KYC Laws - Reading Assignment

Privacy Coins - Ultimate Course
#222
  • Who writes KYC/AML laws, and what is their “official” purpose?

The Financial Action Task Force

  • What type of information is usually collected for KYC compliance?

Identification information such as passport or national id

  • Who is responsible for enforcing KYC compliance? (Hint: it’s not the government)

The crypto exchnages

  • How is KYC a threat to privacy? Who might get access to what?

The identity of the crypto owner is linked to his public key

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#223
  1. KYC laws are written by goverments and agencies looking for anti laundering basically.
  2. basic person documentation, ID’s and such
  3. exchanges and services are made responsible for enforcing KYC processes
  4. with KYC goverments and tax agencies would be able to gain access to people’s documents and enforce tax laws and such.
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#224

  1. Governments and regulators

  2. Know your costumer so basically everything about you, all personal data

  3. The company, the exchange

  4. All tx can be traced by tax office and governments

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#225
  1. Who writes KYC/AML laws, and what is their “official” purpose?

Governments issue these laws in order to prevent money laundering. It is also an attempt to control the crypto market.

  1. What type of information is usually collected for KYC compliance?

Passport, Portrait, Address, Bank Account, Sometimes even where the money you trade with is coming from (Savings, Credit)

  1. Who is responsible for enforcing KYC compliance? (Hint: it’s not the government)

The exchanges are responsible to enforce it, due to the pressure they get from the officials.

  1. How is KYC a threat to privacy? Who might get access to what ?

Everyone holding and trading crypto will be transparent. Governments will be able to know exactly how much cryptos you hold and know everything about your trading history.

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#226
  1. Governments and agencies like the FATF (Financial Action Task Force) write these laws for Anti-Money Laundering Directives.
  2. Picture of passport, selfie, and information on where they live and work.
  3. Crypto exchanges are obliged to follow the law.
  4. It puts customer details in centralized exchanges which are prone to hacks.
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#227

1. Who writes KYC/AML laws, and what is their “official” purpose?
FATF! They what to fight Money Laundering
2. What type of information is usually collected for KYC compliance?
of their passport, a selfie, information about where they work, where they live
3. Who is responsible for enforcing KYC compliance?
Cryptocurrency services like exchanges and wallets
4. How is KYC a threat to privacy? Who might gain access to what ?
KYC data is most valuable part of your personal data, it is your identity. At least exchange after KYC will know all yours identity crypto flow. Exchange can be hacked and all your private data will be accessed by hackers.

1 Like
#228
  1. Who writes KYC/AML laws, and what is their “official” purpose?
    KYC/AML laws are written by the Financial Action Task Force (FATF) in order to prevent money laundering.
  2. What type of information is usually collected for KYC compliance?
    Government ID, Address, Fiat Banking Info, Selfie
  3. Who is responsible for enforcing KYC compliance?
    Crypto Exchanges
  4. How is KYC a threat to privacy? Who might gain access to what ?
    The information may be stored insecurly, and might be a target for hackers
1 Like
#229

KYC Laws - Reading Assignment

  1. Who writes KYC/AML laws, and what is their “official” purpose?

A. Financial Action Task Force (FATF) , KYC/AML is here to protect the current global monetary system and push to hold fraudsters to the line.

  1. What type of information is usually collected for KYC compliance?

A. STATE ID / DRIVERS LICENSE / SELFIE / GF NUDES / DICK PIC

  1. Who is responsible for enforcing KYC compliance? (Hint: it’s not the government)

A. Exchanges enforce KYC by compliance, Financial Action Task Force (FATF) determines the necessary proposals.

  1. How is KYC a threat to privacy? Who might get access to what?

A. Any stored data on a centralized server is less than ideal for full anonymity if that is the goal. Hackers, lawyers, and little phishes may all use the data against you.

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#230

:rofl: :rofl: :rofl: :rofl: well, not exactly, but I’ll give you a pass

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#231
  1. KYC and AML laws are written and implemented by governments and federal agencies to impose stricter controls on the purchase and sale of cryptocurrency
  2. Complying with a KYC will normally allow your personal data, such as your bank account or home address, to be collected
  3. Cryptocurrency exchanges are typically responsible for the enforcement of KYC compliance
  4. They might lead to your cryptocurrency account getting hacked and your funds getting stolen. Furthermore, the exchange you are on might share your transaction information and acitivity with the government, sans your consent.
1 Like
#232
  1. Who writes KYC/AML laws, and what is their “official” purpose? The Financial Action Task Force (FATF) writes the laws for the global standards for crypto assets.

The official purpose: The Financial Action Task Force (FATF), an independent inter-governmental body that develops and promotes policies to protect the global financial system against threats such as money laundering and terrorist financing.

  1. What type of information is usually collected for KYC compliance? Photo ID, Place of residence, selfie.

.

  1. Who is responsible for enforcing KYC compliance? (Hint: it’s not the government) The exchanges are charged with enforcing the KYC regulations.

  2. How is KYC a threat to privacy? Who might get access to what ? KYC Information and documents provided to an exchange could end up on a centralized server and be vulnerable to hacks.

1 Like
#233

Financial Action Task Force (FATF).

Personal Information (Passport, Selfi, Proof of adress, etc.)

The exchanges on one side.

connect your identity to your crypto assets

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#234

  1. Who writes KYC/AML laws, and what is their “official” purpose?
    (FATF) Financial Action Task Force

  2. What type of information is usually collected for KYC compliance?
    Name, address, email, phone number, passport no., National Insurance Number(UK)

  3. Who is responsible for enforcing KYC compliance? (Hint: it’s not the government)
    Centralised Exchanges

  4. How is KYC a threat to privacy? Who might get access to what ?
    Your personal Information is known by private industries which is stored in a central database. Potentially at risk of exploit.

1 Like
#235

1- It is written by the government. the " official " purpose is to set anti-money laundering practices.
2- Personal information.
3- exchanges.
4. Personal data is stored in a insecure way. the government can use the data.

1 Like
#236
  1. Who writes KYC/AML laws, and what is their “official” purpose?
    The EU (by the EU’s Fifth Anti-Money Laundering Directive)
  2. What type of information is usually collected for KYC compliance? (Hint: it’s not the government)
    A picture of their passport, a selfie, information about where they work, where they live, and all other types of data
  3. Who is responsible for enforcing KYC compliance?
    Providers of crypto-related services.
  4. How is KYC a threat to privacy? Who might gain access to what ?
    Various types of data that will surely be stored in an insecure way. This is financial harassment.
1 Like
#237
  1. Who writes KYC/AML laws, and what is their purpose?
    The governments in each country, but general guidelines was issued by Financial Action Task Force (FATF).
  2. What type of information is usually collected for KYC compliance?
    Private and personal information related to identity, residential address, employment and other data.
  3. Who is responsible for enforcing KYC compliance?
    Companies providing crypto services.
  4. Explain how KYC is a threat to privacy.
    Tracking future financial activity and the risk of being identified.
1 Like
#238
  1. KYC/AML laws are written by anti-money laundering groups to prevent money-laundering.
  2. Personal data like bank accounts, government IDs, and other private information.
  3. The exchanges are responsible for enforcing KYC compliance.
  4. KYC enables central entities (Binance) to have access to your personal data and possible access to your financial data as well.
1 Like
#239

Hi there!

  1. Who writes KYC/AML laws, and what is their “official” purpose?
    1.1 General guidelines are issued by FATF from the beginning of 1989, KYC/AML is issued by countries.
  2. What type of information is usually collected for KYC compliance? (Hint: it’s not the government)
    2.1 Each client is required to provide credentials to prove identity (e.g ID number, passport number, driver license number) and address .
  3. Who is responsible for enforcing KYC compliance?
    3.1Any company that is doing business in the area where KYC is needed are liable to do KYC to their customers.
  4. How is KYC a threat to privacy? Who might gain access to what ?
    4.1 All personal data is stored by third party. Leak or hack will give all of my sensitive data to black market. As I’m identified by KYC then all my accounts and TX can be tracked by whomever gains access to exchange that I’m using.
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#240
  1. Financial Action Task Force (FATF)
  2. Individual personal identification -image of passport page, selfie, employment info, home address, etc.
  3. The centralized exchanges
  4. KYC invades the individuals’ right of anonymity. It provides the power to the regulators and politicians to more control over individuals’ livelihoods, now that both the individuals’ identification and transactions are not private.
1 Like
#241
  1. Who writes KYC/AML laws, and what is their “official” purpose?
    Governments make KYC/AML laws, the reason being is to keep track to tax people but they may say its to prevent money laundering.
  2. What type of information is usually collected for KYC compliance? (Hint: it’s not the government)
    Identification, bank account, and Address.
  3. Who is responsible for enforcing KYC compliance?
    The exchange
  4. How is KYC a threat to privacy? Who might gain access to what ?
    They can connect your purchases and track how you transact with your BTC.
1 Like