I think that soon the majority of blockchain businesses will use AML and KYC.
hmm very bad
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January 17, 2018, 09:12:23 AM
 #163

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.

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January 18, 2018, 08:26:09 AM
 #164

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.
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January 19, 2018, 07:14:40 PM
 #165

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.

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January 20, 2018, 04:50:06 PM
 #166

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.   

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January 21, 2018, 07:41:32 AM
 #167

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.



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January 21, 2018, 10:18:19 AM
 #168

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.
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January 24, 2018, 11:13:24 PM
 #169

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?
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January 25, 2018, 07:41:50 PM
 #170

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

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January 25, 2018, 11:09:27 PM
 #171

Actually I think that soon the majority of blockchain businesses will use AML and KYC.

that would suck....so much for anonymity
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January 26, 2018, 05:02:35 AM
 #172

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."

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January 26, 2018, 06:30:42 PM
 #173

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.

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January 28, 2018, 10:13:14 PM
 #174

very nice work thanks dear Cool

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January 29, 2018, 10:44:11 AM
 #175

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


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February 03, 2018, 01:45:11 AM
 #176

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
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February 03, 2018, 08:21:35 AM
 #177

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/
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February 03, 2018, 05:48:32 PM
 #178

(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.

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February 04, 2018, 12:45:10 AM
 #179

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.
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February 05, 2018, 01:15:16 AM
 #180

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.

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February 05, 2018, 11:45:09 AM
 #181

thanksss for explain

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February 06, 2018, 10:25:44 AM
 #182

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.

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February 08, 2018, 02:17:57 PM
 #183

(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.

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February 08, 2018, 02:19:57 PM
 #184

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.

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February 08, 2018, 05:15:34 PM
 #185

Very informative thanks ~

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February 10, 2018, 04:42:43 AM
 #186

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?
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February 10, 2018, 03:40:23 PM
 #187

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.

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February 10, 2018, 04:18:04 PM
 #188

Great thread, very informative, thanks!

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February 12, 2018, 10:35:59 PM
 #189

Any exchange requiring minimal KYC accepting Euro?

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February 13, 2018, 03:38:56 AM
 #190

This has become the standard AML/KYC thread for the crypto space.

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February 13, 2018, 04:29:42 AM
 #191

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..?

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February 13, 2018, 11:12:12 AM
 #192

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


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February 13, 2018, 04:41:18 PM
 #193

Very good information. Thank for your post

https://icoview.org/
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February 14, 2018, 04:33:27 AM
 #194

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/
Bitfinex       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
Coinbase    https://coinbase.com/legal/privacy
Kraken       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


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/
Bitfinex      https://www.bitfinex.com/pages/tos or refer inquiries to compliance@bitfinex.com
Cavirtex   https://www.cavirtex.com/why_virtex#proactively_working
Coinbase    https://coinbase.com/legal/privacy
Kraken       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

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, 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. 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.

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February 14, 2018, 09:35:45 PM
 #195

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" Huh

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February 14, 2018, 09:50:22 PM
 #196

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 Smiley

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February 15, 2018, 04:10:03 PM
 #197

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.
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February 17, 2018, 01:00:56 AM
 #198

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.