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Author Topic: AML/KYC Explained  (Read 201216 times)
toheed2x
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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.
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February 19, 2018, 02:35:29 PM
 #199

I think that decentralized exchanges have good chances to make trading kyc/aml free, however how authorities would react??
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February 19, 2018, 06:55:42 PM
 #200

Do KYC and AML related to some jurisdiction or doesn't matter country/state? If so, how the average user can find what is required for instance in Ghana or Algeria?
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