Strong kyc reason

[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.

[1714842008]

1714842008

[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.