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

[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.