KYC and ALM correlation with ICO

[Wenbing]

I was reading an article of recent, the author was explaining Anti money Laundering (AML) and Know Your Customer (KYC).

I see these two concept to be very key metrics in DAPP and Cryptocurrency.

Here is what I want us to discuss.

What are the relationship between AML, KYC and ICO

[ARTCOINSLV]

I was reading an article of recent, the author was explaining Anti money Laundering (AML) and Know Your Customer (KYC).

I see these two concept to be very key metrics in DAPP and Cryptocurrency.

Here is what I want us to discuss.

What are the relationship between AML, KYC and ICO

i don't understand why only members of bounty campaign are verified ?
Why doesn't the team pass the verification ?
This would save us a lot of scammers.

[jossiel]

There are handful articles that you can find that deals with this topic. By searching them, you will find plenty of those articles that explained the relation of those that you are asking. Here are some of them:

1. Why every ICO should comply with KYC and AML regulations
2. Daneel ICO : What is a KYC/AML process and why it is important ?

[bunglor]

ICO needs to verify their investors so they would comply to the AML Policy or the anti money laundering Policy in which it needs KYC (know your customer) to avoid it so to make it short to avoid money launder in ICO they need to conduct KYC.

[Winscosinally]

ICO needs to verify their investors so they would comply to the AML Policy or the anti money laundering Policy in which it needs KYC (know your customer) to avoid it so to make it short to avoid money launder in ICO they need to conduct KYC.

Do you know why IEO does things better than ICO? IEO findings that took place on top exchanges verifies project teams not just their investors through KYC, on ICO side it's always investors going through verifications not the teams, this is so wrong and that's why we had more scam devs in ICO days

[Psynthax]

Simply put, an ICO could be used for money laundering and even worse could be made solely for money laundering. To prevent such thing from happening any ICO who obeys the law and regulation need to have KYC which in short verifying their customer's identities to prevent money laundering and that's whats called AML atleast that's what I know in crypto space.
But usually it only happen if ICO have customers that resides in US or Europe.

[Rodeo02]

.

What are the relationship between AML, KYC and ICO

Maybe because they are checking if  you are from US citizen which is you need to take any legal measure and they need to follow strict securities before launching or asking an ICO investment in the US.

Check it here https://www.skalex.io/ico-law-compliance/ .


This is not a secured way to be verified because they are also at  risks any one who takes KYC and can steal their personal details.

[dimonstration]

ICO needs to verify their investors so they would comply to the AML Policy or the anti money laundering Policy in which it needs KYC (know your customer) to avoid it so to make it short to avoid money launder in ICO they need to conduct KYC.

It is needed nowadays especially that online transactions were used to do such crime, and crypto said to been used by those illegal users, government needs to be much stricter for the safety of many. If we doubt projects asking for KYC then better not do it. I only do few KYC before one which is registered in our country, then some bounty or ICO before that have been backed by top companies.

[irixo10]

I was reading an article of recent, the author was explaining Anti money Laundering (AML) and Know Your Customer (KYC).

I see these two concept to be very key metrics in DAPP and Cryptocurrency.

Here is what I want us to discuss.

What are the relationship between AML, KYC and ICO

Just as the names goes, they all have different functions but are all used to achieve a result. Owing to the location most projects are based on, they are bound to comply with the law enforcement and in this case, KYC and AML comes to play. If you notice, KYC and AML are done together, that is, if an investor want to participate in an ICO and he is requested to be verified, he will send the required documents which will cover both for kyc and AML, hence being verified to participate in that ICO. Therefore, the relationship I see there is, they all work together to help a team acquire genuine funds for their project, such that, they will not be sanctioned. This genuine funds, also means, there are countries that are not meant to participate in that ICO, hence the verification also helps them to be free from unnecessary issues with the law enforcement agencies.

[Princejebs]

i don't understand why only members of bounty campaign are verified ?
Why doesn't the team pass the verification ?
This would save us a lot of scammers.

Bounty required kyc done when there are large number of people on participants which always result to two or multiple accounts belong to one participant.
For the team, most of the projects you come across has their team display and their profile indicated in the profile.
Social media profile speaks a lot about someone and if you check most of the ico reviews platforms, they make sure they identify each team member details including their locations.

[hugeblack]

There is no direct relationship between them, but rather intersections, so the ICO is a process of distributing the currency instead of mining, and therefore the distribution method is based on an attempt to reduce fraud so that a user does not register the same several times, so they resort to some methods to verify users such as KYC.

Some scammers use it as a method to obtain user data.

[Oneandpure]

Many ICO project need to pass KYC before investing on their ICO because any have project not allowed for United State district to participate on ICO project and their government not allow for investing on ICO, to protect investor from United State is the reason why many ICO project have to submit and verify KYC before investing. I think the rule is easy and we are not united state citizen can join on many ICO project although have submit KYC first time. Maybe the way how to keep safety with many ICO project before getting big problem by SEC if allowed for united state citizen to be investor on ICO project.

[optimisticcm]

I think KYC requirement is unnecessarily made complicated by several platforms and projects and being decentralized and blockchain based projects there should be one app and one id for everyone participating in here and if some project requires kyc the user should give his unique blockchain id that contain all kyc data. I am surprised how such service is still not available.

[mnporter2001]

I was reading an article of recent, the author was explaining Anti money Laundering (AML) and Know Your Customer (KYC).

I see these two concept to be very key metrics in DAPP and Cryptocurrency.

Here is what I want us to discuss.

What are the relationship between AML, KYC and ICO

i don't understand why only members of bounty campaign are verified ?
Why doesn't the team pass the verification ?
This would save us a lot of scammers.

Simply because the project knows where our information is needed, so they collect from us and sell it to those organizations. Our information is sometimes worth thousands of dollars, so be careful when giving it to anyone.
I just hope that one day Bitcointalk forum will elaborate on the rights of bounty hunters. If possible, I beg them to set rules for new campaigns, such as not to do KYC + deposit in advance of the project's token / coin so that bounty hunters will definitely receive a reward.

[maartenhaha]

AML and KYC being used to verify the identity of investors. The ICO itself will not be available for US investors due to the regulations. that means the ICO has been using KYC and AML to make sure there will be no investors from the US who will be participated in the ICO. This is having a very strong relationship with the US regulation.
ICO was feeling worried to be sued by the SEC caused by running unregistered security sale.

Thank you for opening your mind to discuss KYC and AML, maybe not only the US is banned but many other countries are also banned from the ICO. We couldn't escape when one of the bounties needed KYC, now the project is gone and we are worried that our identity will be used by strangers.

[Wenbing]

I was reading an article of recent, the author was explaining Anti money Laundering (AML) and Know Your Customer (KYC).

I see these two concept to be very key metrics in DAPP and Cryptocurrency.

Here is what I want us to discuss.

What are the relationship between AML, KYC and ICO

i don't understand why only members of bounty campaign are verified ?
Why doesn't the team pass the verification ?
This would save us a lot of scammers.

Yes, I have the same thought too.
If there is a stringent AML screening and a very strong legal agreement in place, ICO would become a strategy for funding new and real projects.

ICO needs to verify their investors so they would comply to the AML Policy or the anti money laundering Policy in which it needs KYC (know your customer) to avoid it so to make it short to avoid money launder in ICO they need to conduct KYC.

Is this process to protect the investors or the investment?
I was thinking, the essence of these is to ensure that investors' determine a good project from a bad one, there by reducing risk.

[moderator's note: consecutive posts merged]

[cryptoaddictchie]

I was reading an article of recent, the author was explaining Anti money Laundering (AML) and Know Your Customer (KYC).

I see these two concept to be very key metrics in DAPP and Cryptocurrency.

Here is what I want us to discuss.

What are the relationship between AML, KYC and ICO

Usually ICO do this. Legit projects tend to ask for KYC to avoid such funds coming from hacked and scam activity. This will ensure that no investors on the project has been flagged for an illegal activity. Also scammers will definitely afraid to expose their identity if the funds they have came from doing a malicious scam project.

Too bad this method has been done by a lot of them to acquire information which they will be used to cover up their track what worse is the one got victim are the innocent for identity theft.

[$anounimus$]

I was reading an article of recent, the author was explaining Anti money Laundering (AML) and Know Your Customer (KYC).

I see these two concept to be very key metrics in DAPP and Cryptocurrency.

Here is what I want us to discuss.

What are the relationship between AML, KYC and ICO

The relationship between AML, KYC and ICO is to ensure that the ICO project team is genuine so that they cannot use fake data to become a team, because with genuine KYC, the team cannot carry out money laundering (AML) openly to the public. , because they have been recognized by many people.

[ahoenk]

I was reading an article of recent, the author was explaining Anti money Laundering (AML) and Know Your Customer (KYC).

I see these two concept to be very key metrics in DAPP and Cryptocurrency.

Here is what I want us to discuss.

What are the relationship between AML, KYC and ICO

KYC is Know your Customer it is mean the project management must know who is their Investor. To prevent Money Laundring.
KYC has been implemented by konvensional banking and that is why people who did the criminal thing can not put their money into banking system.

We are all know how crypto make it more anonym. It is also to prevent terorism.

[Darktongue]

I was reading an article of recent, the author was explaining Anti money Laundering (AML) and Know Your Customer (KYC).

I see these two concept to be very key metrics in DAPP and Cryptocurrency.

Here is what I want us to discuss.

What are the relationship between AML, KYC and ICO

Ok, then what is the mandatory reason to submit kyc for bounty hunters? Money laundering isn't the only case. So many scammers could sell our information. This isn't part of altcoins discussion but stay active. definitely you will know the difference between all of this process.