AML/KYC Explained

[bernard75]

Maybe you should expand the list with ATF, which is a relevant part too.

Anti-Terrorist Financing not Alcohol, Tobacco, Firearms.

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[BIT-Sharon]

AML/KYC is a barrier to entry for small Bitcoin startups and effectively hinders Bitcoin innovation .. it should be IGNORED

In what aspects?

[chillman]

AML/KYC is a barrier to entry for small Bitcoin startups and effectively hinders Bitcoin innovation .. it should be IGNORED

In what aspects?

In aspect of implementing all the necessary procedures.

[Kprawn]

I do not really share their views on what Bitcoins is tho.....

http://moneytransmitterlicense.blogspot.com/ - This might just be one of the most $#^$% views on Bitcoin.

In my opinion, just another way to squeeze money out of people, to register for something, that bring little value. {Support us, and we protect you.. bla bla bla}

 

[loiterin9]

KYC/AML makes sense only when it is enforced. When a company claims that they they are complaint the questions that you have to ask what are they compliant with? and Who do they report to?

I have seen only one company in bitcoin trading that have to comply with these standards dsx.uk. There rest of them can be doing KYC or not no one would care.

[crypto97]

A very informative post, thanks!

[Afrikoin]

Can ANX get added to the list? 

We are a Money Services Operator (MSO) in Hong Kong.  This is the equivalent of a FINCEN/FINTRAC MSB in the USA.  We are under stringent compliance controls where we go above and beyond the standard KYC/AML and SSR requirements set out for the license.  Because we are in the crypto currency industry we heave to work much harder to keep abreast on the latest developments in KYC and AML than the typical MSO or banks to mitigate any risk in our business.  ANX was one of the first exchanges to implement strong KYC/AML requirements on all our customers since Day 1 of our opening in July 2013.  This proved to be painful and troublesome for some of our customers and even cost us some customers as they did not feel they needed to provide this information to us since many of the other exchanges did not have such policies and not an industry standard at the time. 

We knew that KYC/AML will be one of the main reasons why the regulators and government will ban or accept crypto currencies. Hence we had been forward thinking and adequately pre-empted these requirements that have been the norm today.  ANX is in this for the long term and will do what it takes to ensure we will stay in business to be able to provide our a customers a safe and compliant way to trade crypto currencies.

what sort of KYC details would you require from a citizen of Kenya who would like to trade on your exchange/ have some sort of business relationship. This person has no ill intentions and would like to particpate in a HK based exchange and access full features.

Inbox also an option

Thanks.

[BitcoinXio]

KYC/AML makes sense only when it is enforced. When a company claims that they they are complaint the questions that you have to ask what are they compliant with? and Who do they report to?

This is a very good question that just came up this week with the revelations that a Secret Service agent was working on the Silk Road case, and also was working for CoinMkt Exchange as their Compliance Officer at the same time. It's quite clear from the unsealed govt documents that the agent was abusing his powers, and using them to his advantage at CoinMkt Exchange. Clearly, there was no measures or controls in place at CoinMkt that prevented or caught this abuse of power in direct relation to compliance/KYC/AML.

So even though an exchange might have KYC/AML procedures in place, as you said, it only makes sense when it's enforced and more importantly, who are overseeing these processes? Here's some more info on what I had said about this yesterday on reddit.

[silversurfer1958]

Our current economic system is fraudulent, it's not really about money laundering,, it's really about making sure joe public can't earn money from his labours without Big brother getting a hefty slice of it.

[freigeist]

Our current economic system is fraudulent, it's not really about money laundering,, it's really about making sure joe public can't earn money from his labours without Big brother getting a hefty slice of it.

+1

Yes this is the reason for KYC/AML shit!!!
Soon I will have to bring a sample of my pee or stool to the bank if I would
have to use any of their services!

They recently started to ask fucking questions like
if I'm politically active or where do my relatives live because according to the "law"
they need to update the data they have on me?!

WTF?! 

The clerk gave me some papers to fill in my data and on that papers there
were written some shit about money laundering and terrorism.
I said to the clerk that if they want to get rid of terrorism
they need to seize all accounts belonging to political parties and politicians.

[khawaja07]

i think kyc is mostly used in india...
it means know your customer..
it letsan organisation know to whom they are employing, it prevents fraud and illegeal people upon using services for bad or evil purposes.

[CryptoRev]

i think kyc is mostly used in india...
it means know your customer..
it letsan organisation know to whom they are employing, it prevents fraud and illegeal people upon using services for bad or evil purposes.

I think its implemented in many parts of the world. I'm sure about USA, India, New Zealand, South Africa and U.K.

[chanlance]

KYC REALLY JUST PROTECTS THE COMPANY AND 50% US THE USERS

[nygaar]

A very interesting post, more of this please.

[uwichii]

Want to improve this sticky? Edits to the sticky may be paid! Please post a quote of this sticky with all of the changes you would like included in the thread linked below:
https://bitcointalk.org/index.php?topic=357590.0

Feel free to use this sticky as a general discussion of AML/KYC policies.

[Miracal]

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.

I think we do need certain regulations for Bitcoins as well. too many illegal activities can mar the name. don't you think that will keep newbies away from the market?

[moneyflow]

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.

I agree. Rules and regulations for the safety of consumers are always important. Hope more financial companies start diligent efforts to regulate BTC transactions now. Another mt.gox like situation will scare away many potential new entrants towards BTC.

[stzmc]

Does BTC-e.com requires ID and verification?
Do they comply with KYC and AML rules?

Regards

[Zorrocoin]

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.

I think AML/KYC are just excuses to keep the smaller ventures away from the main competition (monopoly anyone?). At times the rules and their rigidity can mean hindrance more than facilitating. Most times they just make it harder than ease your transactions.