Strong kyc reason

[OpenCryptoSystem]

Reason are becouse banx dont have MONEY.

From kyc transactions they create money.

Bank will just add digits only if you verify ur kyc .
Banks can not use other people money thats a lia.
Banx creating money from kyc and aml
Old money is gone to proof this the all debt are erased in 10 years banx now nedd kyc to create new money

[1715071461]

1715071461

[fiulpro]

Wait KYC ?
KYC means : Know your Customer through documents, identity documents which does have your clear image on them and I do believe that there is literally nothing that could pay them money by keeping our identities. Except the FBI ofcourse but I rather not think that they gonna be paying anyone money.
The real reason why they do this is because they want to keep a track of everyone, of their money, where it is going and how much they have, how many bank accounts they are operating etc.. they just need it to track us down 🔻 if something bad happens and at the same time the government uses this to create a database.
I do not think that banks get paid for just getting the KYC done. This is absolutely wrong.
**They cannot create money out of KYC transactions** how would they??
-Banks will add digits ??
They only ask you to do KYC if you are already a customer and using their service and therefore I don't think any bank would call you overnight and ask you for it.
Old money is gone ??
Like what ??
Not all banks are bankrupt. Some of them do have a huge set of backup which does make them secure 🔐.I really don't understand how you think it goes but maybe you know something that I don't ? Please elaborate.

[OpenCryptoSystem]

Wait KYC ?
KYC means : Know your Customer through documents, identity documents which does have your clear image on them and I do believe that there is literally nothing that could pay them money by keeping our identities. Except the FBI ofcourse but I rather not think that they gonna be paying anyone money.
The real reason why they do this is because they want to keep a track of everyone, of their money, where it is going and how much they have, how many bank accounts they are operating etc.. they just need it to track us down 🔻 if something bad happens and at the same time the government uses this to create a database.
I do not think that banks get paid for just getting the KYC done. This is absolutely wrong.
**They cannot create money out of KYC transactions** how would they??
-Banks will add digits ??
They only ask you to do KYC if you are already a customer and using their service and therefore I don't think any bank would call you overnight and ask you for it.
Old money is gone ??
Like what ??
Not all banks are bankrupt. Some of them do have a huge set of backup which does make them secure 🔐.I really don't understand how you think it goes but maybe you know something that I don't ? Please elaborate.

Its the trick banx dont have money enough.
They just create digits but no cash equal ammount existing.
You want to sell crypto u do kyc congratulation you now made money for bank

[fiulpro]

See I do believe that we can see from both the sides , it is both positive and negative. As far as banks are concerned, they are not taking any money from us perse , we are depositing in our chosen bank account, we need them at the end of the day because even right now we have not yet reached a point where transactions and transfers all can be carried out in cryptocurrencies without any intervening central bodies. Therefore if they are asking us to do KYC, they are keeping a record, they are making a list of people who are engaging in trading cryptocurrencies. Yes this is not at all ethical, breaching someone's privacy but let us remember the fact that we already use facebook , Instagram and whatsapp, we should be more worried about them.
If you are depositing money in a good bank, you can take it out any second, you do have good security and at the same time it's  very important to have a bank account though which you can engage in trading etc. Therefore here I do think you falsely think so. They cannot take interest from *Us* for engaging in trading.

[jademaxxiss012]

Bank needs KYC because they are mandated to do so in complying with the rules and regulations. KYC is neede of course for them to verify those individuals that are possible into illegal transactions and that they will be held responsible if they will not cooperate by the authority and that their business will going to close. So, in order for them to get out of trouble if one of their clients are doing illegal under their instution then they can be safe by presenting data in regard to that client. However, the banks uses KYC at their advantage and instead of keeping details they can use it in illegal matters and that is why we need to be careful in doing KYC.

[hd49728]

KYC is sucked but bank receives money from KYC and AML, what do you mean?

There are few documents can be used to do your KYC and it does not mean you have to use banks for your payment. You can use bank report to do your KYC but after the KYC progress, you can use other payment method, and not use bank. Many of us actually use bank transfer for crypto currency cash out. I don't say I like banks but sometimes, it does not kill me when I use banks.

Banks only can get customer fees if they make transactions on bank systems.

[Argoo]

Reason are becouse banx dont have MONEY.

From kyc transactions they create money.

Bank will just add digits only if you verify ur kyc .
Banks can not use other people money thats a lia.
Banx creating money from kyc and aml
Old money is gone to proof this the all debt are erased in 10 years banx now nedd kyc to create new money

I don't see any relationship between KYC and bank money. Banks generally require identification of their clients, but this does not give them more money. Banks follow the instructions of the government and the central bank. Personal identification is needed in this case to monitor the observance of the legality of citizens.
In cryptocurrency, KYC is required only for the prevention of dirty money laundering and the fight against terrorist financing. In all other cases, the requirement to pass KYC is illegal.

[PerfectCircle]

Sorry OP, whatever you are saying doesn't make any sense, KYC means know your customer, this is a verification process that you can find with anything centralized entities and platforms, how can one create or print money out of KYC? You don't know what KYC is or what? If you aren't verified banks can't and won't offer their services to you

[goaldigger]

This topic is misleading and I actually don't understand your point here.
Anyway, if you are not agree with the KYC then better not to participate or do not open your bank accounts especially if you think your information was being used so that the banks can earn money which I think is not the main reason of KYC. Well, we all want to remain anonymous as much as possible, but some point in our life we already submit our KYC to the government, especially if you are holding a passport.

[Wingsbtc]

Reason are becouse banx dont have MONEY.

From kyc transactions they create money.

Bank will just add digits only if you verify ur kyc .
Banks can not use other people money thats a lia.
Banx creating money from kyc and aml
Old money is gone to proof this the all debt are erased in 10 years banx now nedd kyc to create new money

For banks to help keep your money you have to drop some documents and even your home address with your national identity card too, this is what I called full KYC verifications, what ever you are referring to as KYC is wrong, you need to do your own research about what KYC really is

[Inkdull]

KYC requirements and money printing are so far from each other, there are some that steal people's KYC information and sell to other criminals ends to use online, that's only where money comes from KYC but saying that banks printed more money or make more money through KYC is not understandable, I'm confused here OP

[Wexnident]

Well if you're actually saying that banks are selling our info from the KYC they do then your point stands to be quite understandable, but as fiulpro said, it's a bloody stupid concern since we use multitudes of social media to spread out info without any concern of our privacy willingly. In fact, I'd rather stand to believe banks are asking for KYC to actually consider the security of the funds of not only you but also other users of their system.

Also, idrk how banks work but I think they use the funds deposited by others to loan to others so that they can profit themselves. This doesn't mean that banks don't have their own internal fund though if I'm understanding this correctly, and honestly, even if they don't, as long as the process was followed to the last letter, I don't think they'd have much problems.

[20kevin20]

The only way companies/banks create money out of KYC and AML regulations is by selling your personal information, which is quite expensive to say the least. It is becoming harder and harder to access services without giving away personal data, that's true, but it isn't like money is created out of thin air when you complete these forms.

[torrantz]

It doesn't make sense dude, the money being printed by the central bank to be distributed into the citizens but how is it possible for bank has no money?
The purpose of KYC and AML to avoid the possibility for your fund to come from the high risk source. It's a way for the institutions to avoid the money from the criminal and try to make sure if that was not a money laundering. It's for verification purpose.

[raidarksword]

Banks requires sensitive information from their customers because it's part from their rules and regulations as a basic standard operating procedures before they can have a open bank accounts and it is really required by the law about it. They will not earn money from those KYCs, instead it will give assurance to the banks and customers itself.

[nemey]

In my opinion, a bank will need KYC for the security system and there are no errors in the disbursement process or anything else on one account. Ensure that there is really the right person who will manage the assets in an exchanger or a particular project. In fact, KYC may even be needed as a verification of the most necessary data and for the purpose of security of assets that you will receive or send.

[AicecreaME]

Banks need our personal information for security purposes only and a background check if we could truly open up a bank account. It's the only KYC I trust, but in cryptocurrency, I'd rather lose my money than to give my personal information to someone I don't personally know. To get over on our doubts about the KYC of banks, just think that if they're gonna sell our data (even though they're not) we could sue them as fast as possible, so it's impossible to happen in my opinion.

Also giving your information in banks is required for their database, so assessing customers will be fast. For example is if you lose your ATM card, or try to have an online transaction but you cannot. You could easily contact them and said your name only and they'll know instantly your account and asses your problem to be fix.

[Jawhead999]

If Bank used our KYC to make money (by selling our identity to other parties or get a loan through P2P lending) we can be easily targeted by robbers and debt collector in our real life. Because they know your how much your money, what's your name and your face, where's you live etc.

KYC are used to prevent from AML and knowing more your customer, it's a procedure and rules on central entity. If you want to give your identity/KYC so you must already trusting them too.

Anyway Bank creating money are from giving loan, administration fee, and others fees... not from KYC and AML.

[bekti3]

KYC means : Know your Customer through documents, identity documents which does have your clear image on them and I do believe that there is literally nothing that could pay them money by keeping our identities. Except the FBI ofcourse but I rather not think that they gonna be paying anyone money.
The real reason why they do this is because they want to keep a track of everyone, of their money, where it is going and how much they have, how many bank accounts they are operating etc.. they just need it to track us down 🔻 if something bad happens and at the same time the government uses this to create a database.

Yes, you are right buddy, because the bank will not allow the money to be taken without strong collateral. this is very common in the world of any based economy. the point is always subject to guarantees for any behavior concerned with any bank. they do not want the system to suffer a loss if at any time the account holder is easily lost without collateral and data is submitted.

[Jating]

^^ And to add to that, even if they sell our data, I don't see them earning big amounts here.

But I do agree that this is fraudulent practice, even here in our country there are reports that banks do this trick. Fortunately, our government has implemented strict rules for this, so if ever a bank or any financial entity that requires KYC suddenly sell their customers data, then they have to pay heavy fine.

[VDraci]

To be a rightful owner of a bank account you need to go through all the verifications, passports, identity card, electrical bill, home address etc all must be available to be able to open a bank account , this is for security reasons, there is no way to make money out of KYC verifications, it's absolute nonsense

[cabron]

Banks need to do it for the records where and who owns the money if not then there would be great ease for criminals to get away with money.

What I dont like about KYC is that internal revenue is going to fuck you no matter how small is left on your account.

[Leviathan.007]

KYC stands for Know Your Customer and it's necessary for the centralized organization such as as banks for the security reason. But since in bitcoin there not any organisation controlling or holding it and we are not customers, there shouldn't be any KYC for it. Actually the point of bitcoin is to be stay decentralized. Asking KYC is completely necessary when you are using traditional banks, but not in the crypto world.

[janggernaut]

It's not only in bank, in crypto world, you will noticed if almost all exchange sites require your KYC first before you can trade or withdraw your money to fiat. Actually KYC is a great tool to verify someone's identity, and to prevent people do any suspicious thing like use multiple accounts to abuse or something like that. But in other hands, KYC is much useless and very dangerous too, which i agreed with @1miau you can read more further the reason on here Why KYC is extremely dangerous – and useless

[dondonk]

Its the trick banx dont have money enough.
They just create digits but no cash equal ammount existing.
You want to sell crypto u do kyc congratulation you now made money for bank

I think that not way bank make cash . our crypto transaction not directly with bank . What I know, crypto transactions through exchangers then after that the exchanger will send (fiat) money to our bank account.

[mersal]

Reason are becouse banx dont have MONEY.

From kyc transactions they create money.

Bank will just add digits only if you verify ur kyc .
Banks can not use other people money thats a lia.
Banx creating money from kyc and aml
Old money is gone to proof this the all debt are erased in 10 years banx now nedd kyc to create new money

Hey wait, it is supposed to be BANKS not BANX, then you need to understand what is KYC which doesn't have anything to do with adding digits in their bank storage. Banks can't simply add money even if they do it will be considered as forfeited currency. There are lot of process involved in printing money which was never disclosed to a common man.

Banks ask KYC to track record of your transaction and every your transaction will be sent to the government for tax compliance purpose.

[bits4books]

I suggest that you first go and read how banks work in principle - one textbook on economics from the series "for the smallest"is enough for this. Then find out what KYC is. Then find out what money is.
And then re-read again what you wrote here and come to the conclusion that you wrote something as unintelligible as possible and completely unrelated to reality.
Good luck with your studies!

[OpenCryptoSystem]

I suggest that you first go and read how banks work in principle - one textbook on economics from the series "for the smallest"is enough for this. Then find out what KYC is. Then find out what money is.
And then re-read again what you wrote here and come to the conclusion that you wrote something as unintelligible as possible and completely unrelated to reality.
Good luck with your studies!

Well the bank will create money by taking from fed or ecb.
But only can take if ....kyc

[bits4books]

I suggest that you first go and read how banks work in principle - one textbook on economics from the series "for the smallest"is enough for this. Then find out what KYC is. Then find out what money is.
And then re-read again what you wrote here and come to the conclusion that you wrote something as unintelligible as possible and completely unrelated to reality.
Good luck with your studies!

Well the bank will create money by taking from fed or ecb.
But only can take if ....kyc

Banks don't create money - where did you get that from in the first place? None of the banks can just come and say "print me 100 kilograms of money". Moreover, the state itself can not just take and print the same 100 kg of money just for fun, based on the logic "the more money you print, the more money you will have". This is absolutely not how it works.
And what does KYC have to do with it? What does it have to do with the issue of money and the mechanism of confirming the identity for making transactions and using any financial products?

[livingfree]

Reason are becouse banx dont have MONEY.

From kyc transactions they create money.

How does they exactly make money if they ask KYC to their customers? they sell info to marketing companies and their product is the customers who would comply with the KYC they have required?

Bank will just add digits only if you verify ur kyc .
Banks can not use other people money thats a lia.
Banx creating money from kyc and aml
Old money is gone to proof this the all debt are erased in 10 years banx now nedd kyc to create new money

They use customers that have deposited money on their bank through loans and other investments that they have. But in KYC, I still don't know how they could generate money from it if that's what you think thus, it's the one that I've thought of.

[coolcoinz]

In a way that's how facebook tried to make money with Libra. They wanted to connect cryptocurrency to your account, so that they'd know all your private data and shopping practices and be able to target you with personalized ads that would be like instant buy options. You wouldn't have to register anywhere or log in to your bank account to process payments. A girl would post a photo of a prom dress and she'd get an instant ad with jewelry and accessories in the same color. If she clicked that her private data would be sent to the vendor for processing. You can make big money this way.

[bosede1]

In my country, before you legitimately open a bank account you will have to supply some document verifying that you are what you said you are and this does not add any kobo to their wallet as a bank. I think the main reason why bank want to know their customers is to avoid fraudulent act.

[XZERO1]

KYC is not how they make money, if they had sold their customers personal documents on black market or anything like that it would be a shitshow.

Banks main source of income is coming from borrowing your money to other people(specially to their biggest customers) and getting interest on that, and on the side they also charge you fees for all sorts of reasons, these two sources of making money are more than enough so that they make it big in just a few years by doing absolutely nothing that is too hard or too risky for them.

[atjiat]

Each person has a very negative attitude to the conditions for providing passport data, since very few people want to associate themselves with some kind of activity or some kind of situation. But if we leave aside negative emotions regarding KYC, then we must also understand that the presence of KYC allows a person to make claims, as well as defend their rights in a legal manner. According to the legislation. No one can demand compliance with any legal provisions if there is no specific name for an individual or a specific name for legal entities.

[DrBeer]

The best advice to the author of the topic - before making such, to put it mildly, dubious statements and conclusions, study the basic information on the issue you want to say. KYC - does not generate income for the bank / exchange. This is not a profitable operation, and its purpose is absolutely organizational - to make sure in the person of your client in order to comply with the rules.

[Lanatsa]

The best advice to the author of the topic - before making such, to put it mildly, dubious statements and conclusions, study the basic information on the issue you want to say. KYC - does not generate income for the bank / exchange. This is not a profitable operation, and its purpose is absolutely organizational - to make sure in the person of your client in order to comply with the rules.

Want to say that same thing on what the hell on this world on saying that banks do make out money into those KYC?

Is he really aware or do even know on whats KYC in the first place? This is just mattering on someones personal information in due compliance
on what had been set out by the government or simply part of regulation.Its heavily centralized which means its understandable.

or maybe he do mean on selling out those info/kyc into other means just like what you can see in black-markets?
Its just not really that enough to justify.

[youdacapt]

Reason are becouse banx dont have MONEY.

From kyc transactions they create money.

Bank will just add digits only if you verify ur kyc .
Banks can not use other people money thats a lia.
Banx creating money from kyc and aml
Old money is gone to proof this the all debt are erased in 10 years banx now nedd kyc to create new money

OP; Your thread topic says one thing; and your thread itself is very unclear. One thing about kyc is that it is used to keep records of platform users; be it a bank or a crypto currency exchange; it is also used to check mate fraudulent individuals. Secondly, banks do not need anyone's kyc to create new money; it is centralized by the government.

What point are you trying to drive at ?

[CarnagexD]

KYC, as in Know Your Customer? By how means will this lead more people to choose banks over crypto? I mean, the main reason bitcoin and other cryptos are a big thing right now is because it is anonymous, with little to no KYC. Plus KYC is not gonna give the banks more money, it's circulation from the government.

Weird post, man.

[redsun114]

Bank will just add digits only if you verify ur kyc .
Banks can not use other people money thats a lia.
Banx creating money from kyc and aml
Old money is gone to proof this the all debt are erased in 10 years banx now nedd kyc to create new money

To start with do you know the meaning of KYC? KYC means know your customer, so what exactly does knowing your customers has to do with clearing debts and creating money? If the central banks and governments wants to create money they will simply do that, not the way you have explained it .

The purpose of banks or any other third parties, like exchanges, doing KYC is so that they will be able to keep records and also it is used in regulation, that way they can tell where and who the money is coming from and where it’s going to. This process can helpto prevent money laundering and all that.

[Broly46]

This kyc is introduced in 2017, and it’s getting stronger these day, from non compulsory to compulsory, from custodial exchange to p2p, from new user sign up to everybody include existing user, from new depositing fund to every crypto balance, from usdt to every ICO to every coins, ridiculous, they’re trying to lure big whales to hunt them down one by one, and keep them in prison just like John McAfee and Assange Julian, many young bitcoin whales would go to prison too, wait for your turn.

[Ozero]

Bank will just add digits only if you verify ur kyc .
Banks can not use other people money thats a lia.
Banx creating money from kyc and aml
Old money is gone to proof this the all debt are erased in 10 years banx now nedd kyc to create new money

To start with do you know the meaning of KYC? KYC means know your customer, so what exactly does knowing your customers has to do with clearing debts and creating money? If the central banks and governments wants to create money they will simply do that, not the way you have explained it .

The purpose of banks or any other third parties, like exchanges, doing KYC is so that they will be able to keep records and also it is used in regulation, that way they can tell where and who the money is coming from and where it’s going to. This process can helpto prevent money laundering and all that.

KYC has nothing to do with the creation of money by banks. These concepts have nothing to do with each other. The KYC check, according to the FATF recommendations of June 22, 2019, should be carried out for transactions over one thousand euros in order to prevent money laundering and combat the financing of terrorism. For any other purpose, KYC should not be carried out.
How such a check can create money for banks is completely incomprehensible to me.

[iamsheikhadil]

I didn't understand a word of what you meant here. Banks do KYC (know your customer) to create an account for an individual in which the account holder can get whatever money he has in his account by his signature and proof of identity and securing the money from others. It has zero link to making more money off kyc because that doesn't even make sense. However, if kyc and financial data is being sold by banks to third parties (for ads like social media) then we can say it makes money, but that's against law for a bank to share data with anyone else.

[Gyfts]

None of this adds up at all. KYC is generally so banks can have an idea of who their customer is to prevent fraud and for tracking purposes. Also to adhere to federal regulation (you can't have 13 year olds, for example, going on and applying for a visa credit card).

The banks don't create the money, the government does.

[zasad@]

There is a very useful topic on the forum about KYC.
Why KYC is extremely dangerous – and useless
https://bitcointalk.org/index.php?topic=5221497
Each country has its own requirements for transactions without KYC. If we talk about Russia, then this amount is $ 200. And then you will receive many additional restrictions and the inability to make transactions to other countries

[Twentyonepaylots]

I don't get how simply giving your details into an exchange for KYC is supposed to help the banks thrive. Like I'd understand it if you mean that you'd KYC on a bank and then this particular bank, under the T&Cs you signed when creating an account, sold your info to advertisers which will indeed create money for them, but since you mentioned crypto, which is the effective opposite of banks, I don't get where you are coming from.

[tabas]

I don't get where you are coming from.

The guy is known for making topics that he only understands and bringing confusion to those who wants to join the discussion.
He's online today but didn't post for a while and likely if he sees that this discussion is still going on, he'll get back to reply some posts.

[lalabotax]

I am trying hard to understand.
Is it KYC for Banks or in crypto?
If it is about the banks, KYC is needed to verify the customer when they are going to deposit, loan, withdrawal, credit, and also other transactions. This is about the regulation by the government and the banking system itself.
It is one of the criteria. But, they not the ones that make banks get money. This is one of the rules and regulations to be able to transaction in that bank. And from customers itself, banks can gain more profits because they use the systems and also services.

[Koro-Sensei]

KYC is implemented to prevent money laundering and to verify the users/costumers. No banks are even gaining money through KYC. Its just a government implemented rules bestowed upon banks to have access on who they're dealing with.

[zanezane]

Cheers to everyone who can understand the point that OP is trying to show us, I tried to muster all the brain power that my little brain could make but I can't decipher what OP is trying to say, maybe OP is speaking the language of the Gods. I don't know if you are against KYC or not or if you are pertaining to KYC of banks or crypto exchanges as they are almost identical in my opinion, the gist of both is that they have to confirm your identity.

[Yatsan]

The reason why banks are doing strong KYC is because they are mandated and under the regulation of the government and they are also benefiting on that certain process to eventually secure the real identities of the clients and avoid fake identities specially on releasing loans and other related bank transactions that concerns security and safety of both the bank and the person involve. It is not done to gain extra credit or gain money through that certain process. It is a regulation needed to be done to verify identification of the customer and track their records if ever unexpected things happen that concerns the policy of the bank.

[imstillthebest]

I tried to muster all the brain power that my little brain could make but I can't decipher what OP is trying to say, maybe OP is speaking the language of the Gods.

lol but dont worry you are not alone but theres more of you that cannot get what the op is saying . @tabas is correct , this isnt the only wierd topic that he created

Cheers to everyone who can understand the point that OP is trying to show us,
I don't know if you are against KYC or not or if you are pertaining to KYC of banks or crypto exchanges as they are almost identical in my opinion, the gist of both is that they have to confirm your identity.

thanks . im one of those that are lucky to understand what he is trying to say but not all of what he wrote . he explains kyc in banks and i guess he is against it according on his tone . kyc in banks and in crypto have similarities but banks are strictier.

banks dont create money through a kyc except if they will sell your kyc but they wont do that because they can print money on thier own

[el kaka22]

For exchanges there is really no need for a "reason", governments want that and they do that, that's it and there is no other reason. Why? Because just like hotels, where you give your information and all that information is shared with the law enforcement because if you are someone that is searched or has a warrant under your name, as soon as you check into a hotel they will know, that is the easiest way to catch someone if they want to, it is not a way to catch them per se, it is a way to prevent them doing something.

Same goes for crypto, it is not a way to catch people do money laundering, it is a way to prevent money laundering in the end. Obviously it could still be done, but there is also methods where it would lower the amount of money laundering, even if they still do it, it is obvious that it is less than what it could be without KYC.

[Rengga Jati]

Reason are becouse banx dont have MONEY.

From kyc transactions they create money.

Maybe we can see and read the article here, some are quoted here:

The purpose of KYC is to reduce the risk of identify theft, money laundering, financial fraud, and the financing of criminal organizations. KYC helps manage risks and helps to understand customer behaviors.

Source: The Importance of KYC process in banks
It is clear enough why they need KYC or AML, they are centralized systems, different within the decentralized system here it may not need KYC.
If they only focus on getting money from customers, they will not pay attention to KYC, they will gather as many people to get money.
However, it is different, because they are centralized, they are regulated, so they must follow the regulation, one of them is by doing KYC or AML itself.

[Trinx01]

Banks need KYC because it is government property and they gain some money from it so imagine if there is no KYC in the banks how could they are going to benefit from it. Some exchanges in the cryptocurrency have KYC and some have not but that is not a big deal if the exchange requires KYC you can still access it by using the ID of your parents or someone older than you that has this.

[cute nmp]

Kyc means know your customers/clients .It is a process of verifying a client identity, financial institutions and banks use it to make sure that their customers are genuine.It is used to reduce theft.money laundering ,fraud and financing of criminal organization.

[nullius]

Yes this is not at all ethical, breaching someone's privacy but let us remember the fact that we already use facebook , Instagram and whatsapp, we should be more worried about them.

We don’t use those sites, and never have.  Yes, you should be worried about them!

KYC is generally so banks can have an idea of who their customer is to prevent cause fraud and for tracking purposes.

FTFY.  “KYC” has created a booming fraud industry based on identity theft, document forgery, and the bulk sale of hacked/stolen personal info on darkweb sites.

Also to adhere to federal regulation (you can't have 13 year olds, for example, going on and applying for a visa credit card).

Oh, but there is no age restriction for creating a Bitcoin wallet!

The banks don't create the money, the government does.

The banks do create money.  I suggest that you take another look at the workings of the biggest scam ever created:  The modern system of banking and money.

[TastyChillySauce00]

I think it's more of stealing identity that's done by so many company that can be trusted and sold in the dark web than bank creating money out of it, bank don't even make a profit out of it as far as I know it's the same thing as when you paying taxes through banks they don't get a dime but that's the only way their business can still go smoothly.

KYC, as in Know Your Customer? By how means will this lead more people to choose banks over crypto? I mean, the main reason bitcoin and other cryptos are a big thing right now is because it is anonymous, with little to no KYC. Plus KYC is not gonna give the banks more money, it's circulation from the government.

Weird post, man.

Exactly, not to mention KYC usually only happen when you try to invest into a project but if we use a coin like btc or ltc we can still stay anonymous.

[Ucy]

Reason are becouse banx dont have MONEY.

From kyc transactions they create money.

Bank will just add digits only if you verify ur kyc .
Banks can not use other people money thats a lia.
Banx creating money from kyc and aml
Old money is gone to proof this the all debt are erased in 10 years banx now nedd kyc to create new money

I guess Op is talking about something close to Fractional Reserve banking. He's probably assuming that banks use customers money while they merely add digits/figures that don't reflect the actual money they are holding for customers. Banks could be using part of customers funds for profitable or unprofitable businesses which can be quite risky depending on how well the funds are used and promptly they get paid back with interest.
They probably wouldn't have enough money to pay their customers if they come to withdraw their funds at once.

[Kong Hey Pakboy]

It is not because of KYC that banks are making money, and yes they do not have money but they also can borrow money and that is called fractional banking reserve. Banks earn money by circulating the money through loans and investments, the reason for their KYC is to prevent the possibility of people getting away of financial crimes such as fraud or money laundering.

[Wawa2013]

The reason Banks do KYC is not to make money from customers, but to be able to track customer financial transactions and prevent fraud
and money laundering. Banks make money from credit loans and administrative fees which are applied on a monthly basis. I have registered
with many Banks and followed KYC procedures, and there have never been any invoices from Banks regarding KYC procedures. If there is
a Bank that turns out to be charging the customer for following the KYC procedure, it is likely that the Bank is committing scams.

[mazdafunsun]

Did you even understand what you wrote, OP ?

Banks do not make money from KYC, it is necessary by law to know your customer, got all the information about their identity and possibly more. In my country it has come to much more than simple id checks , they ask proof of any transactions in your bank account, this is too much in my view.

[TheGreatPython]

Reason are becouse banx dont have MONEY.

From kyc transactions they create money.

Bank will just add digits only if you verify ur kyc .
Banks can not use other people money thats a lia.
Banx creating money from kyc and aml
Old money is gone to proof this the all debt are erased in 10 years banx now nedd kyc to create new money

It is another troll topic, and it got 4+ pages this time, it is weird to see this guy still getting any attention. I am writing so I am even giving it some attention as well and that's my fault. But the reality is that banks do not do KYC, they already gather all your information anyway, my bank got everything including my ID and they didn't even needed a picture of me holding my ID and a piece of paper as a selfie neither because they were going great.

Long story short KYC is something that is done to keep governments away from companies, if you work without KYC you might be helping someone launder money and you wouldn't know it, this doesn't guarantee that KYC stops money laundering, but at least it makes it harder a bit, and people could still do it if they want to and get bunch of peoples ID's and give them a thousand dollars and launder millions via that account, but that's of course harder than just starting one account and doing it without problem.

[Kakmakr]

Banks use KYC regulations to monitor and control people's wealth for the governments. So, the moment when you link your personal identity to your Bank account or your credit card, they can track all your spending. Banks also do this so that they can report your wealth for tax purposes. (Governments need the taxes to pay their salaries and to control people with a strong Police force and military force) 

Bitcoin is Pseudo Anonymous .... so your health is not connected to your personal identity. That is why governments hate Crypto currencies and why they are considering banning them. (or regulating them) 

[pixie85]

Did you even understand what you wrote, OP ?

Banks do not make money from KYC, it is necessary by law to know your customer, got all the information about their identity and possibly more. In my country it has come to much more than simple id checks , they ask proof of any transactions in your bank account, this is too much in my view.

By law? That's a good one.

Who makes laws? The governments.

Who owns central banks? The governments.

Who decides whether to bail out banks or not? The governments.

Who profits if you take credit in their central bank? The governments.

Who loses if instead of holding their fiat money you decide to store wealth in bitcoin? You should know the answer by now

[verita1]

I have always agreed with this KYC and AML procedure, in fact I came to know it in this forum. Some members argue that this process can generate income because banks sell our data.

KYC and AML is an important process for maintaining business relationships between banks and their clients.
Now, How many bad guys have made a fortune with illicit money: drugs, smuggling, corruption, etc? This procedure is necessary in my opinion.

https://en.m.wikipedia.org/wiki/Know_your_customer

[dimonstration]

Did you even understand what you wrote, OP ?

Banks do not make money from KYC, it is necessary by law to know your customer, got all the information about their identity and possibly more. In my country it has come to much more than simple id checks , they ask proof of any transactions in your bank account, this is too much in my view.

It's not too much if they will only ask for personal information or ID since they are avoiding the anti money laundering and they are under government rules, what is too much is when they make account looks suspicious when they check the amount of money coming in and out they will ask for you to update your profile to know what we do for living like trading which sometimes irritating since we are being monitored and no privacy even after we already open our accounts in them and fill up KYC forms.

[nullius]

I have always agreed with this KYC and AML procedure, in fact I came to know it in this forum. Some members argue that this process can generate income because banks sell our data.

KYC and AML is an important process for maintaining business relationships between banks and their clients.
Now, How many bad guys have made a fortune with illicit money: drugs, smuggling, corruption, etc? This procedure is necessary in my opinion.

https://en.m.wikipedia.org/wiki/Know_your_customer

Go fuck yourself.

[santiPOGI]

Did you even understand what you wrote, OP ?

Banks do not make money from KYC, it is necessary by law to know your customer, got all the information about their identity and possibly more. In my country it has come to much more than simple id checks , they ask proof of any transactions in your bank account, this is too much in my view.

By law? That's a good one.

Who makes laws? The governments.

Who owns central banks? The governments.

Who decides whether to bail out banks or not? The governments.

Who profits if you take credit in their central bank? The governments.

Who loses if instead of holding their fiat money you decide to store wealth in bitcoin? You should know the answer by now

Well, absolutely I agreed all the explanation as you stated in the above Sir. All are correct, now if anyone here in crypto
space they should know that there are other project campaign requiring their investors to submit KYC, though they are not bank. Meaning, from the Government-----Private Company------YOU(holder, Capitalist, Investors) the cycle is like this now.

[Gyfts]

Yes this is not at all ethical, breaching someone's privacy but let us remember the fact that we already use facebook , Instagram and whatsapp, we should be more worried about them.

We don’t use those sites, and never have.  Yes, you should be worried about them!

KYC is generally so banks can have an idea of who their customer is to prevent cause fraud and for tracking purposes.

FTFY.  “KYC” has created a booming fraud industry based on identity theft, document forgery, and the bulk sale of hacked/stolen personal info on darkweb sites.

Also to adhere to federal regulation (you can't have 13 year olds, for example, going on and applying for a visa credit card).

Oh, but there is no age restriction for creating a Bitcoin wallet!

The banks don't create the money, the government does.

The banks do create money.  I suggest that you take another look at the workings of the biggest scam ever created:  The modern system of banking and money.

I agree banking is a scam because you really have no control over your money. It's all a virtual creation with no backing that gets transferred over and over. But the government is heavily involved in the creation of this digital money. Look at the US stimulus money, you basically have a bunch of politicians telling the fed to print money that gets deposited into people's accounts with no after thought. All because it benefits politicians and their reelection campaign.

[nicecrypto]

KYC is sucked but bank receives money from KYC and AML, what do you mean?

There are few documents can be used to do your KYC and it does not mean you have to use banks for your payment. You can use bank report to do your KYC but after the KYC progress, you can use other payment method, and not use bank. Many of us actually use bank transfer for crypto currency cash out. I don't say I like banks but sometimes, it does not kill me when I use banks.

Banks only can get customer fees if they make transactions on bank systems.

My question is, Before cryptocurrencies did we feel this negative about Banks and if they did KYCs? I suppose not. I personally don't see any thing wrong with Bank KYCs and we cannot say because we want to trade crypto all the financial systems should be left uncheck or UN-monitored. God forbid some accounts where hacked today we would like for the persons involved to be found and when every accounts is left without KYCs how would we know who's account is it. 

[Mulann2]

Bank needs KYC because they are mandated to do so in complying with the rules and regulations. KYC is neede of course for them to verify those individuals that are possible into illegal transactions and that they will be held responsible if they will not cooperate by the authority and that their business will going to close. So, in order for them to get out of trouble if one of their clients are doing illegal under their instution then they can be safe by presenting data in regard to that client. However, the banks uses KYC at their advantage and instead of keeping details they can use it in illegal matters and that is why we need to be careful in doing KYC.

How do you open a Bank account with out presenting your documents? If I understand Bank account opening process a bit then I know you have to present Docs before your accounts will be opened and this is also to protect the banks and accounts gats to do with finance and that KYC serves as a form of protection for especially the banks cos once you know your Docs are attached to your account there is less likely possibility that you will do illegal transaction via your bank account.

[Alucard1]

I am just confused about how you have constructed your thread, maybe you have to look at every spelling of your content before submitting it but anyway, KYC is required in the bank system but it doesn't mean that whenever you'll have the KYC the banks would benefit from it and make them more money that is impossible, they just really need the record of their customer if there is unusual things happen if you don't want KYC then don't create a bank account but I don't think that it would be possible for a person.

[bryant.coleman]

^^ And to add to that, even if they sell our data, I don't see them earning big amounts here.

But I do agree that this is fraudulent practice, even here in our country there are reports that banks do this trick. Fortunately, our government has implemented strict rules for this, so if ever a bank or any financial entity that requires KYC suddenly sell their customers data, then they have to pay heavy fine.

Rather than the banks and exchanges doing KYC individually, there should be a centralized system where KYC needs to be done just once. When the individual banks ask for additional KYC verification then they can be directed towards the centralized sites. This will reduce the effort not just for the end-user, but also for the banks and exchanges. On top of that, it will eliminate the risk of fraudsters getting access to the KYC data.

[nicecrypto]

^^ And to add to that, even if they sell our data, I don't see them earning big amounts here.

But I do agree that this is fraudulent practice, even here in our country there are reports that banks do this trick. Fortunately, our government has implemented strict rules for this, so if ever a bank or any financial entity that requires KYC suddenly sell their customers data, then they have to pay heavy fine.

Rather than the banks and exchanges doing KYC individually, there should be a centralized system where KYC needs to be done just once. When the individual banks ask for additional KYC verification then they can be directed towards the centralized sites. This will reduce the effort not just for the end-user, but also for the banks and exchanges. On top of that, it will eliminate the risk of fraudsters getting access to the KYC data.

Exactly and this is why people keep complaining about multiple KYCs with the same, say Government organizations. Most at times most of the Governments are not focused to know this, and it would easier for everyone to submit just one information which is already linked with all your data for easy verification but the same government organization keep asking for all your Bio metrics which is already giving in one of there locations.   

Especially Our Nija Government, We where asked to do Drivers license and during registration you submit all info including your bio metrics, you want to do sim reg, you do same thing again, for (BNV) Bank verification number, repeats same thing and now (NIN) National Identity Number your are doing the same thing where all this info could have just been gotten from the first source. But come to think about it, I believe its all about corrupt Governance where different budgets are allocated for the same processes.

[nullius]

Rather than the banks and exchanges doing KYC individually, there should be a centralized system

🤯 💥 💣

Rather than the banks and exchanges doing KYC individually, there should be a centralized system where KYC needs to be done just once. When the individual banks ask for additional KYC verification then they can be directed towards the centralized sites. This will reduce the effort not just for the end-user, but also for the banks and exchanges. On top of that, it will eliminate the risk of fraudsters getting access to the KYC data.

Exactly and this is why people keep complaining about multiple KYCs with the same, say Government organizations. Most at times most of the Governments are not focused to know this, and it would easier for everyone to submit just one information which is already linked with all your data for easy verification but the same government organization keep asking for all your Bio metrics which is already giving in one of there locations.    

No.


I don’t want to waste any more of my precious lifetime so patiently explaining this issue to imbeciles and natural born slaves.  But I must nonetheless communicate unrelenting hostility, lest bad ideas win by default.  Silence is surrender.

And “people” who want centralized KYC will better understand emojis, anyway.

[DrBeer]

I can't understand why everyone is so afraid of KYC? I have already been told the arguments that after the KUS "they will figure you out, and the criminals will take away the whole crypt from you", etc. fantasy. In response, I ask a question - when you make deals for the purchase of a car or real estate, open a bank account - don't you do the same ?! You just the same, and even on paper, with YOUR SIGNATURE, leave a huge "documentary" trail, which can be much more dangerous, and note - they are much easier to get!
For example, I can hardly imagine what can be done with a photocopy, even digital, of documents? Even in a local country, it is extremely difficult to get even a loan of $ 100 for such "documents". And in a country where this data is not a resident, it is not at all clear how to use it? ...

[Argoo]

Did you even understand what you wrote, OP ?

Banks do not make money from KYC, it is necessary by law to know your customer, got all the information about their identity and possibly more. In my country it has come to much more than simple id checks , they ask proof of any transactions in your bank account, this is too much in my view.

Yes, KYC has nothing to do with banks printing cash. This is most likely a public safety tool, as it is a measure aimed at preventing money laundering and combating the financing of terrorism. In June 2019, the FATF international commission obliged states to introduce recommendations developed by them into their national legislation within a year, including on the identification of senders and recipients of transactions worth over one thousand euros.

[Obito]

I have always agreed with this KYC and AML procedure, in fact I came to know it in this forum. Some members argue that this process can generate income because banks sell our data.

KYC and AML is an important process for maintaining business relationships between banks and their clients.
Now, How many bad guys have made a fortune with illicit money: drugs, smuggling, corruption, etc? This procedure is necessary in my opinion.

https://en.m.wikipedia.org/wiki/Know_your_customer

It is necessary but I think there should be some lines that companies shouldn't cross when doing KYC because some of them just puts all those stupid requirements because no one seems to care, not to mention that with more requirements, it is more taxing and dragging for users to comply with.

[wxxyrqa]

Did you even understand what you wrote, OP ?

Banks do not make money from KYC, it is necessary by law to know your customer, got all the information about their identity and possibly more. In my country it has come to much more than simple id checks , they ask proof of any transactions in your bank account, this is too much in my view.

Yes, KYC has nothing to do with banks printing cash. This is most likely a public safety tool, as it is a measure aimed at preventing money laundering and combating the financing of terrorism. In June 2019, the FATF international commission obliged states to introduce recommendations developed by them into their national legislation within a year, including on the identification of senders and recipients of transactions worth over one thousand euros.

One way or another, there are existing legislative acts, which are subject to all structures, including banking. The origin of any feudal asset can be traced only if it is in digital form, because paper money is not controlled by anyone. That is why the government has long been recommending the transition to cashless payments. it is the banking system that helps the government, with full KYC, to control everyone's income and expenses.

[tbterryboy]

the government has long been recommending the transition to cashless payments. it is the banking system that helps the government, with full KYC, to control everyone's income and expenses.

Yes, governments always want full control over all of us. They just need to catch at all possible points where they can put tax and benefit from that. I guess this is an usual practice across all countries and this is the reason KYC norms are happening all around the world with similar updating. Before, in my country banks do ask KYC only when we start with them but now they do ask every six months or yearly once. I heard that is the practice in USA but now happens even in my country.

[Piesel]

I have always agreed with this KYC and AML procedure, in fact I came to know it in this forum. Some members argue that this process can generate income because banks sell our data.

KYC and AML is an important process for maintaining business relationships between banks and their clients.
Now, How many bad guys have made a fortune with illicit money: drugs, smuggling, corruption, etc? This procedure is necessary in my opinion.

https://en.m.wikipedia.org/wiki/Know_your_customer

It is necessary but I think there should be some lines that companies shouldn't cross when doing KYC because some of them just puts all those stupid requirements because no one seems to care, not to mention that with more requirements, it is more taxing and dragging for users to comply with.

They are both faults of companies and customers. You cant avoid it, actually, Ii is a sad reality that people only care about the services while give a shit to most of the term and policy and requirements

[santiPOGI]

Any private sector company are mandated to require KYC, and Bank was one of the private company or regulated based category as well.
Meaning, requiring their client to submit it to them is just a normal for them to do so. In short, Bank companies are centralized based concept.

[Xinarae*]

Bank customers are becoming accustomed to technology based services in financial transactions. In order to hinder the economy of a strong and prosperous banking system for the economic development of the country the private sector companies have introduced KYC system to protect the interests of their companies. There is no substitute for KYC to make financial inclusion more dynamic and accelerated. This is because the scope of KYC is expected to gradually increase in the context of the current KYC period for the backward population.

[Lorence.xD]

Any private sector company are mandated to require KYC, and Bank was one of the private company or regulated based category as well.
Meaning, requiring their client to submit it to them is just a normal for them to do so. In short, Bank companies are centralized based concept.

But there should be a limit as to what they should be asking, I mean there are some that are even trying to pry in the personal life for their KYC. I don't mind KYC as long as I can do it in an hours or minutes time and it should be so easy that even a toddler will be able to follow their procedures.

[doomistake]

KYC means Know Your Customer. Banks have been doing this since their establishment to follow the regulations set by the government. KYC is essential most especially to the central banks because they want to avoid money laundering on their platform. This method gives the organization a series of information about the client to verify their identity such as personal information and source of money.

For some, most probably to the bitcoin community that is used to anonymity, it's such a hassle and it sorts of puts the identification of the users at risk if ever hacking happens. However, it is important to the banks and they are doing this for a purpose. KYC demands transparency to the clients, by obliging them to fill out the forms, it alleviates the risks on legal matters such as tax discrepancies, loans, etc. KYC also is a strong proof of a client's credibility. In addition, by undergoing such a process, there is no other person apart from you that can access your account. Unless of course you've given your personal information or security access to other people and/or you've been baited by a phishing link.

It's just a matter of preference. If you don't want a platform requiring a KYC, then simply don't subscribe or use it. We have different risk appetites. Do what suits you best.

[darewaller]

-Banks will add digits ??
They only ask you to do KYC if you are already a customer and using their service and therefore I don't think any bank would call you overnight and ask you for it.
Old money is gone ??
Like what ??
Not all banks are bankrupt. Some of them do have a huge set of backup which does make them secure 🔐.I really don't understand how you think it goes but maybe you know something that I don't ? Please elaborate.

OP is blabbering something in the name of KYC for sure. I read their post more than 3 times still I could not understand what they are trying to convey with subject line of "strong KYC reason". Probably they are using Google translator and trying to start a debate from what they had in their local language.

Adding digits after KYC and old money will be gone kind of things in OP's statement are too annoying and I could not interrupt in any way.

[Henrobakkara]

Reason are becouse banx dont have MONEY.

From kyc transactions they create money.

Bank will just add digits only if you verify ur kyc .
Banks can not use other people money thats a lia.
Banx creating money from kyc and aml
Old money is gone to proof this the all debt are erased in 10 years banx now nedd kyc to create new money

I do not fully understand everything you are trying to get at but I do understand that Banks and requesting their customers to do KYC do not have anything to do with the monies they make. KYC is strictly to “know your customer” where you have to submit some of your documents to the banks for account opening process and some other organizations do it too like telecommunications. This is just for the banks to have some level of security, knowing which account belonging to who and how the transactions within those accounts operates.