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Author Topic: AML/KYC Explained  (Read 196112 times)
Sentacks
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September 19, 2017, 02:18:40 PM
 #101

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
 #102

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
 #103

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
 #104

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
 #105

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
 #106

Loose or non-existant KYC policies:

BTC-e   (??)
Crypsty   (??)

 Roll Eyes
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September 28, 2017, 11:43:37 AM
 #107

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
 #108

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
 #109

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
 #110

All of this is for the government to control you.

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October 10, 2017, 03:39:19 PM
 #111

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
 #112

Decentralized exchanges when

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Nothingbuttmoney
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October 13, 2017, 09:19:54 PM
 #113

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

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October 14, 2017, 06:21:05 PM
 #114

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
 #115

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
 #116

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
 #117

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
 #118

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
 #119

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
 #120

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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