AML/KYC Explained

[cryptohacker76484954]

But what if the info in KYC is not correct ?

[freigeist]

But what if the info in KYC is not correct ?

I was wondering the same.

What is the procedure to verify a person i mean documents?
How they do it?
How they know that the supplied data is not fake or from another person?!

[vannhart]

Good thread with valuable info, thanks a lot !

[100eth]

thank you sir this will be very helpful for beginners like me

[Landagert]

Some cryptocurrency based exchange platform, does not posses a strict KYC policy. I think that KYC policy is only needed if the amout of withdraw and deposit is high for a particular span of time, a month or 1-day period.

KYC is a good policy, but user and customer have the tendency to be frightful that their personal information may leak and get into the wrong hands

[Crypto_Zone]

Thank you very much for letting us know about the verification process.

[Crypto_buddah]

But what if the info in KYC is not correct ?

I guess the point is not the corretness of information in KYC but the fact that you organized duly the process of KYC monitoring. So if one day the police comes to you, as responsible for KYC, and asks questions about a John Smith you can show the documents you have. You are to do your part of business. But there are some good services there that can make a pretty good job in verifying peoples passports remotely. They can say if the papers are fake or not

[Saksham]

The details you have given about KYC and AML are awesome, it can be understood by any person who has the ability to read in English. Congratulation and keep doing this kind of post.

[MUNENORI]

1. It would be valuable if we'd know how long does it take to get approved based on which country the individual is from... Essentially based on which country his/ her docs originally come from.
2. And also what kind of docs each platform requests for commercial/ business account. Therefore with that it'd be reasonable to have some info on the limits on transactions (real limits, for example when the administration of any platforms hesitate to allow using the funds and keeps the transaction in pending etc. ).

That's a whole research there, but it's worth it for the crypto users.

[Crypto_buddah]

1. It would be valuable if we'd know how long does it take to get approved based on which country the individual is from... Essentially based on which country his/ her docs originally come from.
2. And also what kind of docs each platform requests for commercial/ business account. Therefore with that it'd be reasonable to have some info on the limits on transactions (real limits, for example when the administration of any platforms hesitate to allow using the funds and keeps the transaction in pending etc. ).

That's a whole research there, but it's worth it for the crypto users.

Hmm, that's interesting. Let's make a rating of KYC terms and times it takes to verify. We can begin with the top 10 exchanges.

[Leetukyang]

What is the importance of AML and KYC ? I mean some new users have a hard time doing and verifying our accounts. Like what if I dont have any Valid id or passport ? Then I cant verify my account ?

[freigeist]

What is the importance of AML and KYC ? I mean some new users have a hard time doing and verifying our accounts. Like what if I dont have any Valid id or passport ? Then I cant verify my account ?

Not only that.
Some want that you send also an utility bill or something with your name on it beside the ID or passport.
What if you do not pay any utility bills then you are screwed even by having valid passport or ID.

[augmentedinvestor]

Is there a good list out there of KYC requirements and thresholds by country?

[kavyte]

Is there a good list out there of KYC requirements and thresholds by country?

I saw a nice source at Pricewaterhouse Coopers. There is a PDF quick reference guide about KYC:
https://www.pwc.com/gx/en/financial-services/publications/assets/pwc-anti-money-laundering-2016.pdf

v

[syaripudin]

AML / KYC is an institution that aims to eliminate levels of corruption and trade regulations that contain AML risk management and compliance (GRC) in the form with the objective of minimizing reputation damage and risk exposure. and contains a service to meet the requirements of AUSTRAC, Anti Money Laundering, FATCA, OFAC and reputation reputation risk management and due diligence of business partners. as is the case with KYC with the same objective and in my country there is an individual institution that oversees all financial matters whether individual or a corporation with the same purpose of removing corruption and money laundering and other criminal activities. on the one hand there is a positive side that can be. but the question is all of these oversight agencies, will they be able to protect a crime from bitcoin users who are very difficult to detect as well as other fraud and crimes. I think there is nothing wrong as long as it does not aim to make it difficult for bitcoin users who do not commit a crime.

[Nikhila]

Hey I'm new to this discussion what is this group all about?

[Igor.N.]

Does anybody know any KYC/AML service provider with clear prices?

[Julia_KA]

Do you know any ICOs that requested KYC procedure for sending crypto? I mean I know some that request it if they accept fiat (e.g. Naga did). So would be know what your experience with KYC during ICOs was

[JoshuaDunnink]

Hey Guys,

As KYC is now going to be widely used in ICO's all over the palce and requireming them to all have a copy of some sort of proof of identity.
Currently nowhere I can find a retention period on how long they are allowed to maintain the documents. Further, I have not found regulatory policies on what is allowed to be done with them.

As stated in an ICO they are intending to use the data, for example,to improve their website.
To what extend is the use, of the data provided, limited or are there clear privacy rules on this?

The reason for asking is that this is now a global issue, in specific countries it is clear what the legal privacy policies are.
Can I assume the policies on privicy will be applied as maintained in the country from where the ICO innitiative is started?
In that case, (extreme example and not knowing the official legal policy) I will never invest in an ICO started by a Nigerian prince!

[JoshuaDunnink]

Do you know any ICOs that requested KYC procedure for sending crypto? I mean I know some that request it if they accept fiat (e.g. Naga did). So would be know what your experience with KYC during ICOs was

ENVION is doing KYC with ETH and BTC payments also.
although KYC is a good thing, I do have my concerns as shown above