Strong kyc reason

[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

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[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.