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Author Topic: AML/KYC Explained  (Read 202588 times)
KRAUSS
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April 26, 2018, 04:47:04 PM
 #281

Could someone could explain me what is KYB??

I heard about KYC but nothing about KYB

Regards!!


KYB = Know your business - Know Your Business is the due diligence review of your business and industry which when reviewed against Money Laundering techniques allows you to develop policies and assess suspicious activities or transactions.

or Kick Your Butt )))

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April 26, 2018, 06:39:24 PM
 #282

Thanks a lot!!!! Is difficult to understand all of the different terms.  Smiley
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April 26, 2018, 08:40:54 PM
 #283

I dont know guys. As for me i very worry about private information. day by day KYC become more strict Sad Sad

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April 27, 2018, 07:52:59 AM
 #284

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.

Well explained thanks! These are very useful information especially for those who just started in crypto world
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April 29, 2018, 12:17:10 AM
 #285

I have some ideas about how to solve this... but I am quite stuck financially
check out my proof-of-human idea

https://github.com/desLT/dID
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April 30, 2018, 06:48:16 PM
 #286

Thanks for this detailed explanation on KYC and AML. This is of great importance in the crypto community and very soon, it will be made compulsory among other top exchanges. Bittrex mandate KYC for all users so as to be able to withdraw .its also good that most exchanges are now strict on this.
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May 02, 2018, 08:01:51 AM
 #287

I'm always weary of any regulations about bitcoin. Nonetheless, it is nice to have a few regulated companies to buy and sell btc/usd from. Of course, nothing is going to prevent a mt. gox like situation though.
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May 03, 2018, 10:17:10 AM
 #288

It's precisely, also even you, me, or anybody can make an ICO and harvest for selling the information that we get by that, that's very bad for usual people

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May 03, 2018, 04:36:43 PM
 #289

I wonder, Will our personal data be used for no good purposes?
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May 03, 2018, 10:35:38 PM
 #290

AML/KYC does NOT protect anyone from being scammed. was the biggest fraud in the history of Bitcoin and it complied with AML/KYC laws.

All AML/KYC does is force small Bitcoin startups out of business because they can't afford to register with FinCEN.  It's just another monopoly trick and it does NOT protect ANYONE from getting ripped off.
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May 04, 2018, 10:37:00 AM
 #291

I'm confident that any of that kyc of aml doesn't help to prevent any money laundering. What if they will use our documents for other purposes, huh?

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May 06, 2018, 06:46:54 AM
 #292

Kyc is required but the company should be support as much as people's want too
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May 06, 2018, 11:01:28 AM
 #293

I find the shortcoming of AML / KYC is that it takes a lot of time for verification to be completed
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May 06, 2018, 11:58:02 AM
 #294

I find the shortcoming of AML / KYC is that it takes a lot of time for verification to be completed
Its not take too much time probably they give reply in 72 hours I clear few in just few hours its all depend on company support

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May 07, 2018, 07:15:25 AM
 #295

In my opinion there should be a set point of withdrawal or deposit and at the point KYC or AML must be implemented small or medium trading like 01 BTC to 10 BTC should be ignored and all ICO s must be followed the KYC and AML rules not for investors,May be i am wrong but this is impacting negatively

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May 07, 2018, 10:38:44 AM
 #296

That kind of information about people might cost much more than even 100$ and if those people do tend to sell out those info, then it would be another source of income for them

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May 08, 2018, 02:51:18 AM
 #297

good luck
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May 08, 2018, 02:03:08 PM
 #298

Yes, KYC information has a disadvantage where our information is spreaded around the internet. But, I think it is a good idea as it generally protects the customer, in a case if someone does a fraud transaction. They can trace it back to the person and save the victims.
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May 08, 2018, 05:57:04 PM
 #299

Truly unfortunate that everybody is going the KYC route, what a plague this has been on the industry and will continue to only hinder people not help them Undecided.

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May 09, 2018, 06:19:39 AM
 #300

Very well explained about the KYC and AML process. These days, not just the exchanges, before the investments in the whitelist process ICOs are asking for KYC process to make sure that the investor is a genuine investor. After checking the complete information of the person who applied for whitelist will be the eligible person to invest in the tokens. I would like to know, is it safe to process KYC with ICO companies even if we invest less amounts?

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