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Author Topic: AML/KYC Explained  (Read 202267 times)
crypki21
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July 03, 2018, 02:07:55 PM
 #361

I actually like the idea of KYC/AML to have the chance to filter suspicious contributors for instance. However, I do not see the system fully protected either, and the possibility of fraud with personal data is also a big concern.

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July 03, 2018, 08:49:04 PM
 #362

nice piece of write up, thanks
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July 03, 2018, 09:52:11 PM
 #363

I saw most of the bounties using KYC these days. are they really necessary? bounty hunters are not investors.how can they laundering money by doing bounties.
I have the same question, because, if i help to spread information about project and i am not investor, why should i go through KYC? And the answer, i think, that managers have chance not to pay you, because sometimes you just can't do KYC.
Perhaps the owners of the projects are just hedging their bets. Recently, many countries have adopted and developed laws aimed at the legalization and regulation of cryptocurrency.

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Adebisi74
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July 04, 2018, 12:19:01 AM
 #364

although,  i am not against KYC/AML because to some extent it prevent money laundering and terrorism. however, the risk of the vital information supplied being stolen is another thing. more so, it is like a clog for the people from 3rd world country to access crypto market. i am of the view that limited amount be set so as to afford the small scale to access the market. 
zStrog
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July 04, 2018, 11:07:23 AM
 #365

I saw most of the bounties using KYC these days. are they really necessary? bounty hunters are not investors.how can they laundering money by doing bounties.
I have the same question, because, if i help to spread information about project and i am not investor, why should i go through KYC? And the answer, i think, that managers have chance not to pay you, because sometimes you just can't do KYC.
As for me, almost all ico that require KYC for bounty participants are scam. In my experience these ico either try to reduce payments or do not pay at all.

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July 06, 2018, 08:53:17 AM
 #366

When the limitless possibilities afforded by blockchain technology was discovered by people, many entrepreneurs and developers set about to use this revolutionary technology to create platforms that wold solve real world problems. However, in a system that relies on personal data, the problems of data security arise. And this introduces the need for compliances laid down by relevant authorities.

KYC/AML Compliances to Ensure ‘A Clean Platform’

The most basic compliance that is required by any blockchain-powered enterprise that distributes tokens is the KYC/AML. KYC, also better known as “Know Your Customer” has gained importance in recent times in the financial sector owing to the large number of fraud accounts that people create in a bid to launder money or for other illegal purposes. Today, even blockchain enterprises need to perform stringent KYC procedures that establishes, beyond any doubt, the identity and authenticity of an individual. AML compliances are also necessary to establish that all measures have been taken to discourage money laundering and the enterprise follows all guidelines laid down by governmental authorities to stop cryptocurrencies from being used by their customers to launder money or for illegal activities, like financing of terrorist activities (CFT — countering the financing of terrorism).

You can read more about KYC/AML Compliances here... https://medium.com/@coinnup/the-importance-of-compliance-in-ensuring-data-security-in-blockchain-powered-enterprises-4f4d10488b72

FXTradingPro
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July 07, 2018, 08:52:02 PM
 #367

if you think about it most affiliate programs out there require AML/KYC info in order to sign up and get paid. Getting paid on a referral basis is equally important to monitor. There should be levels of flexibility in the verification process to make sure not to exclude those that may have certain circumstances that don't allow them to provide the information requested.
Panunggalan
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July 09, 2018, 04:11:57 AM
 #368

now KYC indeed often appears in bounty rules, KYC is a very good rule, there are KYC accounts that follow bounty no double or double, KYC is in need once.

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July 09, 2018, 07:36:43 AM
 #369

i have always want to ask this question, how secured are the documents we do upload for KYC on exchanges, is the any law governing the mishandling of those documents if they leak it out.
Thanks

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July 10, 2018, 07:17:51 AM
 #370

It's not easy

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.
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July 10, 2018, 07:58:27 AM
 #371

i aggre with KYC system but sometimes there some inancial institutions and other regulated companie use only passport for kyc but thereare many inancial institutions and other regulated use residence indentification,driver license, passport
use only passport for kyc is not quite right because there are still many people who do not have a passport

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coinhunt
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July 23, 2018, 02:13:04 PM
 #372

Good job with this guide, it’s vital for all traders, investors and all who are related to money. What I think, KYC/AML is essential for modern traditional banking and trading systems as they protect from illegal actions like those on darknet. However, these principles contradict ideas of decentralization and blockchain, so modern innovative systems should protect customers and prove the legality in other ways. Frankly speaking, idk which ways. For instance, technological solutions like ideally encrypted data or something like this. We even can call it new-era KYC/AML but without direct providing of sensitive information to authorities. What do you think, guys?
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July 25, 2018, 05:34:22 PM
 #373

Kyc is means this know your customers by the use of kyc means the project developer or the team have the perfect idea of who they are dealing with and the country those people comes from. However, the main problem with kyc is that they really waste time to approve.

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July 26, 2018, 10:00:26 AM
 #374

Thanks for this information, and the useful links.
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July 30, 2018, 06:24:47 AM
 #375

I understand the need for KYC and AML, but the idea of uploading a photo of my Identification card or Passport photo worries me a bit. Ive also had some difficulty with KYC verification because of the documents I provide.
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July 31, 2018, 09:04:42 PM
 #376

Thanks for this info cos it is well explained and I believe it goes a long way in assisting people and new crypto believer into glancing a glimpse into what it is all about. Well I always say it that with the wah the world of cryptocirrency is going, regulations upon regulations are inevitable and I still believe most would be for the good of the industry. Thanks once more

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August 03, 2018, 01:30:25 AM
 #377

Good explanation you have made there. However I'm still very skeptical of airdrops that require kyc. It's too risky giving out full confidential info to an unknown person behind a computer...

Who knows, I could turn up wanted in Saudi for false identity!

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August 16, 2018, 07:00:39 AM
 #378

Is there any possibility that i am working in a project that requires KYC / AML & turn out to be a scam project? Cause if it's possible, than what's the security of our information posted for KYC? Reply if you have any preventive measures & suggestion are appreciated.
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August 16, 2018, 05:11:41 PM
 #379

Regarding how much KYC is required there is another angle to it based on the amount. In most western countries amount more than $10,000 requires address verification as well.

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August 16, 2018, 05:47:05 PM
 #380

Is there any possibility that i am working in a project that requires KYC / AML & turn out to be a scam project? Cause if it's possible, than what's the security of our information posted for KYC? Reply if you have any preventive measures & suggestion are appreciated.

Not likely as the cost of KYC is quite significant.

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