KYC Laws - Reading Assignment

Privacy Coins - Ultimate Course
#262

  1. The Financial Action Task Force (FATF) and their purpose is to have stricter controls on buying and selling crytpocurrency and increased compliance.

  2. Your personal information

  3. The exchanges that allows trading and movement of crypto.

  4. Your financial activities are tracked and possibility of your private information being exposed.

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#263
  1. KYC/AML are written by Financial Action Task Force (FATF). Their official purpose is to regulate/stricter control in buying and selling cryptocurrency, to increase compliance, prevent money laundering & terrorism financing.
  2. KYC compliance usually collects individual name, surname, address, a picture of a document, a selfie.
  3. Exchanges.
  4. KYC is a threat to privacy if personal data are not stored in a safe place.
    In case of leakage of personal data on the dark web, identity abuse can occur for money laundering.
    In addition, potential hackers can perform the impersonation attacks with stolen identities.
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#264
  1. Who writes KYC/AML laws, and what is their “official” purpose?
    Governments => Financial Action Task Force (FATF), AMLD5
  2. What type of information is usually collected for KYC compliance?
    a picture of their passport, a selfie, information about where they work, where they live….
  3. Who is responsible for enforcing KYC compliance? (Hint: it’s not the government)
    Crypto exchanges are obliged to follow the law in every territory where they operate, (KYC/AML)
  4. How is KYC a threat to privacy? Who might get access to what?
    Not only the cryptoexchangewhich store your personal data, but also the government and in case the exchange was hacked, everyone.
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#265
  1. They are written by governments or state agencies. The purpose is officially to prevent money laundering. In reality, the reason is to control the crypto market.
  2. Personal data, bank account, address, pictures of yourself with the document, or even videos if the exchange support video identification.
  3. The exchanges
  4. It is easy to keep track of whatever cryptos you buy, where you transfer them, etc. It is a way to connect your identity with BTC addresses. A hacker or someone that wants to buy some information from a hacker could be a potential criminal that can steal your identity.
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#266
  1. The goverment normally Eu or Usa with purpose of preventing anti money laundry meaning control
  2. Id pictures, selfies, address, and pretty much every information of the providence of the funds
  3. The centralized exchanges and organizations that are or want to be regulated companies in territories that have this laws
  4. Information is power when you can strategize a plan with it meaning if you would like to use it it a threatful or bad way against somebody by strategizing a plan of attack in someone’s vulnerability that the data can show you for leverege
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#267
  1. Governments and state agencies.
  2. picture of their passport, a selfie, information about where they work, where they live…
  3. Exchanges.
    4)Your identity is connected to your transactions.
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#268

1.) Financial Action Task Force (FATF) so basically the government. The goal is to have stricter control on buying and selling cryptocurrencies.
2.) Identity & Profession
3.) The Exchanges. Otherwise they are shut down.
4.) One advantage of using the Blockchain is to have an anonymous Wallet that isn’t linked to your name. If your data is saved it can be leaked by hackers as an example. Once it is leaked everyone can see everything you’ve ever done.

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#269
  1. Who writes KYC/AML laws, and what is their “official” purpose?

Governments. The “official” purpose is to stop the bad actors, stop money laundering and ensure Bitcoin is not being used for illegal purposes.

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

Personal Identifiable Information (PII).

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

Every crypto exchange and if the government have their way, also hot wallets.

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

The KYC information stored on the exchanges is centralized and if they get hacked, all of the information can be stolen. In addition, governments could track exactly what you spend money on and could blacklist your address on an exchange or freeze your assets depending on which crypto you are using.

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#270
  1. Financial Action Task Force (FATF), define new global standards for cryptocurrency
  2. the essential facts of each customer, as well as identify each person who has authority to act on the customer’s behalf
  3. Crypto exchanges
  4. It links user identity to all his transactions. Government can gain access to financial history
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#271

  1. Governments (ostensibly legislators, at the behest of their regulatory agencies) write KYC/AML laws. The official purpose is to prevent or track money laundering by criminal organizations.

  2. Proof of identity, such as driver’s licenses or passports, intending to verify a person’s identity and identifying information.

  3. Traditionally banks and other trust based institutions have enforced KYC, but crypto-exchanges have been increasingly brought into compliance with new laws in various jurisdictions.

  4. KYC is a threat to privacy because any information gathered sufficient to identify persons could also be used by bad actors to create fraudulent accounts (identity theft, etc). All this identifying information gathered into central repositories makes a tempting target. It also is a threat to privacy because it creates the allure of easy control, enticing lawmakers and regulators into increasing their taxation and control over everyday transactions that were before only reachable at the commercial level.

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#272

  1. To stop illegal activities.

  2. Name, Birthday, Address

  3. Exchanges are responsible to record this information. Banks pay billions of $ in fines for facilitating criminal activity and not properly enforcing this.

  4. Exchanges can and have gotta hacked. Quickly it would become known to criminals where you live, your name and possibly exactly how much crypto you bought there.

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#273

  1. Who writes KYC/AML laws, and what is their “official” purpose?
    Financial Action Task Force (FATF) are the issues of KYC laws.
    The purpose is to deter money laundering and illegal activity.

  2. What type of information is usually collected for KYC compliance?
    Personal information; name, address, date of birth.
    Some form of official documentation usually needs to be uploaded.

  3. Who is responsible for enforcing KYC compliance? (Hint: it’s not the government)
    The exchanges are responsible for enforcing the KYC regulations of the the jurisdiction they operate in.

  4. How is KYC a threat to privacy? Who might get access to what ?
    This is a threat as personal information could be accessed and those with significant crypto holdings could become targets…as name and addresses could be obtained.

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#274

  1. Who writes KYC/AML laws, and what is their “official” purpose?
    The ‘Financial Action Task Force’ (FATF) writed KYC/AML laws. Their ‘official’ purpose is to prevent money laundering.

  2. What type of information is usually collected for KYC compliance? (Hint: it’s not the government)

  • Identity (Names, DOB, Address, Passport/ID)
  • Proof of source of funds

  1. Who is responsible for enforcing KYC compliance?
    All companies who allow the trading of cryptocurrencies

  2. How is KYC a threat to privacy? Who might gain access to what ?
    Companies have been known to get hacked by malicious people. If the data is compromised, it is easy for anyone to track down all your transactions using the blockchain. Therefore, the user will no longer be anonymous.

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#275
  1. Who writes KYC/AML laws, and what is their “official” purpose?

The FATF (Financial Action Task Force) was founded to protect the global financial systerm against money laundering and terrorism financing.

  1. What type of information is usually collected for KYC compliance? (Hint: it’s not the government)

A copy of your passport, a recent selfie, information where you work and your adress.

  1. Who is responsible for enforcing KYC compliance?

In case of crypto the exchanges are responsible of KYC compliance.

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

If there is a hack of your exchanges all your sensitive data is available for any wrongdoing. Also the goverments know exactly how much and what cryptocurrencies you own.

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#277
  1. Governments and state agencies
  2. Name, Address, Photo of ID, Utility Bill, or equivalents
  3. Exchanges etc
  4. Additional info for them to link IDs to blockchain info + honeypot for Hackers/Bad-actors/Governments etc.
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#278

  1. FATF and AMLD5. The purpose is to enforce t
    stricter controls on buying and selling cryptocurrency, and increased compliance.

  2. Passport/national id card/number, photo of the user/investor/trader holding a written numerical code generated by exchanges and bank statements on exchanges like Kraken.

  3. Crypto exchanges/brokers

  4. Any one can see your wallet address and will be able to identify you now that you have given your id proofs for KYC compliance. They can see see how much money you hold. An exchange can prevent you from withdrawing your funds on a direction from a govt agency, A hacker can steal your info and sell it online, which can result in extortion threats.

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#279 
Who writes KYC/AML laws, and what is their purpose?
is written by the Financial Action Task Force and Anti-Money Laundering Directive.they aim at more Know Your Customer (KYC) enforcement, stricter controls on buying and selling cryptocurrency, and increased compliance

What type of information is usually collected for KYC compliance?
picture of passport, a selfie, information about work, information about domicialiation, and all other types of data.

Who is responsible for enforcing KYC compliance?
all companies that allows the trading and the movement of crypto with a certain grade of centralization.

Explain how KYC is a threat to privacy.
As the article introduce, KYC is gonna just give complete access to anyone that can connect your name to your address, to about all the history of the movements that you acted on the blockchain, moreover, the biggest problems in my idea are encountered when there is a breach of the security of the organism that kept the KYC informations, who is the author of the attack owns the info of millions of users, could create any kind of safety danger and and lead at the creations of fake accounts for malicious use.
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#280
  1. Who writes KYC/AML laws, and what is their “official” purpose?
  • KYC/AML laws are written by governments/state agencies. Official purpose of that laws is to prevent money laundering and terrorism financing.
  1. What type of information is usually collected for KYC compliance? (Hint: it’s not the government)
  • Identity information (ID, recent photo, DOB, address), and a proof of the source of the funds.
  1. Who is responsible for enforcing KYC compliance?
  • Any company/organization which provides means to trade with cryptocurrencies.
  1. How is KYC a threat to privacy? Who might gain access to what ?
  • There is no guarantee that PI collected by involved companies is stored securely. If someone succeeds to get into the storage of those data, he/she could track down and unveil all your transactions in the blockchain.
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#281

  1. The Financial Action Task Force are responsible for setting laws to regulate crypto assets and prevent money laundering. The FATF is an inter-government agency.

  2. Passport, driver’s licence, proof of address, employment details.

  3. Exchanges are responsible for the enforcing of KYC.

  4. With KYC anonymity no longer exists. All transaction and activity can be linked to an individual. There is a potential threat from hackers gaining access to one’s personal and financial information, but also, governments and/or state agencies, can all potentially access and track an individual’s financial activity.

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#282

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

They are written by governments and public agencies. The official purpose is to avoid money laundering and protect the investors through higher controls on cryptocurrencies trades.

What type of information is usually collected for KYC compliance?

Personal information including, but not limited to:

  • Full legal name
  • Address
  • Date of birth
  • Passport or any other personal document ID
  • Personal pictures to match your identity card (selfie)

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

Companies involved in cryptocurrencies trades

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

With KYC, a third party can have access to the information of all transactions made. How many money the person has and what has been spending, the possibility of charging taxes on trades (even retroactively!)

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