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Author Topic: AML/KYC Explained  (Read 203607 times)
KXC247
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August 18, 2018, 03:14:48 PM
 #381

I must say that, this article has been very helpful to me in all ramifications. I have been battling with what AML means but in this article, I find it very helpful and I understand the full concept of what it means. 
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August 18, 2018, 10:05:00 PM
 #382

I understand it is a requirement but I am scared every time I have to do KYC. I just had like a 3 USD from earn.com for a site that wanted my KYC, and I asked around my friends have not done it, so I said screw it.

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August 20, 2018, 03:29:35 PM
 #383

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.

Can you be more specific?!

Also nobody here gave any detailed info about how this KYC procedures are done
and how the fake info gets spotted?


KYC is identifying and verifying who you are based on the ID documents like passport, drivers license etc. This may also include source of finds etc.
AML is to check whether you are on some sanction list, FATF or a politically exposed person etc.

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August 21, 2018, 11:29:15 AM
 #384

KYC is to verify your identity. KYC makes transactions transparent, transparent and no suspicious transaction
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August 21, 2018, 01:59:33 PM
 #385

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.

Can you be more specific?!

Also nobody here gave any detailed info about how this KYC procedures are done
and how the fake info gets spotted?


KYC is identifying and verifying who you are based on the ID documents like passport, drivers license etc. This may also include source of finds etc.
AML is to check whether you are on some sanction list, FATF or a politically exposed person etc.

Thanks, but I already know what is it.
I don't know how it's done?! I mean the process of verifying the documents(personal data) after a user sends them.

 

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August 22, 2018, 12:41:00 PM
 #386

KYC is not good for decentralization, it compromises the idea behind cryptocurrencies IMO. Crypto must be anonymous. When you go through the KYC process it's like a cashier at the grocery store is fumbling in your wallet and makes a copy of your id.

On the other hand, I understand it's a matter of security, to avoid money laundering etc. And there is a chance we are not ready for full decentralization and anonymity yet.

I am strongly against KYC for numerous reasons. But like I said, I understand why companies implement it. If you are an ICO contributor and you know you have to undergo KYC from day one, it's fine. It's not fine when they only implement KYC after you have invested in the project. This is what Tezos Foundation has done to its contributors.  If you are also Tezos investor who doesn't like this change of terms, or if you generally  stand against KYC, join the chat https://t.me/XTZstopKYC Together we can upgrade the protocol and cancel the KYC check. It will also be helpful if you share the link. 
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August 22, 2018, 04:51:35 PM
 #387

Of course, AML/KYC is an important part in the regulation of financial flows, but not everyone is ready to provide their personal data to the company, because it is a matter of trust. Therefore, Godex.io doesn't put these issues in front of users. We do not require any personal data. Stay anonymous while you need it
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August 27, 2018, 07:17:50 PM
 #388

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.

How do you know if the company actually conducts KYC involving lawyers or special agencies or just collects documents to then hide with them?

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ChannaJay
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August 30, 2018, 11:38:53 AM
 #389

Hello friend ,

I was looking for these topics since 2 weeks and i was unable to get exact definition for them.

But now I had the exact one thanks to you.

Thanks a lot.

Please upload more difficult words like this as soon as possible.

Good Luck.
MalcolmBee
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August 30, 2018, 11:12:15 PM
 #390

Know your customer (KYC) alludes to due persistence exercises that money related establishments and other controlled organizations must perform to find out applicable data from their customers to do business with them. The term is likewise used to allude to the bank control which administers these exercises.
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September 03, 2018, 11:27:56 PM
 #391

if possible, can you please post sites that help with verification process? Would a website like: http://authenticid.co/pro-valid.html will help?

About the website you stated I wouldn't know but I know there are some that charge $9 or so for kyc verification.please kindly beware some just collect your info and maybe spam with pushing links.
Try and be conscious about where you send your kyc to
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September 08, 2018, 02:54:54 PM
 #392

I highly advise against sending personal info to shady icos. Even less so your coins... We need some kind of reverse KYC. It is not the customers who should be validating themselves but rather the ico itself. Otherwise who are we protecting?

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September 11, 2018, 07:44:49 PM
 #393

I highly advise against sending personal info to shady icos. Even less so your coins... We need some kind of reverse KYC. It is not the customers who should be validating themselves but rather the ico itself. Otherwise who are we protecting?
How should I deal with KYC procedure if it was introduced only at the end of ICO but was not relevant in the beginning? Is it a shady ICO?

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September 11, 2018, 08:15:31 PM
 #394

I highly advise against sending personal info to shady icos. Even less so your coins... We need some kind of reverse KYC. It is not the customers who should be validating themselves but rather the ico itself. Otherwise who are we protecting?
How should I deal with KYC procedure if it was introduced only at the end of ICO but was not relevant in the beginning? Is it a shady ICO?
Do you mean after you have made your payment?

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freigeist
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September 12, 2018, 10:41:27 AM
 #395

I highly advise against sending personal info to shady icos. Even less so your coins... We need some kind of reverse KYC. It is not the customers who should be validating themselves but rather the ico itself. Otherwise who are we protecting?
How should I deal with KYC procedure if it was introduced only at the end of ICO but was not relevant in the beginning? Is it a shady ICO?

Yes this is almost scam because not all the rules were disclosed at the beginning. Is like breach of contract.
I think you and anyone else that are not willing to do the kyc should ask and get the full refund
because if you would know that there is a kyc requirement before the ico you probably would not invest any amount in it.

So try to ask for refund if they are not scam they should return the funds.

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September 16, 2018, 05:23:41 PM
 #396

In other words - government collect your investment data

HURRY UP DECENTRALIzED KYC/AML!!! then I will agree with this thread
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September 18, 2018, 05:17:49 AM
 #397

I think KYC is not a safe way but other exchangers and for verification need it. They collect the data from others and I think it is not good, especially you passport details
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September 18, 2018, 02:24:35 PM
 #398

As in this article, it is inevitable that measures to deal with money laundering and KYC will be strengthened as future encryption currencies are developed
Cryptographic currency must be accepted by governments and businesses in each country

https://news.bitcoin.com/bithumb-coinone-fiat-withdrawals-crypto-traders/

I think that the market further develops when proper regulation is made.
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September 27, 2018, 01:53:00 PM
 #399

Some KYC very annoying they require and demand passport and utility bill under users name. Well like me Im just live with my parents ,so all bills are listed to their name, In addition some KYC they don't accept Local ID's but insists you to ulpoad passport only.And also KYC is not safe for me.It can be used for some illegal stuff.But in future theres a lot of decentralized exchange,I would prefer ro trade on DEX exchange.

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October 01, 2018, 03:27:11 PM
 #400

I invested in several ICO's this year. With one or two the KYC process was real fast, happened within a few days. With another couple of ICO's it has taken forever. One in particular is now nearly 2 months. How long should it take?
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