Strong kyc reason

[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.

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[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.