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Author Topic: AML/KYC Explained  (Read 201878 times)
minobia
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August 15, 2017, 03:22:19 PM
 #81

I'd like to propose some changes to KYC/AML rules.  Criminals have been known to use their ill gotten gains to eat at restaurants and shop in grocery stores.  I guess criminal activity can work up an appetite.  It is incumbent upon restaurants to ensure that the money their customers are paying has come from legitimate sources.  All restaurants should ask for ID and a utility bill before serving customers.  They also need to ask their customers for their employer information and annual income.  Self employed customers can produce a business license or other such documentation to prove the legitimacy of their income.  Grocery stores also need to comply with these rules but in addition, grocery stores should ask for social security numbers as well.  Maybe then we can protect children and fight Al Qaeda ISIS.  

Government AML regulations put the burden on financial institutions, not regular businesses.  Many banks are choosing not to accept anonymous cash deposits into bank accounts... such as JP Morgan Chase, which now only allows people to deposit cash into their own account.

Any cash deposit or cash withdrawal of more than $10,000 is required to be reported to the Federal government.




This is such a nonsense, you're really controlled at the end of the day, i hope we will not get same issues with coinbase or other exchanges operation in USA or EU
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August 18, 2017, 06:09:17 PM
 #82

If you trade on exchanges, your coins are always at risk as far as your anonymity goes. If the exchange suddenly changes their AML and KYC laws, and you cannot comply, say goodbye to your money. Many people told others to just use a fake id number on okcoin, but now sometimes they require you to upload and verify to withdraw, which they know many can't do since they numbers don't match up. Bitflyer has seized my funds and won't let them go Sad
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August 30, 2017, 05:18:13 PM
 #83

I'd like to propose some changes to KYC/AML rules.  Criminals have been known to use their ill gotten gains to eat at restaurants and shop in grocery stores.  I guess criminal activity can work up an appetite.  It is incumbent upon restaurants to ensure that the money their customers are paying has come from legitimate sources.  All restaurants should ask for ID and a utility bill before serving customers.  They also need to ask their customers for their employer information and annual income.  Self employed customers can produce a business license or other such documentation to prove the legitimacy of their income.  Grocery stores also need to comply with these rules but in addition, grocery stores should ask for social security numbers as well.  Maybe then we can protect children and fight Al Qaeda ISIS.  

Government AML regulations put the burden on financial institutions, not regular businesses.  Many banks are choosing not to accept anonymous cash deposits into bank accounts... such as JP Morgan Chase, which now only allows people to deposit cash into their own account.

Any cash deposit or cash withdrawal of more than $10,000 is required to be reported to the Federal government.




This is such a nonsense, you're really controlled at the end of the day, i hope we will not get same issues with coinbase or other exchanges operation in USA or EU
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linenoise
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August 31, 2017, 06:34:08 AM
 #84

I'd like to propose some changes to KYC/AML rules.  Criminals have been known to use their ill gotten gains to eat at restaurants and shop in grocery stores.  I guess criminal activity can work up an appetite.  It is incumbent upon restaurants to ensure that the money their customers are paying has come from legitimate sources.  All restaurants should ask for ID and a utility bill before serving customers.  They also need to ask their customers for their employer information and annual income.  Self employed customers can produce a business license or other such documentation to prove the legitimacy of their income.  Grocery stores also need to comply with these rules but in addition, grocery stores should ask for social security numbers as well.  Maybe then we can protect children and fight Al Qaeda ISIS.  

Government AML regulations put the burden on financial institutions, not regular businesses.  Many banks are choosing not to accept anonymous cash deposits into bank accounts... such as JP Morgan Chase, which now only allows people to deposit cash into their own account.

Any cash deposit or cash withdrawal of more than $10,000 is required to be reported to the Federal government.




This is such a nonsense, you're really controlled at the end of the day, i hope we will not get same issues with coinbase or other exchanges operation in USA or EU

Chase is getting worse with cash deposits. They now request your ID when putting cash into your own account. It's a business account, businesses take cash for work. Oddly enough if I use the ATM and do a cash deposit no ID is required. Or a night deposit.  Go to a teller and they'll need an ID. I tried to ask why big brother was so bothersome, the last teller had no idea what I was referring to by big brother.

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August 31, 2017, 07:59:38 AM
 #85


Chase is getting worse with cash deposits. They now request your ID when putting cash into your own account. It's a business account, businesses take cash for work. Oddly enough if I use the ATM and do a cash deposit no ID is required. Or a night deposit.  Go to a teller and they'll need an ID. I tried to ask why big brother was so bothersome, the last teller had no idea what I was referring to by big brother.

The ID is not required because
they have a camera there and they can send your picture to a service that can identify you from a image
if required. Wink

Also if you have some card or magnet key that you have to sweep over
some sensor to open the ATM box for depositing cash
then you are already identified.

You don't have to wary is all done for "your safety"  Cool

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August 31, 2017, 12:39:05 PM
 #86


Thanks for sharing,

But i think that Aml/Kyc it's just a formality & does Not protect anyone from being scammed. As you all must be knowing about MtGox, the biggest fraud done under Bitcoin World, and even it was complied with Aml/Kyc laws. But this Aml/Kyc does nothing other than shutting down the small Enterprises and other small minded Business who trying to survive here & there. Its just a LOOPHOLE to Escape.
freigeist
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August 31, 2017, 12:47:58 PM
 #87


Thanks for sharing,

But i think that Aml/Kyc it's just a formality & does Not protect anyone from being scammed. As you all must be knowing about MtGox, the biggest fraud done under Bitcoin World, and even it was complied with Aml/Kyc laws. But this Aml/Kyc does nothing other than shutting down the small Enterprises and other small minded Business who trying to survive here & there. Its just a LOOPHOLE to Escape.


Of course is LOOPHOLE.
This shit is made to control common working people not the
Elite so they can seize your hard earned money in case you rebel.

So what about Panama Papers?
It seem all legal Wink Nobody is mentioning anything like it never occurred.

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August 31, 2017, 05:10:36 PM
 #88


Thanks for sharing,

But i think that Aml/Kyc it's just a formality & does Not protect anyone from being scammed. As you all must be knowing about MtGox, the biggest fraud done under Bitcoin World, and even it was complied with Aml/Kyc laws. But this Aml/Kyc does nothing other than shutting down the small Enterprises and other small minded Business who trying to survive here & there. Its just a LOOPHOLE to Escape.


Of course is LOOPHOLE.
This shit is made to control common working people not the
Elite so they can seize your hard earned money in case you rebel.

So what about Panama Papers?
It seem all legal Wink Nobody is mentioning anything like it never occurred.

The Panana Papers didn't have many from the USA in it, was mostly european. I've heard a few passing comments on some getting in trouble but that's not where I get most of my news.

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anelenaniku
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September 01, 2017, 11:05:02 AM
 #89

Almost every company , lawyer etc needs KYC today in order to work with you
Kunlejoe0
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September 02, 2017, 12:20:29 PM
 #90

What about bittrex? Does the exchange comply with Aml/kyc? I am very loaded there and the fact that they never had any issues makes me complacent.

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September 07, 2017, 05:56:37 AM
 #91

Almost all Chinese exchanges required it since last year, I think

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September 12, 2017, 03:55:23 PM
 #92



Chase is getting worse with cash deposits. They now request your ID when putting cash into your own account. It's a business account, businesses take cash for work. Oddly enough if I use the ATM and do a cash deposit no ID is required. Or a night deposit.  Go to a teller and they'll need an ID. I tried to ask why big brother was so bothersome, the last teller had no idea what I was referring to by big brother.

Usually, banks institute these kind of rules when something has gone wrong - so I'm guessing they had someone deposit a bunch of cash who shouldn't have, and they got chewed over by the govt over it. The response of the bank is always to do arse-covering so that in future they can't be chewed out, and that's how these draconian rules get started.

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September 15, 2017, 02:56:13 PM
 #93

Look if they become big enough - and to me they look like they will - cryptocurrencies will have to have effective KYC/AML incorporated in some way. I don't think governments will care if it's at the exchange level - so every exchange does a reasonable job at KYC - or however. What they will care about is not having a significant percentage of financial flows - rather than the tiny and trivial percentage cryptos represent now - happening without them being able to know who the recipients are.

To me it's blindingly obvious that terrorists funders will - probably are - use cryptocurrencies to fund terrorists. This can't continue as cryptocurrencies  become increasingly adopted. There will have to be identification of people on each side. Just wait until half a dozen people are murdered in Paris, or Berlin, or London, or wherever, and the investigation shows that the attacker was funded with Bitcoin. The regulators won't play games then.

Just my view, possibly wrong.
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September 16, 2017, 01:38:10 AM
 #94

Very good article, thank you!
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September 16, 2017, 03:35:03 PM
 #95

Almost every company , lawyer etc needs KYC today in order to work with you

Ya but I look forward to how it will be attempted to be applied to cryptocurrencies because it is very hard to get someones private keys and force them to move it.

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September 16, 2017, 03:46:45 PM
 #96



Chase is getting worse with cash deposits. They now request your ID when putting cash into your own account. It's a business account, businesses take cash for work. Oddly enough if I use the ATM and do a cash deposit no ID is required. Or a night deposit.  Go to a teller and they'll need an ID. I tried to ask why big brother was so bothersome, the last teller had no idea what I was referring to by big brother.

Usually, banks institute these kind of rules when something has gone wrong - so I'm guessing they had someone deposit a bunch of cash who shouldn't have, and they got chewed over by the govt over it. The response of the bank is always to do arse-covering so that in future they can't be chewed out, and that's how these draconian rules get started.

haha of course people that work there aren't going to know what big brother is, they are part of big brother. But yes absolutely they are great at covering up.

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September 19, 2017, 01:23:19 PM
 #97

Interesting article Grin

I have been exposed to the system of KYC and somehow i find it a bit uneasy, since i have been ask to take selfies
, just to prove that we have possession of the card i think... when i rarely take a selfie Embarrassed

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September 19, 2017, 02:18:40 PM
 #98

Interesting article Grin

I have been exposed to the system of KYC and somehow i find it a bit uneasy, since i have been ask to take selfies
, just to prove that we have possession of the card i think... when i rarely take a selfie Embarrassed

That is pretty odd (even as kyc goes) but I guess if you run a web only operation where you don't see your customers in person at any point, what other option would you have...

The good thing about this aml/kyc stuff is if you aren't doing anything nefarious you USUALLY don't have anything to worry about. I say usually because governments (esp US govt) have been known to seize large amounts of money first and ask questions later. When this happens to legitimate people it's disgusting. They usually have court battles they can't win because the government took their money. Not trying to scare anyone but be careful. Also google "innocent civil asset forfeiture" to read more about this crap.

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September 19, 2017, 07:27:23 PM
 #99

Hello Guys,

I am currently working on my thesis regarding Anti Money Laundering Law. I find it hard to come up with a legal research question which combines the ''Know Your Customers Policy'' and AML from a corporations perspective.

Are there any suggestions on a specific research question regarding this topic?

Thank You

Desperate Student1
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September 20, 2017, 05:45:37 AM
 #100

Interesting article Grin

I have been exposed to the system of KYC and somehow i find it a bit uneasy, since i have been ask to take selfies
, just to prove that we have possession of the card i think... when i rarely take a selfie Embarrassed

That is pretty odd (even as kyc goes) but I guess if you run a web only operation where you don't see your customers in person at any point, what other option would you have...

The good thing about this aml/kyc stuff is if you aren't doing anything nefarious you USUALLY don't have anything to worry about. I say usually because governments (esp US govt) have been known to seize large amounts of money first and ask questions later. When this happens to legitimate people it's disgusting. They usually have court battles they can't win because the government took their money. Not trying to scare anyone but be careful. Also google "innocent civil asset forfeiture" to read more about this crap.

Yeah you are correct, it was from an exchange, and it is web based.

But still, I can't comprehend why need such measure. I think they ask both picture of the credit card, plus picture of the individual holding the credit card. For my opinion, a single verification is enough. and individual holding the card is sufficient enough, i think.

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