Bitcoin Forum
August 18, 2018, 03:37:52 AM *
News: Latest stable version of Bitcoin Core: 0.16.2  [Torrent].
 
   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 »  All
  Print  
Author Topic: AML/KYC Explained  (Read 201854 times)
toantk
Jr. Member
*
Offline Offline

Activity: 157
Merit: 0


View Profile WWW
April 10, 2018, 10:32:25 AM
 #261

Thank for you explaination.

ELONCITY    ❱ ❱ ❱ ❱    Power The world for FREE!
Public Sale Coming Soon  │  https://eloncity.io/
1534563472
Hero Member
*
Offline Offline

Posts: 1534563472

View Profile Personal Message (Offline)

Ignore
1534563472
Reply with quote  #2

1534563472
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1534563472
Hero Member
*
Offline Offline

Posts: 1534563472

View Profile Personal Message (Offline)

Ignore
1534563472
Reply with quote  #2

1534563472
Report to moderator
sudnokpok
Full Member
***
Offline Offline

Activity: 406
Merit: 106



View Profile
April 11, 2018, 08:36:49 AM
 #262

Important aspects. But i think MTGOX should be removed from this nice article. When i see it's name i become different, furry.
SolyanMinimus
Newbie
*
Offline Offline

Activity: 1
Merit: 0


View Profile
April 11, 2018, 01:44:27 PM
 #263

Thanks
scorpionso
Jr. Member
*
Offline Offline

Activity: 90
Merit: 0

Merits will be appreciate :)


View Profile
April 13, 2018, 06:39:53 AM
 #264

thank you very much for this picked valuable info.  Wink If I had a merit I would share  Cry

PATRON ● Token Sale is Now Live +50% Bonus ● $10M OVER ✈ +HitBTC listing (https://patron-ico.io/)
Danny Uchay
Newbie
*
Offline Offline

Activity: 14
Merit: 0


View Profile
April 14, 2018, 09:20:28 PM
 #265

Great job! I've learned a thing or two from your post. Thanks.
Danny Uchay
Newbie
*
Offline Offline

Activity: 14
Merit: 0


View Profile
April 14, 2018, 09:31:00 PM
 #266

To expand a bit on what all this means at local level.

Services design their own AML/KYC policies and risk management processes with the over-arching guidelines and statutory requirements in mind.  Conventional financial institutions tend to have extremely conservative risk assessment frameworks because they're at risk of fines in the hundreds of millions if they're found to be non-compliant.

The risk assessment/management procedures individual institutions use are developed by them.  They get to decide which customers and what transactions are "high risk" and can and do choose to cease providing services to high risk accounts rather than apply enhanced AML/KYC compliance procedures to those accounts.  They are under no legal obligation whatsoever to allow you to operate a high risk account and don't have to justify a refusal to do so (under some circumstances, they may even be prohibited from giving you a specific reason).

Compliance is a huge administrative burden for financial institutions and it's both cheaper and easier for them to dump accounts/customers who add to that burden.  They not only don't care if you take your business elsewhere, they actively want you to do so - they want your accounts to be someone else's headache.

When your financial institution refuses to process a transaction or closes your account, they are not telling you what to do with your money.  They don't actually give a fuck what you do with your money.  What they're doing is refusing to act as the middleman in transactions which expose them to potential liability.  Any fees they might have earned from that transaction pale into insignificance compared to the fines which allowing a single transaction which breaches AML/KYC requirements can attract (it's 11 million per breach here in Australia for a corporation and a single transaction can involve multiple breaches).  It's not about your right to send funds to potentially flaky Bitcoin services or Nigerian "princes" - it's about their right (and, to a large extent, obligation) to not involve themselves in high risk transactions.

People in general greatly over-estimate their importance as customers to financial institutions.  You may believe that you're giving them "a lot of business", but in the overall context of their operations you're not bringing them enough profit to justify the risks involved in servicing your account.  They can always find low risk customers to replace you.

Great contribution. I like the new perspective your post took. Thanks
Aljaz19
Newbie
*
Offline Offline

Activity: 1
Merit: 0


View Profile
April 15, 2018, 05:10:42 PM
 #267

Really helpful, thanks!
kramr
Full Member
***
Offline Offline

Activity: 392
Merit: 106



View Profile
April 16, 2018, 08:34:06 AM
 #268

The thread opens the eyes. From the very beginning, the authorities were interested in having a clear idea of the monetary markets / holders and were wondering about the best way to adjust fiscal rules, etc. Thus, it was only a matter of time when more stringent rules were set for exchange, it does not matter if they change fiat vs. Cryto.

Zuzma
Jr. Member
*
Offline Offline

Activity: 107
Merit: 7


View Profile
April 17, 2018, 12:36:58 PM
 #269

SelfKey is one of the top 5 blockchain projects designed to increase our freedom
 https://www.investinblockchain.com/blockchain-projects-freedom/

When Gutenberg created printing in 1450: - 94% of Population could not read - no sales channel.. not one damn bookstore
butrsukumpanumet
Full Member
***
Offline Offline

Activity: 350
Merit: 105


View Profile
April 17, 2018, 08:01:35 PM
 #270

AML/KYC is a barrier. I don't have a utility bill in my name.  It is normal here that utility bills stay in the landlord's name.

Stellar Dolphin
¦•-» Pre-sale - JOIN BIG BOUNTY & AIRDROP «-•¦
¦ [Website] | [Telegram] | [Whitepaper] | [Twitter] | [Bitcointalk ANN] ¦
sudnokpok
Full Member
***
Offline Offline

Activity: 406
Merit: 106



View Profile
April 18, 2018, 05:47:23 AM
 #271

Important aspects. But i think MTGOX should be removed from this nice article. When i see it's name i become different, furry.
Zizi19231
Member
**
Offline Offline

Activity: 225
Merit: 10


View Profile
April 18, 2018, 07:39:32 PM
 #272

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.
CryptoGOD321
Newbie
*
Offline Offline

Activity: 16
Merit: 0


View Profile
April 19, 2018, 06:23:49 AM
 #273

To think that Localbitcoins just started applying KYC/AML on their platform.... Oh well the next biggest P2P marketplace is Paxful. I guess I'm going on there.
damsix
Jr. Member
*
Offline Offline

Activity: 182
Merit: 0


View Profile
April 21, 2018, 01:32:04 AM
 #274

strongly agree with AML and KYC because it can be a strong security to enter the exchange.

the example of it when there are certain parties in other countries will corruption and the money in the run to Bitcoin, automatically enter the exchange exchanges and when the money deposit and buy Bitcoin then we will see where the transaction and how much deposit. and that's his function from KYC and AML.
riplete
Jr. Member
*
Offline Offline

Activity: 93
Merit: 0


View Profile
April 21, 2018, 04:39:59 PM
 #275

Services design their own AML/KYC policies and risk management processes with the over-arching guidelines and statutory requirements in mind.  Conventional financial institutions tend to have extremely conservative risk assessment frameworks because they're at risk of fines in the hundreds of millions if they're found to be non-compliant.
XFlowZion
Full Member
***
Offline Offline

Activity: 322
Merit: 100


ImmVRse | Disrupting the VR industry


View Profile
April 23, 2018, 07:32:01 AM
 #276

AML/KYC is a barrier. I don't have a utility bill in my name.  It is normal here that utility bills stay in the landlord's name.

That's also what I'm facing right now. I want to participate in an ICO but the name on the bill is entitled to my father which is not allowed. They should consider two ids instead of one id and one bill.

▬▬▬▬▬▬ ●   IMMVRSE    Disrupting the VR Industry    Whitepaper   ● ▬▬▬▬▬▬
❱  Facebook  ❱  Twitter  ❱  Medium  ❱  Instagram  ❱  Telegram  ❱  Bitcointalk
▬▬▬▬▬▬▬▬ ●  ❱  Proud Sponsor of Blockchain 360 at London Tech Week  ❱  ● ▬▬▬▬▬▬▬▬
ov3rflow9x
Full Member
***
Offline Offline

Activity: 410
Merit: 100


Blockchain Just Entered The Real World


View Profile
April 23, 2018, 08:33:59 AM
 #277

Both of them are related to jurisdiction, But there are international laws and rules that countries have to follow to be good. Usually fatf try to establish such rules.

catcoin524
Jr. Member
*
Offline Offline

Activity: 42
Merit: 0


View Profile
April 25, 2018, 09:20:36 AM
 #278

can anybody explain exactly how do you detact AML in the crypto world ?
i mean in order to launder money you need to hack the blockchain am i wrong ?
BitcoinMarshal
Hero Member
*****
Offline Offline

Activity: 728
Merit: 504



View Profile
April 25, 2018, 10:31:00 AM
 #279

AML/KYC is a barrier. I don't have a utility bill in my name.  It is normal here that utility bills stay in the landlord's name.

That's also what I'm facing right now. I want to participate in an ICO but the name on the bill is entitled to my father which is not allowed. They should consider two ids instead of one id and one bill.
In some cases this can solve with bank statement which any one can obtain with own name bank account and some companies accepted birth certificate if you living in your birth home

        ▄▄███████████▄▄
     ▄██▀▀           ▀▀██▄
   ▄█▀   ▄▄█████████▄▄   ▀█▄
  █▀  ▄███████▌ █▌ █████▄  ▀█
 █▀  ██  ██         ▀█████  ▀█
▐█  ██▀▀█████   ▄▄▄   █████  █▌
█▌ ▐██▄▄████▌  ████   █████▌ ▐█
█  ███  ████        ▄███████  █
█▌ ▐█▀▀████▌   ▄▄▄  ▀██████▌ ▐█
▐█  █▄▄████   ████   ▐█████  █▌
 █▄  ████           ▄█████  ▄█
  █▄  ▀████  ███  ██████▀  ▄█
   ▀█▄   ▀▀█████████▀▀   ▄█▀
     ▀██▄▄           ▄▄██▀
        ▀▀███████████▀▀
bitcore.
...The Future Is Now...
▄▄▄▄▄▄▄▄    ▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄     ▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄

        ██
██████
        ██
        ██████
        ██
██████
        ██
        ██████
        ██
██████
                 ▄▄██
 ▄██████████████████████▄
█▀         ▄▄██▀▀   ██  ▀█
█▄     ▄▄██▀▀        ██  █
█▀█████████████████████████▄
█                          ▀█
█                           █
█              ▄████▄       █
█             ██▀  ▀██      █
█            ▐█▌    ▐████████
█             ██▄  ▄██      █
█              ▀████▀       █
█                           █
█▄                         ▄█
 ▀█████████████████████████▀
.
iOs
Android

        ██
        ██████
        ██
██████
        ██
        ██████
        ██
██████
        ██
        ██████


     ▄▄█████████▄▄
   ▄███▀▀     ▀▀███▄
  ███             ███
 ███               ███
▐██   ▐█▄   ▄███▄   ██▌
██▌    ███▄██████▀  ▐██
██▌    ▐████████    ▐██
▐██     ▐██████     ██▌
 ███   ▀█████▀     ███
  ███             ███
   ▀███▄▄     ▄▄███▀
     ▀▀█████████▀▀


     ▄▄█████████▄▄
   ▄███▀▀     ▀▀███▄
  ███             ███
 ███       ▄███    ███
▐██       █████     ██▌
██▌       ███       ▐██
██▌     ███████     ▐██
▐██       ███       ██▌
 ███      ███      ███
  ███             ███
   ▀███▄▄     ▄▄███▀
     ▀▀█████████▀▀


     ▄▄█████████▄▄
   ▄███▀▀     ▀▀███▄
  ███             ███
 ███         ▄▄█▌  ███
▐██      ▄▄█████    ██▌
██▌   ▄████████     ▐██
██▌  ▐████████      ▐██
▐██    ▀▀████       ██▌
 ███     ▀██       ███
  ███             ███
   ▀███▄▄     ▄▄███▀
     ▀▀█████████▀▀
Website
ANN
Block Explorer
picostocks
Newbie
*
Offline Offline

Activity: 14
Merit: 0


View Profile
April 25, 2018, 10:48:22 AM
 #280

Does anyone know how accurate are the data from the kycmap.com ?

Last blog/news post is from 2015... Since that time many things happend in case of cryptocurrency policies but in the kyc/aml as well.
Pages: « 1 2 3 4 5 6 7 8 9 10 11 12 13 [14] 15 16 17 18 19 20 »  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!