Bitcoin Forum
November 23, 2017, 07:07:28 PM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: AML/KYC Policy-How effective in India?  (Read 1990 times)
BTCIndia
Hero Member
*****
Offline Offline

Activity: 686

vini, vedi, no vici.


View Profile
November 20, 2014, 10:25:53 AM
 #1

A notable company has fabricated their own KYC/AML policy as quoted below:

Quote
We believe in being self-regulated and follow certain customer identification procedure for opening of accounts and monitoring transactions of a suspicious nature for the purpose of reporting it to appropriate authority. We are committed to ensure that our website or services are not used to facilitate money laundering or the funding of terrorism or any other criminal activities. To fulfill this goal, we have designed our own know-your-customer/KYC and anti-money laundering/AML information acquiring system to safeguard our customers and ensure continuous, clean barter.

As a part of identification procedure, we need to obtain certain customer identification documents including a copy of PAN card and address proof from every customer. These processes make us know who are paying us money and whom we are sending money, without which our website and services can be used for money laundering and other illicit purposes.

I believe, they'll be asking for personal identification and second residential proof. Customer's might be sending documents photocopy (b&w/Colour) or at best scanned copy of original documents or photocopy. Somewhat same method and policy used by other exchanges with little bit changes.

How can be they sure about authenticity? How they're conducting diligence for verification of Identity and address? If they're asking for PAN Card, how are they authenticating it because they don't have access to NSDL database or cross-verification facility like banks.

How many filing they've done so far to "appropriate authority" as we know that large amount of illicit transactions are being done through Silk Road like websites(currenct data is not available but approximately 2.2% of trade on Silk Road 1.0 was done through India) which is HUGE. Somewhere, these coins are being traded either on p2p like localbitcoin, through forum or established exchanges.

How can they  justify their claim that website and services are not being tool of larger plot?

He's Nick Sazbo from Washington. I've my answer. Or Hal? :O
1511464048
Hero Member
*
Offline Offline

Posts: 1511464048

View Profile Personal Message (Offline)

Ignore
1511464048
Reply with quote  #2

1511464048
Report to moderator
1511464048
Hero Member
*
Offline Offline

Posts: 1511464048

View Profile Personal Message (Offline)

Ignore
1511464048
Reply with quote  #2

1511464048
Report to moderator
Join ICO Now A blockchain platform for effective freelancing
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1511464048
Hero Member
*
Offline Offline

Posts: 1511464048

View Profile Personal Message (Offline)

Ignore
1511464048
Reply with quote  #2

1511464048
Report to moderator
1511464048
Hero Member
*
Offline Offline

Posts: 1511464048

View Profile Personal Message (Offline)

Ignore
1511464048
Reply with quote  #2

1511464048
Report to moderator
1511464048
Hero Member
*
Offline Offline

Posts: 1511464048

View Profile Personal Message (Offline)

Ignore
1511464048
Reply with quote  #2

1511464048
Report to moderator
BTCIndia
Hero Member
*****
Offline Offline

Activity: 686

vini, vedi, no vici.


View Profile
November 22, 2014, 12:43:38 PM
 #2

No comments, nothing on my silly one liner?

Anyone is free to comment Thou revolutionaries? Grin

Bitcoin Alliance, Igot, Unocoin and BTCXIndia are welcome to defend their policy.

He's Nick Sazbo from Washington. I've my answer. Or Hal? :O
xkrishna
Member
**
Offline Offline

Activity: 98

Accepting stellars, paypal ( got a way to handle )


View Profile WWW
December 01, 2014, 07:35:36 PM
 #3

Hmm... i think its effective you should start making all dox everything by 18 Cheesy

neha
Full Member
***
Offline Offline

Activity: 168


View Profile WWW
December 02, 2014, 11:58:12 AM
 #4

How can be they sure about authenticity? How they're conducting diligence for verification of Identity and address? If they're asking for PAN Card, how are they authenticating it because they don't have access to NSDL database or cross-verification facility like banks.


How can they  justify their claim that website and services are not being tool of larger plot?


Pan card data can be easily verified as they must have subscription to the NSDL data. It only costs 12K INR per year I think.

indiangrad
Member
**
Offline Offline

Activity: 62


View Profile
December 11, 2014, 08:54:59 PM
 #5

How can be they sure about authenticity? How they're conducting diligence for verification of Identity and address? If they're asking for PAN Card, how are they authenticating it because they don't have access to NSDL database or cross-verification facility like banks.


How can they  justify their claim that website and services are not being tool of larger plot?


Pan card data can be easily verified as they must have subscription to the NSDL data. It only costs 12K INR per year I think.

I think the point was whether the same can be misused?
BTCIndia
Hero Member
*****
Offline Offline

Activity: 686

vini, vedi, no vici.


View Profile
December 12, 2014, 01:35:18 PM
 #6

How can be they sure about authenticity? How they're conducting diligence for verification of Identity and address? If they're asking for PAN Card, how are they authenticating it because they don't have access to NSDL database or cross-verification facility like banks.


How can they  justify their claim that website and services are not being tool of larger plot?


Pan card data can be easily verified as they must have subscription to the NSDL data. It only costs 12K INR per year I think.

I think the point was whether the same can be misused?

Finally, some people are able to understand beyond words.

He's Nick Sazbo from Washington. I've my answer. Or Hal? :O
BTCIndia
Hero Member
*****
Offline Offline

Activity: 686

vini, vedi, no vici.


View Profile
December 12, 2014, 01:49:22 PM
 #7

How can be they sure about authenticity? How they're conducting diligence for verification of Identity and address? If they're asking for PAN Card, how are they authenticating it because they don't have access to NSDL database or cross-verification facility like banks.


How can they  justify their claim that website and services are not being tool of larger plot?


Pan card data can be easily verified as they must have subscription to the NSDL data. It only costs 12K INR per year I think.

Now, I and they know. Can you provide us with more details or you're not sure about information you've have?

He's Nick Sazbo from Washington. I've my answer. Or Hal? :O
neha
Full Member
***
Offline Offline

Activity: 168


View Profile WWW
December 12, 2014, 02:04:56 PM
 #8

How can be they sure about authenticity? How they're conducting diligence for verification of Identity and address? If they're asking for PAN Card, how are they authenticating it because they don't have access to NSDL database or cross-verification facility like banks.


How can they  justify their claim that website and services are not being tool of larger plot?


Pan card data can be easily verified as they must have subscription to the NSDL data. It only costs 12K INR per year I think.

Now, I and they know. Can you provide us with more details or you're not sure about information you've have?

Here https://www.tin-nsdl.com/pan-verify/pan-verification-charges.php.

BTCIndia
Hero Member
*****
Offline Offline

Activity: 686

vini, vedi, no vici.


View Profile
December 12, 2014, 02:11:07 PM
 #9

How can be they sure about authenticity? How they're conducting diligence for verification of Identity and address? If they're asking for PAN Card, how are they authenticating it because they don't have access to NSDL database or cross-verification facility like banks.


How can they  justify their claim that website and services are not being tool of larger plot?


Pan card data can be easily verified as they must have subscription to the NSDL data. It only costs 12K INR per year I think.

Now, I and they know. Can you provide us with more details or you're not sure about information you've have?

Here https://www.tin-nsdl.com/pan-verify/pan-verification-charges.php.


Thank you! Smiley

He's Nick Sazbo from Washington. I've my answer. Or Hal? :O
neha
Full Member
***
Offline Offline

Activity: 168


View Profile WWW
December 12, 2014, 02:17:46 PM
 #10

How can be they sure about authenticity? How they're conducting diligence for verification of Identity and address? If they're asking for PAN Card, how are they authenticating it because they don't have access to NSDL database or cross-verification facility like banks.


How can they  justify their claim that website and services are not being tool of larger plot?


Pan card data can be easily verified as they must have subscription to the NSDL data. It only costs 12K INR per year I think.

Now, I and they know. Can you provide us with more details or you're not sure about information you've have?

Here https://www.tin-nsdl.com/pan-verify/pan-verification-charges.php.


Thank you! Smiley

Sure...no thanks needed.

neha
Full Member
***
Offline Offline

Activity: 168


View Profile WWW
December 12, 2014, 02:29:06 PM
 #11

And one more thing, if you do pull up someones record, the pan card holder gets an email(assuming they left it while registration) saying that XYZ company pulled your pan card details on XYZ date. So, I dont think it can abused so much.

polynesia
Legendary
*
Offline Offline

Activity: 1260



View Profile
December 13, 2014, 03:41:43 AM
 #12

And one more thing, if you do pull up someones record, the pan card holder gets an email(assuming they left it while registration) saying that XYZ company pulled your pan card details on XYZ date. So, I dont think it can abused so much.

Whoa.... I didn't know that.
That is a very good trigger.
We can be relieved that identity theft is a little more difficult.
Fernandez
Legendary
*
Offline Offline

Activity: 1008



View Profile
December 13, 2014, 06:54:11 AM
 #13

I thought the KYC was a standard set of rules as they are used in the banks for a start. When I registered in igot and the other exchange site (forgot that name) I was asked to provide identity proofs similar to what my banks required.






██████████████████████████████████████████████████████████████████████████████████████████████
██████████████████████████████████████████████████████████████████████████████████████
███████████████████████████████████████████████████████████████████████▄▄▄███████████████████████
███████████████████████████████████████████████████████████████████████▀▀▀████████████████████████
██████████████████████████████████████████████████████████████████████████████████████████████████
█████████████████████████████████████████████████████████████████████████████████████████████████





...INTRODUCING WAVES........
...ULTIMATE ASSET/CUSTOM TOKEN BLOCKCHAIN PLATFORM...






BTCIndia
Hero Member
*****
Offline Offline

Activity: 686

vini, vedi, no vici.


View Profile
December 13, 2014, 06:58:03 AM
 #14

I thought the KYC was a standard set of rules as they are used in the banks for a start. When I registered in igot and the other exchange site (forgot that name) I was asked to provide identity proofs similar to what my banks required.

Did they ask for xerox, scanned copy (b/w or coloured) and what else?
Address proof, some affidavit?

He's Nick Sazbo from Washington. I've my answer. Or Hal? :O
suman66
Full Member
***
Offline Offline

Activity: 210


View Profile
December 13, 2014, 04:17:02 PM
 #15

acc to KYC rule

1. What is KYC?

KYC is an acronym for “Know your Customer”, a term used for customer identification process. It involves making reasonable efforts to determine true identity and beneficial ownership of accounts, source of funds, the nature of customer’s business, reasonableness of operations in the account in relation to the customer’s business, etc which in turn helps the banks to manage their risks prudently. The objective of the KYC guidelines is to prevent banks being used, intentionally or unintentionally by criminal elements for money laundering.

KYC has two components - Identity and Address. While identity remains the same, the address may change and hence the banks are required to periodically update their records.

2. Is there any legal backing for verifying identity of clients?

Yes. Reserve Bank of India has issued guidelines to banks under Section 35A of the Banking Regulation Act, 1949 and Rule 7 of Prevention of Money-Laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of the Banking Companies, Financial Institutions and Intermediaries) Rules, 2005. Any contravention thereof or non-compliance shall attract penalties under Banking Regulation Act.

http://www.rbi.org.in/scripts/FAQView.aspx?Id=82

read all information here
Fernandez
Legendary
*
Offline Offline

Activity: 1008



View Profile
December 14, 2014, 06:40:51 AM
 #16

I thought the KYC was a standard set of rules as they are used in the banks for a start. When I registered in igot and the other exchange site (forgot that name) I was asked to provide identity proofs similar to what my banks required.

Did they ask for xerox, scanned copy (b/w or coloured) and what else?
Address proof, some affidavit?

Yes, scanned copy and address proofs. No affidavit.






██████████████████████████████████████████████████████████████████████████████████████████████
██████████████████████████████████████████████████████████████████████████████████████
███████████████████████████████████████████████████████████████████████▄▄▄███████████████████████
███████████████████████████████████████████████████████████████████████▀▀▀████████████████████████
██████████████████████████████████████████████████████████████████████████████████████████████████
█████████████████████████████████████████████████████████████████████████████████████████████████





...INTRODUCING WAVES........
...ULTIMATE ASSET/CUSTOM TOKEN BLOCKCHAIN PLATFORM...






BTCIndia
Hero Member
*****
Offline Offline

Activity: 686

vini, vedi, no vici.


View Profile
December 15, 2014, 05:34:42 AM
 #17

I thought the KYC was a standard set of rules as they are used in the banks for a start. When I registered in igot and the other exchange site (forgot that name) I was asked to provide identity proofs similar to what my banks required.

Did they ask for xerox, scanned copy (b/w or coloured) and what else?
Address proof, some affidavit?

Yes, scanned copy and address proofs. No affidavit.

If it so then, my friend who has files for liquor license can help me create at least 2000 accounts. Ramlal, Shyamlal, Bansi Yadav etc etc.

Wow! When its me, with limited power and course can do it then.... I wonder, people with lot of power, contacts and resource will...

Best wishes for diligence!  Grin

He's Nick Sazbo from Washington. I've my answer. Or Hal? :O
Fernandez
Legendary
*
Offline Offline

Activity: 1008



View Profile
December 15, 2014, 06:32:13 AM
 #18

I thought the KYC was a standard set of rules as they are used in the banks for a start. When I registered in igot and the other exchange site (forgot that name) I was asked to provide identity proofs similar to what my banks required.

Did they ask for xerox, scanned copy (b/w or coloured) and what else?
Address proof, some affidavit?

Yes, scanned copy and address proofs. No affidavit.

If it so then, my friend who has files for liquor license can help me create at least 2000 accounts. Ramlal, Shyamlal, Bansi Yadav etc etc.

Wow! When its me, with limited power and course can do it then.... I wonder, people with lot of power, contacts and resource will...

Best wishes for diligence!  Grin

He has 2000 passports/voter ID/ Aadhar/ Pan Card etc? They need one of those.






██████████████████████████████████████████████████████████████████████████████████████████████
██████████████████████████████████████████████████████████████████████████████████████
███████████████████████████████████████████████████████████████████████▄▄▄███████████████████████
███████████████████████████████████████████████████████████████████████▀▀▀████████████████████████
██████████████████████████████████████████████████████████████████████████████████████████████████
█████████████████████████████████████████████████████████████████████████████████████████████████





...INTRODUCING WAVES........
...ULTIMATE ASSET/CUSTOM TOKEN BLOCKCHAIN PLATFORM...






suman66
Full Member
***
Offline Offline

Activity: 210


View Profile
December 15, 2014, 12:01:39 PM
 #19

some websites require your face with your id card with clear face image just for verification purpose in this case what to do ?

some borrow or investing btc sites.

BTCIndia
Hero Member
*****
Offline Offline

Activity: 686

vini, vedi, no vici.


View Profile
December 15, 2014, 01:54:31 PM
 #20

some websites require your face with your id card with clear face image just for verification purpose in this case what to do ?

some borrow or investing btc sites.



In that case, you need to be the one. Once can all them a genuine attempt.

He's Nick Sazbo from Washington. I've my answer. Or Hal? :O
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!