- The government (FATF) writes the laws so that no participants can operate out of their authority without complying to know your customer and anti-money laundry rules.
- They usually collect country of origin identifications,photos and passports.
- Institutions and organizations that people are willing to do business with.
- In case some bad actors hack the data base and steal your information and use it for illicit purpose or government use it against you by freezing your asset without any trial.
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- Who writes KYC/AML laws, and what is their purpose?
Written by governments. - What type of information is usually collected for KYC compliance?
All information that can identify a person. - Who is responsible for enforcing KYC compliance?
The excanges. - Explain how KYC is a threat to privacy.
Data is not stored in a secure location.
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- Who writes KYC/AML laws, and what is their purpose?
Government agencies,regulators - What type of information is usually collected for KYC compliance?
Name,addresses,account numbers, nationality - Who is responsible for enforcing KYC compliance?
The exchanges - Explain how KYC is a threat to privacy.
It basically creates a link between the key pairs used and the real person
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Governments write KYC/AML laws but in the case of the EU this is different as the EU isn’t a Government. KYC/AML laws are to ensure that companies do their due diligence risk assessments on their customers so as to prevent bad actors from money laundering and financing terrorism.
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The types of information collected for KYC compliance are passports, selfies, home addresses and drivers license.
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In the UK KYC laws are enforced by The Financial Conduct Authority (FCA) and Her Majesty’s Revenue and Customs (HMRC). There are several regulated professionals that are watched by their own professional bodies, subject to supervision by the new (Office for Professional Body Anti-money Laundering Supervision) housed within the FCA.
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KYC is a threat to privacy as it in effect takes away any privacy that someone may want to have.
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#1 - Who writes KYC/AML laws, and what is their purpose?
These “laws” are written by governmental instituions like the EU
#2 - What type of information is usually collected for KYC compliance?
Personal information like adress, social security numbers, etc.
#3 - Who is responsible for enforcing KYC compliance?
The service-providers, in our case exchanges
#4 - Explain how KYC is a threat to privacy.
KYC is an enourmous threat to privacy, because sensible information is collected and available to criminal organisations like governments
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- Government. Real identity verification.
- National ID, Drivers License, photo, address, contact details, job.
- Centralized exchanges and government regulators.
- It can link public key to the real owner.
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FATF and AMLD5 agencies run by the government. KYC/AML laws are put into place to prevent fraudulent behavior like money laundering, and so that they know who is buying their product.
Personal Information that identifies yourself as you.
The exchanges or other companies who deal with cryptos.
Because with your personal information they can track all of your financial activity on the exchanges.
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- The KYC/AML laws are written by governments in an attempt to control and manipulate cryptos. The very reason they were invented was to stop this.
- KYC generally wants to know everything they can in order to use the information as leverage to force you from enjoying the attributes that were supposed to be created by cryptos.
- Entities that are responsible for enforcing KYC compliance are centralized exchanges, custodial wallets, investment firms, tax advisors, accountants, notaries and lawyers who transfer $10 000 or more.
- KYC is a threat to privacy because as soon as you comply you are no longer anonymous. therefore. You have lost your privacy.
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Who writes KYC/AML laws, and what is their purpose?
Financial Action Task Force (FATF) / Government run agencies --> Avoid money laundring -
What type of information is usually collected for KYC compliance?
Name, Adress, everything that is needed to identify a person -
Who is responsible for enforcing KYC compliance?
Centralized Exchanges,investment firms, tax advisors who transfer values >10k EUR -
Explain how KYC is a threat to privacy
By KYC you lose your privacy
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- Financial Action Task Force (FATF) of EU’s Fifth Anti-Money Laundering Directive (AMLD5), enforcer of Know Your Customer (KYC) stricter control of buying and selling cryptocurrency, and increased compliance.
- name, government ID, Selfie photo, work place, living address, etc
- Government and Centralize Cryptocurrency Exchanges, tax advisors in certain amount of transfer value
- to exchange something both party are agreed upon are strictly a human right to someone held their privacy into, just like when they want their medical lab report to unannounced publicly
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Each country / state government write their own KYC/AML laws with the purpose of enforcing all companies and businesses (that mainly deal with financial services or products) to record and formally identify every customer and also report to the government any suspicious financial activity of their customers to avoid money laundering.
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Photo ID documents, Full Names, Residential Address and other contact details.
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Governments / states through forcing companies and businesses to do so.
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KYC could be used to keep track individuals and perhaps even seize or prosecute them especially by corrupt or overzealous government bodies.
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- the Financial Action Task Force (FATF). stricter controls on buying and selling cryptocurrency, and increased compliance
- Name, photo ID, selfie, address, 2nd proof of address.
- exchanges
- Personal info is collected, and then stored in a centralised system which is susceptible to hacking, making the info not secure.
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1.The “Financial Action Task Force” writes the KYC/AML laws. Their purpose is to; ensure more “Know Your Customer” enforcement, stricter controls on buying and selling cryptocurrencies and increased compliance.
2.The types of information usually collected for KYC compliance are; passport information, a recent photo, work information, proof of address and driving-licence information.
3.Those responsible for enforcing KYC compliance are financial institutions such as banks and exchanges, and other companies who facilitate the moving of money.
4.KYC is a threat to privacy because potentially sensitive information may be held insecurely at multiple locations and could be stolen through data breaches. Also, because banks and exchanges etc. can track the path of any transaction leaving a known person’s account.
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- KYC Laws are written by the FATF (Financial Action Task Force). They are implemented by gov’ts and state agencies.
- Information collected for KYC compliance includes passports, a photographic portrait, home address, etc. Essentially as much information as possible to verify who the individual is.
- Exchanges are responsible for enforcing KYC compliance.
- KYC threatens your privacy by enforcing the need to upload your private documents to a centralized server in order to exchange funds in a decentralized network.
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Government agencies such as Financial Action Task Force (FATF) on behalf of a government write KYC/AML laws. Declared purpose is anti-laundering measures and preventing terrorism financing. On FATF website it is stated that combating terrorism financing is their main goal. Clearly it is just an excuse, since money laundering is mostly done by banks and terrorism is financed and was financed through banking system. The real reason is to exercise full control on personal finances in order to force people to pay taxes and obey government’s laws since by having full information on our finances they can frighten us when it is needed to protect their regime.
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Personal identity information (passport or driver license) as well as address of residence.
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Crypto exchanges, fiat gateways and companies performing ICOs. Everything that is mostly used to obtain coins, so origin and belonging of those coins can be traced.
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Our personal information is linked to blockchain addresses we use for trading on exchanges. Thus, all transactions we make to other addresses from those addresses used on exchanges are linked together. Moreover it is easier to reveal financial information even about those users who did not do KYC/AML, but interacted with those who did.
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KYC is written by governments (FATF, AMLD5) to prevent money laundering as they say, but the real reason, as always, is to control the crypto market, to track and to tax people.
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Selfie, passport or ID, proof of residence, work information, maybe bank account etc.
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Crypto exchanges and institutions that provide crypto related services like custodian wallets etc.
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All private information and all the transaction history can be exposed.
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Who writes KYC/AML laws, and what is their purpose?
Governments (congress). The purported purpose is to require any institution involved with money changing parties to know all of the information about those parties. This would presumably allow them to track and trace funds going to “bad actors” -
What type of information is usually collected for KYC compliance?
An enormous and intrusive amount of data. - Driver’s License/Passport, current photos, SSN/Address and full contact information. etc. -
Who is responsible for enforcing KYC compliance?
Exchanges and Banks -
Explain how KYC is a threat to privacy.
These institutions are regularly hacked and data stolen. Data may be revealed with any transactions you have off-exchange
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- The tax authorities in those territories in which the exchanges are registered.
- Legal name, address, photo ID, sometimes more…
- The crypto exchanges are being held responsible to do KYC.
- KYC keeps track of individuals wealth and transactions which can be used in freezing or confiscating funds by government officials.
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- Who writes KYC/AML laws, and what is their purpose?
Financial Action Task Force (FATF)
2.What type of information is usually collected for KYC compliance?
Personal identifyable informtations (legal name, addresss, selfie, passeport, driver license …)
3.Who is responsible for enforcing KYC compliance?
Centralized exchanges, finnacial institutions and custodian services.
4.Explain how KYC is a threat to privacy.
All the personal informations can stolen and/or selled.
Privacy is a fundamental human right recognized in the UN Declaration of Human Rights, the International Convenant on Civil and Political Rights and in many other international and regional treaties.
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