AML/KYC Explained

[jamespoo2]

if possible, can you please post sites that help with verification process? Would a website like: http://authenticid.co/pro-valid.html will help?

Wanted to ask regarding the same question for website like http://www.bonofe.com  any response will be ideal. Thanks

[VintageBazaar]

To UPDATE this thread.

After possible using every exchange made since 2013. I can say with certainty that Kraken is now one of the least intrusive  and one of the easiest places to Buy and Sell $BTC (and some alts). Cash in bank often with 24hrs.

Certainly avoid the likes of Bitstamp who are really terrible at wanting to know EVERYTHING.

So anyone here looking for a Safe, trusted and easy exchange, Kraken is your best bet.

[billykannithi]

AML System is not protected our infront KYC leak. Moreover, I see many exchange AML KYC system to check KYC from user, but many people use KYC fake and they still pass KYC.

[BoostNow]

Essential or Destructive?
Digital banks are capable of tracing fraudulent activities by customers via the use of the Know Your Customer (KYC) verification process and with the integration into crypto exchanges, there is a makeover in the exchange platforms (https://fintechzoom.com/crypto-exchange-no-kyc/). The activities and transactions of clients on crypto exchanges can likewise be monitored.

The crypto market needs this service? or it´s the beginning of Gov Regulation?

[SolarWindMiningCompany]

The AML/KYC is the best way to make the world of cryptocurrencies look safe, but many don't deceive us.

However the explanation is perfect!

it's a good explanation but it still defeafs the full purpose of crypto and decentralization if exchanges now have the profike details of its traders which can be easily fed to yeh government. What did satoshi think when he founded biycoin in 2019

[Igniterr]

Thank you for the article. KYC can be tough. Of course sometimes it's necessary for security etc etc... but then what is the sense of cryptocurrency? Crypto means underground... That makes me think if there still are services that don't use KYC. I know the exchange Cripto intercambio doesn't use it for example, but I'd want to learn about bigger and more known services

So everyone who is against KYC is simply obliged to start trading on exchanges where there is none of this. The most technologically advanced exchange without KYC is 50x exchange.

Just look at my signature

Thanks for sharing,

This looks good; "Your ID, source of funds, or any private information are not required, and FIAT services aren't provided. Hence, your ID copies will never be made available to the public - because we do not have them. The interaction with 50X.com is the same as with the blockchain - the existence of a private key is enough." And Kingstown.
A caveat: centralized, still. I wouldn't say then that my interaction, as a user, with the exchange would be the same as with the blockchain, the blockchain isn't custodial ad hoc.
RD

[akramkhan0051231]

i think KYC/AML is okay .now almost every crypto  exchange or wallet is doing kyc. i think which country is allowing to trade crypto they dont need to do it .its must be necessary for those countries they dont permittion to crypto
what do you think

[JeromeTash]

i think KYC/AML is okay .now almost every crypto  exchange or wallet is doing kyc. i think which country is allowing to trade crypto they dont need to do it .its must be necessary for those countries they dont permittion to crypto
what do you think

Like anything else, AML/KYC has it's advantages and disadvantages. The most known advantage is that it helps fight suspicious activities like laundering of stolen money and tracking down of criminals. the bad side is that customer's data and documents can easily be leaked and used for other dubious activities.

The idea of using KYC in only Countries that do not restrict crypto trading is not possible in the current situation because people use VPNs and proxies so in most cases the platforms just roll out general KYC verification for all their customers.

[nasipadang]

It seems that more and more sites are following this procedure on their sites. I think they do not like to do that themselves, but that they are in the minds of laws and regulations. It may scare a lot of customers, but eventually casinos will ask for documents anyway if you win a lot of money. So then you better start with this procedure of the KYC right away.

[BitcoinAccepted]

Thank you so much for this thread, it really helpful knowing the difference between KYC and AML.

They are in principle linked to each other. at the KYC you request documentation, which in turn can consist of an AML.

You could see that KYC is the primary process and the AML a secondary or ancillary process.

Many users are scared when they read AML, but this seems to be something increasingly and more entrenched by a government.

Companies or casinos cannot do much about that. They are guidelines that must be adhered to.

[Imran232]

I had a little bit knowledge about kyc but i didn't have any knowledge about AML. After reading your writting now i fully understand about KYC/AML. And how much need this both point in out online crypto journey. Thank you for explain clearly both most important subject.

[Bug_Fixer]

Some platforms like Localbitcoins.com use KYC to keep your account frozen, just to steal your money.

https://asktom.cf/index.php?topic=5293760.new#new

[johnmurphyy]

Well, In simple words KYC refers to a process whereby companies commit to identifying and verify the identity of their clients. Banks use this process, for example, to try to avoid money laundering.

[ak_Merin94]

I use simpleswap.io mostly because they don't require mandatory login and KYC. So maybe this info will be helpful to you who do not want to waste time on this extra fuss!

[freigeist]

Well, In simple words KYC refers to a process whereby companies commit to identifying and verify the identity of their clients. Banks use this process, for example, to try to avoid money laundering.

To be 100% fair the clients or the customers of the company, bank or whatever legal entity
should have the ability I mean rights to do same  KYC/AML of any person working for the company
that is dealing with his/hers data.

[hv_]

Well, In simple words KYC refers to a process whereby companies commit to identifying and verify the identity of their clients. Banks use this process, for example, to try to avoid money laundering.

To be 100% fair the clients or the customers of the company, bank or whatever legal entity
should have the ability I mean rights to do same  KYC/AML of any person working for the company
that is dealing with his/hers data.

? - You know the company and find out lots about in public

KYC and prove source of funds / beneficial ownership helps you to really own things - cause: who finally ensures you 'own' things ?

Hint: Law & Gov

[freigeist]

Well, In simple words KYC refers to a process whereby companies commit to identifying and verify the identity of their clients. Banks use this process, for example, to try to avoid money laundering.

To be 100% fair the clients or the customers of the company, bank or whatever legal entity
should have the ability I mean rights to do same  KYC/AML of any person working for the company
that is dealing with his/hers data.

? - You know the company and find out lots about in public

KYC and prove source of funds / beneficial ownership helps you to really own things - cause: who finally ensures you 'own' things ?

Hint: Law & Gov

Yeah right!

A company is fiticous legal entity in which in a lot of physical people that are working there are "hidden".
I know the company but I do not know the people who handle my data.
What does it mean if I know a company? Company data is public but my private data should be private
and not shared with anyone. Once the data is stolen knowing the company won't help me.
Once when they come to your home to extort your bitcoin because
you shared your info with a company what you gonna do about that?

KYC/AML is bullshit is totally hypocritical.
For years drugs and weapons are smuggled around the world and this for years before crypto
were invented. How so that for all this years authorities ware unable to stop it applying this KYC/AML policies?

They come with that bullshit idea of AML/KYC to fuck us (common citizens) over few hundred bucks
that we transact in crypto while billions are laundered using FIAT money
by invented fake "companies" using fake bank accounts!

[mijanibal]

Any cash deposit or cash withdrawal of more than $10,000 is required to be reported to the Federal government.

Really?! $10k seems too low to warrant reporting.

[Atek33]

I can usually talk about KYC here because KYC here means you will have an account on any site or exchange or website. There is a need for your security. You must verify your account in order to make a transaction.  You can work with security on different site exchanges

[Kanneroliver]

Hi guys,
would like to hear some advices:
I am a customer of one crypto exchange (since 2017 and verified), a week ago after transfering some coins to my wallet got AML5. Now I need to send " explainaition" about all coins/transfers.
I do not understand how to send it: I was in-active since 2019. Last months I started to transfer some coins from other my wallets (also was in-active since 2018-2019). So after I got this email, I checked all my transactions and the conclusion is next: all wallets were in-active since 2018-2019 (I just stored coins on these wallets). Transactions to these wallets are from other wallets (I even do not remember which exchanges/partners or something else). I mean noone and never asked me to "show" anything. I checked also my emails, found that I bought some coins also in 2017 (but also it is just may be 10% from some transactions).

What doyou think what is "enougth" to show?

Currently the maximum what I can show:

("locked wallet") < got money from < my 1st wallet
also < got money from < my 2nd wallet
Also I can show all transactions for these 1st and 2nd wallet (when I got money and it shows that money transfered in 2019), however from "where these money come" > I can not show, because I do not have anything (2-3 years ago).

In my opinion if wallets were "verified" and they stored money for 3 years, it could not be "money laundering" (also + these transactions=coins belong to you), however I do not understand new "laws".

I understand that they want to see: FIAT > buy > got Coins > transfer > "locked wallet". But in my case it is already "impossible".

Also in 2019/2018 I did a lot of chaotic transfers, like: on this wallet I will store only BTC, there ETH... then a few days later, let's change "wallets" and now here I will store that, and there something else: it means if I could open/find my transactions, so it could take 100-200 pages of explaination of each transaction, because I sent them from one to another wallet a lot of times (also because of security fear).

About in-active wallets: I still have some wallets with BCH "before the FORK!" it means I still did not open them and not yet got my BSV... this is how in-active were my wallets.
Currently I just can not send them "something" and see what happens, I want do it once and 100% sure.
So what do you think I should show and explain? Would it be enougth to show all my assets from other wallets (from 2019) or I have to show the "first" initial transfer from the "first" initial wallet, where I bought the coin or got it from someone?