KYC and ALM correlation with ICO

[plr]

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.

This will indeed save us money and effort if we know who are the team behind it, some projects show the real information about the developers but we never know if the credentials are true some are just faking it, some are doing photo shopped and some are hiring and paying people to be part of the team, there's a lot of deception in the way these developers show their identity

[Kocret02]

The relationship between the three is very clear, if KYC is useful for identifying people who are joining the ICO and avoiding crime, because with the KYC the developer team can see and can be a benchmark for who is the person joining their ICO, and can select whether they deserve a profit or not.

[maxreish]

A lot of reasons why ICO required the participants to submit their KYC before being qualified on yhe project;

-to prevent abusive and cheaters
- to comply with AML requirements and prevent criminal acts in the future
- overall safety of tokens
- they also wanted to make sure that the project is doing a real transactions with real identities

On the otherhand, I remember those times that this has been  a huge issue way back 2018 since many scam ICOs were revealed and that many KYC data were just sold.

[Menawi12]

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

In my opinion, an ICO is a token sale that aims to raise funds and finance projects undertaken by the developer team. KYC and AML are required for several ICOs because the developer team does not want to violate the rules and regulations in force in the country where the project is carried out. AML and KYC certainly aim to prevent illegal funds or money laundering

[posi]

ICO is an initial offering and a way  of raising fund for the creation of new project while KYC was a strategy implemented by the SEC to catch or prevent bad actors in the cryptocurrency investment likewise AML they serve the same purpose but AML is the process that alloe the SEC to do background check on investors income if they have the possible income to invest the money invested in crypto.

[Inkdull]

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.

Teams verifications only happens through top exchanges IEO launchpad, there is no way binance exchange will allow a new project on its platform without proper verifications, this is why I trust IEO projects on binance exchange and other top exchanges too, this is something you can't see on ICO crowdfunding

[santiPOGI]

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 have seen this as a requirements to some of the Bounty campaigns that arise here in cryptocurrency business.
Sometimes even scam projects they've required this aside from their plan is to collect fund from the investors. In fact,
this should be apply also to all members of the project team that will share an opportunity to everyone here, at least with
this We as a bounty hunters confident that we will be compensate nicely in the end.

[awakpane]

In my opinion, the relationship between KYC and AML is critical to the long-term success of an ICO. Unfortunately, the ICO room and crypto room are already riddled with scams and cons, criminals are also using ICOs to help launder their money and fund their criminal companies.

[Atang Sulaeman]

Some projects do require KYC, because it is useful to know who is a
user and there are also some countries that are not allowed to follow
or are limited in a project that is being developed.

[Wenbing]

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.

What do you think will happen to projects that fail? will the data of people that particpated on its ICO be used without their consent or it will be disposed? This is very important with or without KYC and AML procedures.

Some projects do require KYC, because it is useful to know who is a
user and there are also some countries that are not allowed to follow
or are limited in a project that is being developed.

In this age and era where data is the king and the new oil of the economies, do you think the US will allow its citizens to give their data out that way.
You see what the data war has been between the US and China regarding Tiktok. I dont US will allow its citizens to give away their information in ICO.

But, i dont really know what is their regulations in this regard.

[moderator's note: consecutive posts merged]

[shoreno]

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.

What do you think will happen to projects that fail? will the data of people that particpated on its ICO be used without their consent or it will be disposed? This is very important with or without KYC and AML procedures.

not all failed projects are hackers and wants to steal your kyc .they wont use it but they will keep it on a place that is safe or they can also delete all of the kyc files .

aml and kyc are pretty simillar , thats what i heard before but ico was different .  some ico requires an kyc but for dapp , dapp means decentralize app . it has a decentralized word on it and kyc is irrelevant with that however the word cryptocurrency is general and there can be centralized included on it which requires kyc just like ico .

[plvbob0070]

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.

The compliance of KYC is implemented by different ICO’s; thus, it is unsurprising to see some ICO projects commit identity fraud.
For instances:
[1] Socialremit - Adviser with fake picture - stealing people's identity
[2] Rethen Foundation - SCAM

With such circumstances, it is difficult to trust any project that requires KYC as it associated with such risk. KYC could be extremely useful if it is applied appropriately, but nowadays, the main purpose of KYC can no longer be observed in projects. It should be protecting our funds from defrauders, but now, it just puts people in a tough situation. Nevertheless, ICO, KYC, and AML are connected in a way that KYC is used to for AML in ICO’s.

[Shasha80]

Because there are quite a lot of ICO projects that are scams, and they are also used for money laundering. So it is necessary to
apply KYC and AML to prevent this from happening. There are also ICOs that impose KYC to obtain documents from users that are
used for illegal activities. My advice is to avoid ICOs that impose KYC and AML, because there is a possibility that investors personal
data is misused as well.

[coin-investor]

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.

If the project doing ICO is legit, that will be ok but most of the ICO now are asking their investors to do KYC so they can steal their investor's information, we have seen hundreds of project that have launch ICO with KYC but where are they now, some of these projects sell their investors credentials in the black market and some project do ICO just to steal people's information, even if their ICO fails.

[asriloni]

The relationship between the three is very clear, if KYC is useful for identifying people who are joining the ICO and avoiding crime, because with the KYC the developer team can see and can be a benchmark for who is the person joining their ICO, and can select whether they deserve a profit or not.

KYC and AML being used by icos to avoid the regulation from the countries that were not allowing its citizens to join in the ico. The developers can know where the investors are coming from and the team can avoid the legal action against them when the project have become a scam project.
It says KYC and AML just a way to verify the investors and this is used by the scammers to avoid the restricted countries like US.

[bitcon]

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.

KYC/AML itself will not protect an investor who personally gave access to his account on the exchange to a scammer who was able to convince the client of his legitimacy. It's like giving the keys to your apartment and giving the address to the first person on the street, and thinking that your house will remain safe.