AML/KYC Explained

[Togacity]

Thanks for sharing sir, i can see alot of websites requesting for AML/KYC . Is it a way to authenticate their site's purpose or a way to protect the interest of their clients?

[Togacity]

To the extent, I saw they ask for client data and allude to KYC amid registration.I ponder, regardless of whether this makes them consistent Free.

[DaPaaShunting]

Is there a way that KYC/AML can evolve in into a more sophisticated but a security check for monitoring progress and process?

[SmartCams]

KYC, in my opinion, is a necessary thing. In the television series "Billions" traders each other reward in cryptocurrency. This is an obvious way to transfer money for not very good purposes. This is the obvious thing.

[TRADE OR HODL]

What do you think about IDEX situation, when they say that gonna collect KYC. And I don't wanna give them anything! I want to stay anonymous. What for they need my data? They will simply lose competition to DEX'es like Ethermium, BitShaes, ForkDelta etc.

[goldkingcoiner]

KYC/AML seems to be  a different case in different countries. But some exchanges like Bitstamp go too far in locking up your funds until you pass AML...

[sclement]

KYC/AML seems to be  a different case in different countries. But some exchanges like Bitstamp go too far in locking up your funds until you pass AML...

I had exactly that experience with Bitstamp. I wonder if they do it on purpose, to put your crypto to work for their benefit while you cannot get it out of their system.

[Godex_io]

KYC/AML seems to be  a different case in different countries. But some exchanges like Bitstamp go too far in locking up your funds until you pass AML...

Many exchangers get people involved in, allowing them to trade without verification for a while. Once your balance reaches some value, you become a victim of selective KYC. Very simple scheme, which is impossible to find fault legally, and they get a large amount of money from you basically for free. This is one huge conveyor.
This is why we 1. do not store users finds 2. do not require KYC

[blue_globe]

Because KYC procedure links wallets with the actual user’s identity it can lead to information leaks. A recent study concluded (http://stevengoldfeder.com/papers/ZKCSP.pdf) that 53 out of 130 platforms the research was conducted on leaked critical personal information to a total of at least 40 separate third parties. The absence of enforcing KYC does not affect the user's asset security on the platform whatsoever, and furthermore protects the user as information leaks can lead to serious issues such as identity theft and other fraudulent acts.  

Mt Gox is the most notoriously 2 x hacked crypto exchange which enforced, rather still enforces KYC/AML, and while it helped them trace some of the lost funds it still managed to lose them in the first place and was the most prevalent exchange of its time.  

I personally prefer no KYC.

Prime XBT (https://primeXBT.com) can be added to the list of trading platforms that does not require its users to submit to the KYC procedure.  

[bitbuddo]

I'm down with no KYC - Mt Gox and Quadriga both required KYC and did not do much good for them!

[vgahedlx]

Are there any exchanges that do not have document requirements, and accept wire transfers to fund the account to buy crypto?

Or is that still, in 2019, done by in p2p exchange and pay a premium?

Not necessarily looking for anonymity, but KYC requirements are bullshit. It's easier to open a bank, brokerage, etc accounts...

[Jimmymark]

Slowly slowly this is the way Government state take control of cryptocurrency. They call this KYC know your customer and so on. So why not just open banks. Cryptocurrency banks that way banks can do Kyc and keep safe your details. I not willing to hand over my detail to any Tom dic@ and Harry.

Also what the point of cryptocurrency if you can’t stay Anonymous. This is killing cryptocurrency and that what state want.

Let’s let cryptocurrency be  decentralised again.

[HarryJackson]

I hope its only April fool not true

https://bitcointalk.org/index.php?topic=5124947.0

[Mux@]

I hope its only April fool not true

https://bitcointalk.org/index.php?topic=5124947.0

Now there is nothing surprising in the fact that KYC is required everywhere. I vote that this KYC, which is now introduced on the forum, would be forever! I like that. I love fun!

[nightl]

I hope its only April fool not true

https://bitcointalk.org/index.php?topic=5124947.0

Great joke created in advance. I was already excited, started looking for my lastest photos: D

[Bitchef2112]

Take a look at Coinfirm AMLT report about risk KYC/AML. For example, Binance is in "high" risk.
https://cointelegraph.com/news/study-14-of-major-crypto-exchanges-are-licensed-by-regulators

[Mux@]

It is always a risk to leave your document data and photos with your passport somewhere! Even when you leave confidential information about yourself in the Bank - it is also a risk. In banks there are dishonest employees who can use it.

[tech4sale]

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

same would like to see that too

[jjjfff]

Take a look at Coinfirm AMLT report about risk KYC/AML. For example, Binance is in "high" risk.
https://cointelegraph.com/news/study-14-of-major-crypto-exchanges-are-licensed-by-regulators

How is this even measured? Is there a online resource with guidelines on AML/KYC?

[vicoma]

The reason why many run away from KYC might not be far from personal security. You cannot just release your identity to an unknown entity. Most projects that are demanding for KYC/AML does not even put appropriate infrastructures in place to carry such process in an automated way. Most time, you have to wait for days or more than a week to get feedback.