Bitcoin Forum
September 25, 2018, 10:29:09 AM *
News: ♦♦ New info! Bitcoin Core users absolutely must upgrade to previously-announced 0.16.3 [Torrent]. All Bitcoin users should temporarily trust confirmations slightly less. More info.
 
   Home   Help Search Donate Login Register  
Pages: « 1 2 3 4 5 6 7 8 9 10 11 [12] 13 14 15 16 17 18 19 20 21 »  All
  Print  
Author Topic: AML/KYC Explained  (Read 202736 times)
taichiswag
Newbie
*
Offline Offline

Activity: 85
Merit: 0


View Profile WWW
March 06, 2018, 04:17:21 PM
 #221

KYC shoudn't be compulsory on big exchange like CoinBase, they should allow and add limit to Non-KYC users like Binance has done
1537871349
Hero Member
*
Offline Offline

Posts: 1537871349

View Profile Personal Message (Offline)

Ignore
1537871349
Reply with quote  #2

1537871349
Report to moderator
1537871349
Hero Member
*
Offline Offline

Posts: 1537871349

View Profile Personal Message (Offline)

Ignore
1537871349
Reply with quote  #2

1537871349
Report to moderator
1537871349
Hero Member
*
Offline Offline

Posts: 1537871349

View Profile Personal Message (Offline)

Ignore
1537871349
Reply with quote  #2

1537871349
Report to moderator
Make a difference with your Ether.
Donate Ether for the greater good.
SPRING.WETRUST.IO
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1537871349
Hero Member
*
Offline Offline

Posts: 1537871349

View Profile Personal Message (Offline)

Ignore
1537871349
Reply with quote  #2

1537871349
Report to moderator
KRAUSS
Full Member
***
Offline Offline

Activity: 350
Merit: 103


“Marketplace for sensor data”


View Profile
March 06, 2018, 08:44:50 PM
 #222

Hello everyone, I think this is kind of crazy, that each second project request your personal data, including scans of your docs.
The major idea of cryptocurrency inspired me with its anonymous holding and trading. And I don´t like this tendency, hope in next couple of months everything gonna change, cause I don´t wanna find my personal data somewhere in dark net. What do you think guys, how we can insecure us from KYC ?

The only way to do that is to stop using FIAT money where is not needed.
Stop using bank,  credit/debit card services.
Stop using centralized exchanges (Bittrex, Poloniex etc..) and any other service that asks you for your private personal data.

Decentralized exchanges and other decentralized applications will be the only solution to that problem.

You are right, but people will not do such. Decentralized exchanges are not popular and comfortable in comparison with huge centralized exchanges. It is like FidoNet and Internet ))) ( hope somebody can remember what was actually FidoNet haha)

freigeist
Hero Member
*****
Offline Offline

Activity: 841
Merit: 500


View Profile
March 07, 2018, 01:34:38 PM
 #223

Hello everyone, I think this is kind of crazy, that each second project request your personal data, including scans of your docs.
The major idea of cryptocurrency inspired me with its anonymous holding and trading. And I don´t like this tendency, hope in next couple of months everything gonna change, cause I don´t wanna find my personal data somewhere in dark net. What do you think guys, how we can insecure us from KYC ?

The only way to do that is to stop using FIAT money where is not needed.
Stop using bank,  credit/debit card services.
Stop using centralized exchanges (Bittrex, Poloniex etc..) and any other service that asks you for your private personal data.

Decentralized exchanges and other decentralized applications will be the only solution to that problem.

You are right, but people will not do such. Decentralized exchanges are not popular and comfortable in comparison with huge centralized exchanges. It is like FidoNet and Internet ))) ( hope somebody can remember what was actually FidoNet haha)

They are not comfortable for sure right now but as the technology advances so will the the exchanges
and I hope it won't be so long until someone build a decentralized exchange that could be comfortable and easy
to use like the current centralized exchanges.


bitbunnny
Legendary
*
Offline Offline

Activity: 1456
Merit: 1038



View Profile
March 07, 2018, 07:29:16 PM
 #224

KYC shoudn't be compulsory on big exchange like CoinBase, they should allow and add limit to Non-KYC users like Binance has done

This is the users perspective and something we would like to see. We like our personal data to stay anonimous and confidential.
But from exchanges perspective who are under big pressure by different laws and regulations this is impossibe if they want to run legitimate business. Otherwise they risk a lot and that is not in their best interest.

.BITSLER.                 ▄███
               ▄████▀
             ▄████▀
           ▄████▀  ▄██▄
         ▄████▀    ▀████▄
       ▄████▀        ▀████▄
     ▄████▀            ▀████▄
   ▄████▀                ▀████▄
 ▄████▀ ▄████▄      ▄████▄ ▀████▄
█████   ██████      ██████   █████
 ▀████▄ ▀████▀      ▀████▀ ▄████▀
   ▀████▄                ▄████▀
     ▀████▄            ▄████▀
       ▀████▄        ▄████▀
         ▀████▄    ▄████▀
           ▀████▄▄████▀
             ▀██████▀
               ▀▀▀▀
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▄            
▄▄▄▄▀▀▀▀    ▄▄█▄▄ ▀▀▄         
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▄      
█  ▀▄▄  ▀█▀▀ ▄      ▀████   ▀▀▄   
█ █▄  ▀▄   ▀████       ▀▀ ▄██▄ ▀▀▄
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
█  ▀▀       ▀▄▄ ▀████      ▄▄▄▀▀▀  █
█            ▄ ▀▄    ▄▄▄▀▀▀   ▄▄  █
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
█ ▄▄   ███   ▀██  █           ▀▀  █ 
█ ███  ▀██       █        ▄▄      █ 
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀  
▀▄            █        ▀▀      █  
▀▀▄   ███▄  █   ▄▄          █   
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀    
▀▀▄   █   ▀▀▄▄▄▀▀▀         
▄▄▄▄▄▄▄▄▄▄▄█▄▄▀▀▀▀              
              ▄▄▄██████▄▄▄
          ▄▄████████████████▄▄
        ▄██████▀▀▀▀▀▀▀▀▀▀██████▄
▄     ▄█████▀             ▀█████▄
██▄▄ █████▀                ▀█████
 ████████            ▄██      █████
  ████████▄         ███▀       ████▄
  █████████▀▀     ▄███▀        █████
   █▀▀▀          █████         █████
     ▄▄▄         ████          █████
   █████          ▀▀           ████▀
    █████                     █████
     █████▄                 ▄█████
      ▀█████▄             ▄█████▀
        ▀██████▄▄▄▄▄▄▄▄▄▄██████▀
          ▀▀████████████████▀▀
              ▀▀▀██████▀▀▀
            ▄▄▄███████▄▄▄
         ▄█▀▀▀ ▄▄▄▄▄▄▄ ▀▀▀█▄
       █▀▀ ▄█████████████▄ ▀▀█
     █▀▀ ███████████████████ ▀▀█
    █▀ ███████████████████████ ▀█
   █▀ ███████████████▀▀ ███████ ▀█
 ▄█▀ ██████████████▀      ▀█████ ▀█▄
███ ███████████▀▀            ▀▀██ ███
███ ███████▀▀                     ███
███ ▀▀▀▀                          ███
▀██▄                             ▄██▀
  ▀█▄                            ▀▀
    █▄       █▄▄▄▄▄▄▄▄▄█
     █▄      ▀█████████▀
      ▀█▄      ▀▀▀▀▀▀▀
        ▀▀█▄▄  ▄▄▄
            ▀▀█████
[]
KRAUSS
Full Member
***
Offline Offline

Activity: 350
Merit: 103


“Marketplace for sensor data”


View Profile
March 07, 2018, 09:22:13 PM
 #225

Hello everyone, I think this is kind of crazy, that each second project request your personal data, including scans of your docs.
The major idea of cryptocurrency inspired me with its anonymous holding and trading. And I don´t like this tendency, hope in next couple of months everything gonna change, cause I don´t wanna find my personal data somewhere in dark net. What do you think guys, how we can insecure us from KYC ?

The only way to do that is to stop using FIAT money where is not needed.
Stop using bank,  credit/debit card services.
Stop using centralized exchanges (Bittrex, Poloniex etc..) and any other service that asks you for your private personal data.

Decentralized exchanges and other decentralized applications will be the only solution to that problem.

You are right, but people will not do such. Decentralized exchanges are not popular and comfortable in comparison with huge centralized exchanges. It is like FidoNet and Internet ))) ( hope somebody can remember what was actually FidoNet haha)

They are not comfortable for sure right now but as the technology advances so will the the exchanges
and I hope it won't be so long until someone build a decentralized exchange that could be comfortable and easy
to use like the current centralized exchanges.



I dont belive in somebody who will build  once. We have such exchanges as Binance and Okex and Bitfinex with billions day volume and millions of participants today. And I think those exchanges will be do everything to have the same quoality of busines as long as it is possible...

Keskitalo77
Newbie
*
Offline Offline

Activity: 11
Merit: 0


View Profile
March 07, 2018, 11:21:18 PM
 #226

KYC shoudn't be compulsory on big exchange like CoinBase, they should allow and add limit to Non-KYC users like Binance has done

This is the users perspective and something we would like to see. We like our personal data to stay anonimous and confidential.
But from exchanges perspective who are under big pressure by different laws and regulations this is impossibe if they want to run legitimate business. Otherwise they risk a lot and that is not in their best interest.

The point is that they don't have to be nearly as invasive as they are. I opened a bank account specifically for buying cryptocurrencies and the bank didn't ask for anything like what the exchanges expect. The exchanges request more information than they need. If the old, stuffy banking institution can comply with KYC without asking where I work and what I plan to do with my money then so can the exchanges.
O$IRIS
Newbie
*
Offline Offline

Activity: 138
Merit: 0


View Profile
March 08, 2018, 04:25:46 AM
 #227

It appears that AML/KYC are for business-as-usual type of solutions. The true decentralized and open blockchain do not require any of the KYC stuff.
Knmcrypto
Newbie
*
Offline Offline

Activity: 7
Merit: 0


View Profile
March 08, 2018, 04:44:27 AM
 #228

Notice Binance not on the list of KML compliant exchanges. Makes sense considering recent events.
TrumpD
Sr. Member
****
Offline Offline

Activity: 560
Merit: 264


View Profile
March 09, 2018, 10:22:19 AM
 #229

If we being very sincere with ourselves and logical, the KYC/AML request are a necessity in today world, because of the reasons clearly stated. Its a fact that there is terrorism financing, human trafficking and sex slaves, drug dealing etc. If we are good people at heart, I believe that we would like all these stuff to be stopped or eradicated totally, but now cryptos anonymity has only created a big avenue for these things to thrive.

That being said, I don't like my personal data in hands of millions of random people and companies. Already we are suffering from "targeted adverts" to a phones and email, after webiste have promised not to share our personal data. So yea, I can't really trust the KYC/AML words for it. So I guess is a tough one, "universal gain vs. personal gain". A better world with more transparent dealings or a worse world but you (we) the individuals safe in our own small corner - in the end the chaos will reach your doorstep.

What i'd love the most genius cryptographers to come up with is a system where we keep our anonymity, but we can meet the requirements of these KYC/AML to ensure we are not doing illegal stuff... May The Force BE With Them.
akes2090
Jr. Member
*
Offline Offline

Activity: 56
Merit: 4


View Profile
March 09, 2018, 11:48:09 AM
 #230

If we being very sincere with ourselves and logical, the KYC/AML request are a necessity in today world, because of the reasons clearly stated. Its a fact that there is terrorism financing, human trafficking and sex slaves, drug dealing etc. If we are good people at heart, I believe that we would like all these stuff to be stopped or eradicated totally, but now cryptos anonymity has only created a big avenue for these things to thrive.

That being said, I don't like my personal data in hands of millions of random people and companies. Already we are suffering from "targeted adverts" to a phones and email, after webiste have promised not to share our personal data. So yea, I can't really trust the KYC/AML words for it. So I guess is a tough one, "universal gain vs. personal gain". A better world with more transparent dealings or a worse world but you (we) the individuals safe in our own small corner - in the end the chaos will reach your doorstep.

What i'd love the most genius cryptographers to come up with is a system where we keep our anonymity, but we can meet the requirements of these KYC/AML to ensure we are not doing illegal stuff... May The Force BE With Them.

I fully agree with you and my experiences relate. I am also trying to roll out an ICO that will make decentralized ID's possible. So in essence you would only need to perform KYC once, and as soon as all checks are done - your documents and the like are deleted, which means there will be no centralized storage of ID or data. If security is breached - intruders will have access to nothing but the blockchain TXs (elaborated on further below) which is futile as it would already be in the public domain. The onus would rest on you though to ensure that your device (PC/tablet/smartphone) is not vulnerable.

* If your (hypothetical) address is: 1234 Crypto Street, Cryptoville, Cryptania
* Your date of birth (derived from ID/SSN or equivalent) is: 01/01/1980

Any other entity that would require KYC should only know that you are from Cryptoville, Cryptania (street address should not be necessary) and that you are 38 years of age - no "specific" info will be divulged. We would simulanteously check if you are on any PEP/terrorist/other crime related lists and have just an atomic value of Yes or No. Once KYC is successful - we issue a cryptographic identity that can be used any other place where KYC is required as we would "vouch" for the legitimacy of your identity. Even further should an entity need to access your profile - they would need to have undergone KYC in the first place, and then you can either accept/reject the access to your info. These requests will be written to a blockchain so that there is transparency and a proper audit trail. This is the jist of the propsed system - I have omitted the complex cryptography and smart contracts behind the concept.

Hopefully the crypto community will see the value behind this venture and support us so that it can be implemented successfully.
Iannosv
Newbie
*
Offline Offline

Activity: 2
Merit: 0


View Profile
March 10, 2018, 02:51:41 PM
 #231

Hi Guys !

After 400 members the first pump will begin !
100% Profit garantueed !

Join our Discord !
https://discord.gg/bJQ78af

Join our Telegram !
https://t.me/pumpteameurope

The first pump group with a rankup system via invites !
Join now and rankup to get the coin information before anyone else !

See you soon in our Discord or Telegram Channel !
Best regards,   team Pump Group Europe
trademindxofficial
Newbie
*
Offline Offline

Activity: 23
Merit: 0


View Profile WWW
March 11, 2018, 02:09:27 PM
 #232

Thanks - great write-up. Interesting how this applies to token sales rather than exchanges/other services. Exchanges are dealing directly with fiat, so it makes sense for AML/KYC.

In the case of a token sale, surely the seller is basically selling a digital asset that has some future utility? Furthermore tokens are almost always bought with other cryptocurrencies, not fiat, so why does AML/KYC apply to token sales? It seems strange to say that a token is not an investment/security and then apply the kind of controls an investment/security has to it?

If I buy an ebook (digital asset) and even pay with fiat, there are no such checks. So why are these checks being applied to token sales?
Sir mikolo
Newbie
*
Offline Offline

Activity: 86
Merit: 0


View Profile
March 16, 2018, 06:44:46 AM
 #233

Know Your Customer or (KYC) is a requirement in the process of adhering to the preventitive measures necessary to monitor money laundering techniques used by suspected parties. It involves questions by a banking officer or principal of a firm which allows the officer to ascertain the primary source of funds which are being used to carryout a financial transaction.
The Financial Industry Regulatory Authority (FINRA)
is responsible for making sure all financial firms adhere to the “Bank Secrecy Act.” The Bank Secrecy Act has implementing regulations which amount to “Anti-Money Laundering” (AML) rules. The AML rules are in place to help
protect and report suspicious activity regarding financial transactions. It mainly focuses on those actions which predicate money laundering, terrorist funding, market manipulation and securities fraud.
Mike1992
Newbie
*
Offline Offline

Activity: 71
Merit: 0


View Profile
March 16, 2018, 06:54:25 AM
 #234

The set of procedures, rules and regulations which are designed with a view to curtail the money laundering or criminal use of the financial institutions is called Anti Money laundering process. Many measures are developed across the globe to curtail money laundering and combating terrorist financing. While KYC is one of a anti money laundering procedure or a small part of AML and Combating Financing terrorism (CFT).
Shafiqul Islam
Full Member
***
Online Online

Activity: 350
Merit: 100


Ethereum Limited Edition ICO


View Profile
March 17, 2018, 02:16:35 PM
 #235

AML/KYC is a barrier to entry for small Bitcoin startups and effectively hinders Bitcoin innovation .. it should be IGNORED
KYC means know your consuser.it is a effective way of getting tokens or coins. Kyc is an anti Cheater activities in AIRDROP and bounties.

NotVitalik
Newbie
*
Offline Offline

Activity: 21
Merit: 0


View Profile
March 18, 2018, 06:04:06 PM
 #236

This is all amazing guys but why KYC/AML is still so centralized? I mean common, blockchain is used everywhere and still we have to send over Internet our passports, driving licenses, utility bills, etc. Any ideas how to  get around it? There must a company to offer decentralized KYC services.
Schmutzfrosch
Newbie
*
Offline Offline

Activity: 19
Merit: 0


View Profile
March 19, 2018, 05:26:10 PM
 #237

This is all amazing guys but why KYC/AML is still so centralized? I mean common, blockchain is used everywhere and still we have to send over Internet our passports, driving licenses, utility bills, etc. Any ideas how to  get around it? There must a company to offer decentralized KYC services.

Ya, Selfkey is building decentralized platform to do KYC/ID without a need to send your docs over the network.
szulczuk
Newbie
*
Offline Offline

Activity: 5
Merit: 0


View Profile
March 19, 2018, 10:15:24 PM
 #238

The subject is really interesting, but I think it should improve some aspects, or possibly they are not very well explained and people like me do not understand well because we do not live in an environment where that is imagined feasible.
bitbunnny
Legendary
*
Offline Offline

Activity: 1456
Merit: 1038



View Profile
March 20, 2018, 01:22:57 PM
 #239

This is all amazing guys but why KYC/AML is still so centralized? I mean common, blockchain is used everywhere and still we have to send over Internet our passports, driving licenses, utility bills, etc. Any ideas how to  get around it? There must a company to offer decentralized KYC services.

Nope, this wouldn't function. Not from the personal data protection perspective, at least not in Europe.
These are all your personal data and they can't be shared and distributed without your explicite consent and used for exactly defined purpose. The regulation is rather strict concerning that issue.

.BITSLER.                 ▄███
               ▄████▀
             ▄████▀
           ▄████▀  ▄██▄
         ▄████▀    ▀████▄
       ▄████▀        ▀████▄
     ▄████▀            ▀████▄
   ▄████▀                ▀████▄
 ▄████▀ ▄████▄      ▄████▄ ▀████▄
█████   ██████      ██████   █████
 ▀████▄ ▀████▀      ▀████▀ ▄████▀
   ▀████▄                ▄████▀
     ▀████▄            ▄████▀
       ▀████▄        ▄████▀
         ▀████▄    ▄████▀
           ▀████▄▄████▀
             ▀██████▀
               ▀▀▀▀
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▄            
▄▄▄▄▀▀▀▀    ▄▄█▄▄ ▀▀▄         
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▄      
█  ▀▄▄  ▀█▀▀ ▄      ▀████   ▀▀▄   
█ █▄  ▀▄   ▀████       ▀▀ ▄██▄ ▀▀▄
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
█  ▀▀       ▀▄▄ ▀████      ▄▄▄▀▀▀  █
█            ▄ ▀▄    ▄▄▄▀▀▀   ▄▄  █
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
█ ▄▄   ███   ▀██  █           ▀▀  █ 
█ ███  ▀██       █        ▄▄      █ 
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀  
▀▄            █        ▀▀      █  
▀▀▄   ███▄  █   ▄▄          █   
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀    
▀▀▄   █   ▀▀▄▄▄▀▀▀         
▄▄▄▄▄▄▄▄▄▄▄█▄▄▀▀▀▀              
              ▄▄▄██████▄▄▄
          ▄▄████████████████▄▄
        ▄██████▀▀▀▀▀▀▀▀▀▀██████▄
▄     ▄█████▀             ▀█████▄
██▄▄ █████▀                ▀█████
 ████████            ▄██      █████
  ████████▄         ███▀       ████▄
  █████████▀▀     ▄███▀        █████
   █▀▀▀          █████         █████
     ▄▄▄         ████          █████
   █████          ▀▀           ████▀
    █████                     █████
     █████▄                 ▄█████
      ▀█████▄             ▄█████▀
        ▀██████▄▄▄▄▄▄▄▄▄▄██████▀
          ▀▀████████████████▀▀
              ▀▀▀██████▀▀▀
            ▄▄▄███████▄▄▄
         ▄█▀▀▀ ▄▄▄▄▄▄▄ ▀▀▀█▄
       █▀▀ ▄█████████████▄ ▀▀█
     █▀▀ ███████████████████ ▀▀█
    █▀ ███████████████████████ ▀█
   █▀ ███████████████▀▀ ███████ ▀█
 ▄█▀ ██████████████▀      ▀█████ ▀█▄
███ ███████████▀▀            ▀▀██ ███
███ ███████▀▀                     ███
███ ▀▀▀▀                          ███
▀██▄                             ▄██▀
  ▀█▄                            ▀▀
    █▄       █▄▄▄▄▄▄▄▄▄█
     █▄      ▀█████████▀
      ▀█▄      ▀▀▀▀▀▀▀
        ▀▀█▄▄  ▄▄▄
            ▀▀█████
[]
freigeist
Hero Member
*****
Offline Offline

Activity: 841
Merit: 500


View Profile
March 20, 2018, 03:15:41 PM
 #240

This is all amazing guys but why KYC/AML is still so centralized? I mean common, blockchain is used everywhere and still we have to send over Internet our passports, driving licenses, utility bills, etc. Any ideas how to  get around it? There must a company to offer decentralized KYC services.

Nope, this wouldn't function. Not from the personal data protection perspective, at least not in Europe.
These are all your personal data and they can't be shared and distributed without your explicite consent and used for exactly defined purpose. The regulation is rather strict concerning that issue.

What about this?!

https://www.civic.com/
https://www.icopass.id/


Pages: « 1 2 3 4 5 6 7 8 9 10 11 [12] 13 14 15 16 17 18 19 20 21 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!