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Author Topic: AML/KYC Explained  (Read 201481 times)
JoshuaDunnink
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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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JoshuaDunnink
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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?




ronnis.gomes
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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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Aditya1011
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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

chocobo21
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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.
Nubitcoinerr
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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

BitcoinThief
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December 31, 2017, 09:30:47 AM
 #150

Thanks For The info makes things a lot easier Smiley
@Mhaiang
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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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JoshuaDunnink
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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
twintalk
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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
khungcuaso11
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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
-

Future3000
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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 ?
Racekid
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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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