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Author Topic: AML/KYC Explained  (Read 201829 times)
Landagert
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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   (??)

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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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bmichael05
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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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raven.tiu17
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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

Nothingbuttmoney
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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
aliashraf
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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

Renzyp
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October 19, 2017, 09:33:27 AM
 #115

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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creativepaul1976
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October 22, 2017, 10:07:36 AM
 #117

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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