AML/KYC Explained

[Denijal]

I don`t feel really safe with all of this KYC procedures. I am participating in many ICOs, many KYC.
Too much KYC, too much documents I left all over the place. And I wouldn`t like to be misused one day.

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[Kapz786]

I don`t feel really safe with all of this KYC procedures. I am participating in many ICOs, many KYC.
Too much KYC, too much documents I left all over the place. And I wouldn`t like to be misused one day.

Totally agree it's all a bit questionable with passport photo's, driver licences etc. all floating around.

[Emmanuel95]

What is the important of kyc? It is just waste of time during ICO. The main important thing is that you should tell the participate those countries that can not take part in your ICO.

[starsnshamrocks]

Maged once again I have looked up what you have put together here and read through it. Just wanted to say thank you for this highly informative text, which nowadays will play a rising role and of course also in the way clients will evaluate exchanges and their offerings and how they deal with their personal data.   

[margah09]

Is KYC really neccessary?,. I don't feel good at it, maybe because, there's too much documents to provide,. witch is really unsafe for whatever accounts that we have. passwords for example, it can possibly be traced using all the information they gother., maybe a valid Id will do. just for a bit of information of you client.,

If you trust the Company, and it is really for the safty of the account, Exert effort, do research.
CoinLion will use KYC processes and comply with AML (Anti Money Laundering) laws. CoinLion
provides quick and easy identity authentication services. With a same-day identity verification
policy.

[dx_twisted]

Is KYC really neccessary?,. I don't feel good at it, maybe because, there's too much documents to provide,. witch is really unsafe for whatever accounts that we have. passwords for example, it can possibly be traced using all the information they gother., maybe a valid Id will do. just for a bit of information of you client.,

If you trust the Company, and it is really for the safty of the account, Exert effort, do research.
CoinLion will use KYC processes and comply with AML (Anti Money Laundering) laws. CoinLion
provides quick and easy identity authentication services. With a same-day identity verification
policy.

KYC is important with banks so to know the information of a person wether all his money that he got came thru legal or illegal matters. With that, its easy to know if a person commit crimes that involves money or cryptocurrencies which will be the solution regarding the anonymity feature of the majority of digital coins. As per AML or Anti Money Laundering, this is to prevent illegal hoardings of coins which again, came out for heinous crimes such as drug related, syndicate, fix gambling, etc. It doesn't mean we don't have control of our coins, it's just that it will monitor each person's holding assets that will make the digital economy fair and safe to invest with.

[merz123]

Honestly, I am really afraid with this KYC thing, what if they are going to use our info against us or maybe they have some plans about our data in the future. But with the recent trend, especially joining ICOs, they now require KYC. I am afraid but I also want to make money. No choice?

[dfalkman]

Did anyone see the SimpleToken ostKYC announcement? Is this something that will be of interest for other ICOs? https://medium.com/simple-token/introducing-ostkyc-the-complete-kyc-whitelisting-solution-for-icos-powered-by-ost-8027728df59d

[mitrade]

Actually I think that soon the majority of blockchain businesses will use AML and KYC.

that would suck....so much for anonymity

[Kahhar]

The KYC/AML/money transmitter/fincet stuff makes the barrier to entry high for new exchanges and the like to come online; a service which handles all of this for new businesses so it only has to be done at one place and can be used everywhere else would be "top shelf."

[cryptomadu]

Really helpful information for the newbies like us. To be honest previously I didn't know actually why KYC and AML for. But now I know it is a MUST for our own security. Thanks for this information.

[jackkarwella]

very nice work thanks dear

[blocklife]

Can you explain a bit further what this means. for the future of exchanges and trading ?

would there be some such point where users will be removed for non-compliance even if they have an active balance

and how would decentralised exchanges work if there is not way the user identified themselves talk more of a kyc

[honorato]

Is KYC now mandatory for all new ICO.. seems every ICO now is implenting KYC..

Is it better to go for ico or wait for exchnges

[fastlan]

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[shadyrifles]

(AML) Anti-Money Laundering and Know your customers (KYC) they have emerged focus area for financial services to institutions. It's good to see the implementation of AML/KYC in ICO's which helps the organization to prevent fraudulent transactions.

[kyenkirke1976]

KYC is good. But frauders are intelligent they know how to  protect themselves. They know how to keep their real identity. They can scam if they want.

[shan05]

Thanks for pinning this thread.  I'm quite nrw to this KYC.  I have a lot of questions answered by this thread. More and more projects now are using KYC. This only shows that developers really is concerned with the investors safety.

[toheed2x]

thanksss for explain

[ETHAppCoin]

Good thread and well explained.

It's funny though how so much regulation is tied to something that was supposed to be decentralized and anonymous.
Plus, I don't remember when was the last time any company asked me that much personal/financial information.
Seriously, GRAND THEFT ID waiting to happen when somebody decides to hack the exchanges.