KYC Laws - Reading Assignment

Privacy Coins - Ultimate Course
#283
  1. Finaincial Action Task Force(FATF)
  2. a picture of their passport, a selfie, information about where they work, where they live, and all other types of data
  3. Centralized crypto exchanges
  4. Since exchanges can link now a public key to a passport holder, they can find out what TXs you made in the past and they made give this information to the financial authorities in your country.
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#284

  1. Governments write KYC laws.

  2. Proof of identity is collected for KYC compliance

  3. Exchanges are responsible for collecting KYC data.

  4. KYC is a threat to privacy because companies are collecting sensitive data and being forced to hold it. if the database gets hacked it could cause big problems.

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#285

  1. Who writes KYC/AML laws, and what is their “official” purpose? The Financial Action Task Force (FATF) and the European Union (EU) write KYC/AML laws. The FATF is a multi-country global regulatory body that establishes “international standards” for finance, with the intent of ‘preventing’ money laundering. The European Union has set years in which they change/update their “anti-money laundering” regulations, which aim to “prevent” money laundering as well.

  2. What type of information is usually collected for KYC compliance? Your driver’s license information basically- name, address and photographic proof that you are who you say you are. They say it is to manage “customer risk”.

  3. Who is responsible for enforcing KYC compliance? (Hint: it’s not the government) Financial institutions. Brokerages. Fintech companies. Private lending companies and lending platforms. Anyone who transacts with a customer, basically.

  4. How is KYC a threat to privacy? Who might get access to what? KYC is a direct threat to privacy because it inherently requires that an individual give up their privacy to engage in cryptocurrency transactions. Centralized authorities will gain access to your personal identifiable information, but also as worrisome, eventually, will require that you give up your private keys to said centralized control.

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#286

  1. Federal state and local government. To prevent money laundering and terrorism.

  2. usually drivers license, state ID, passport, proof of residence.

  3. crypto and security exchanges. also banks and merchant service providers.

  4. it’s a threat to privacy because your are submitting your own personal data to a third-party. The third party can be vulnerable to attack or they can abuse their power. I was a part of the ledger hack last year, it’s not been fun.

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#287

1. Who writes KYC/AML laws, and what is their “official” purpose?
KYC and AML laws are written by institutions and governments. Its official purpose is to prevent financial risks, privacy issues and other illegal activities to run on the crypto environment.

2. What type of information is usually collected for KYC compliance?
Picture of passport, a selfie, work, information, address, and all other types of data.

3. Who is responsible for enforcing KYC compliance? (Hint: it’s not the government)
Companies (exchanges, banks, etc.) involved in the trading and/or movement of money.

4. How is KYC a threat to privacy? Who might get access to what?
KYC is a threat to privacy because it requires companies to force their customers to reveal private identification as well as financial information.
Third parties (governments, hackers, employees, etc.) can get access to these information.

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#288
  1. The government and/or state agencies wrote KYC/AML laws. The upshot of this is more Know Your Customer (KYC) enforcement, stricter controls on buying and selling cryptocurrency, and increased compliance.
  2. They try to collect as much as personal data as possible (bank account, residence, passport, ID card, etc).
  3. Exchanges.
  4. Risks are both related to individual privacy and organization autonomy, because passing through KYC procedures require to provide the organization with specific information that could then be used “against” the provider. They try to remove anonymity from cryptocurrency.
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#289

1. Who writes KYC/AML laws, and what is their “official” purpose?
The Financial Action Task Force (FATF), the European Union and other “authorities”.
The official motive of this enforcement is to impose stricter controls on the buying and selling of cryptocurrency and increased compliance, diminishing individual rights and privacy.

2. What type of information is usually collected for KYC compliance? (Hint: it’s not the government)
Picture of the individual’s passport, selfies, information regarding where they live, work and are tax residents, and all sort of other data.

3. Who is responsible for enforcing KYC compliance?
Crypto exchanges.

4. How is KYC a threat to privacy? Who might gain access to what?
Exchanges will be subjected to any request on their clients’ data by any type of strong enough authority.
Also, as centralized entities holding immense amounts of crypto and important individual data, exchanges are in high risk of being hacked and not just their clients’ funds could disappear from their accounts but also all their data gathered by the exchanges could be leaked towards the hackers and reach all sorts of other individuals or groups from their hands.

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#290

  1. They are written by the goverments Financial Anti Task Force (FATF) and Money Laundering Directive.
    to keep track of peoples finances, money laundery etc…

  2. Pictures of the passport and Information of work.

3.The exchanges.

  1. The information could get to a thired-party company(stolen or sold). Its not annony anymore therefore the goverment can keep track of everything.
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#291

  1. Who writes KYC/AML laws, and what is their “official” purpose? These laws are written by governmental agencies. Their goal is to prevent crimes associated with money laundering.

  2. What type of information is usually collected for KYC compliance? Personal data, including name, address, financial institution accounts, etc.

  3. Who is responsible for enforcing KYC compliance? (Hint: it’s not the government) LOL - the crypto exchanges.

  4. How is KYC a threat to privacy? Who might get access to what ? KYC allows the government to know all your financial transactions (who you sent crypto to or received crypto from - essentially, with whom you transact, amounts, etc).

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#292

1.) The FATF (Financial Action Task Force) is responsible for writing KYC/AML laws, and their “official” purpose is to enforce KYC (Know Your Customer) legislation. This includes the control of peoples’ buying/selling of cryptocurrencies directly related to their identity and their direct compliance with those laws.
2.) Information that is collected for KYC compliance include passport/identification pictures, occupation details, and residential information that is required by non-anonymous exchanges.
3.) At the end of the day, exchanges are the ones who must force KYC compliance upon their users; if they don’t abide, they risk disbandment by the higher entity FATF.
4.) KYC is a threat to privacy because the personal data of users can potentially be stored in an insecure way. Hackers and detailed surveillance exchanges would have access to users’ personal information, and that can be exploited by these entities to take users’ cryptocurrency/investments as well as their whole identity.

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#293

  1. Who writes KYC/AML laws, and what is their purpose? : KYC is written by the FATF and AMLD5 (governments). The purpose is to stricter controls on buying and selling cryptocurrency, and increased compliance.

  2. What type of information is usually collected for KYC compliance? : A picture of their State ID / Passport, a selfie, address, etc. any additional information required/requested to constitute identification verification.

  3. Who is responsible for enforcing KYC compliance? : The exchanges are responsible for conducting KYC

  4. Explain how KYC is a threat to privacy? : YOUR PRIVACY IS COMPROMISED… Anyone can use your leaked personal documents to open fake accounts using your documentation to create fake crypto accounts and launder money.

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#294

1,Financial Action Task Force (FATF) to know your customer. security and anti fraud.
2. picture of their passport, a selfie, information about where they work, where they live
3. the exchange
4. the exchange can get the aformentioned info and the info could be insecure.

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#295

  1. KYC/AML laws are written by governments and other authorities with the purpose to prevent money laundering (in reality the purpose is to strip individuals of their right to anonymity).

  2. The usual information collected through KYC is: passport photo, address, work, personal picture, etc.

  3. Centralized exchanges and custodial wallets are responsible for enforcing KYC compliance.

  4. KYC is the biggest threat to privacy because third parties can easily gain access to the information provided through KYC. Governments can force centralized exchanges to give them access to the users personal information, hacker attacks can happen anytime and the KYC information be stolen and compromised, employees can have access to the KYC information, etc.
    Basically we cannot trust that our personal details will not be leaked outside the centralized exchange data base and not used against us.

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#296

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

Government’s write up KYC/AML laws in order to monitor movements in the name of counter-terrorism, tax evasion and aptly named - money laundering.

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

KYC generally involves sharing the following (but are not limited to):

  • Your name
  • Your phone number
  • Your address
  • Your date of birth
  • Your driver’s licence
  • Your passport
  • Your email address
  • Your occupation (sometimes)

:three: Who is responsible for enforcing KYC compliance?

Private companies themselves are responsible for enforcing KYC compliance. These rules, however, are pushed by the governing bodies in which they operate.

Governments may request this data at any given time if they are suspicious of a particular person. Some governments may request this data be pushed at the time of creation to some government-owned database.

:four: How is KYC a threat to privacy? Who might gain access to what ?

Almost anyone who specialises in data security will say to treat the data you provide to any organization as if a other ill-intentioned organization has access to it.
Data breaches happen regularly, and the more to be gained from a data breach, typically the more effort is being used to expose that data.

If a bad actor gains access to the database where your data is being stored, this can be sold on the black market - or can be used by opposing governments… which is typically not ideal especially in times of conflict.

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#297
  1. KYC/AML laws are issued by the Financial Action Task Force. The purpose of such laws are the enforcement, stricter controls, compliance on buying and selling cryptocurrencies.
  2. Customer due diligence such as personal data, bank account, photo ID’s and suspicious activity reports.
  3. Providers of crypto-related services, such as exchanges and custodial wallets.
  4. With KYC/AML, governments and regulators will gain access to most if not all transactions linked to now KYC’d CEX account as most cryptocurrencies have public ledgers.
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#298

  1. Exchanges and regulators, to avoid money laundering

  2. money origin

  3. exchanges

  4. Data colected can be hacked, exposed, sold. Hackers, criminals, buyers of data bases

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#299
  1. Financial Action Task Force

2.Personal information

  1. The exchanges

  2. They are trying to prevent money laundering by identifying people to their crypto assets

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#300

  1. Financial Action Task Force write KYC/AML laws in order to monitor movements in the name of counter-terrorism, tax evasion and money laundering.

  2. Personal information

  3. Crypto exchanges, they are obliged to follow the law in every territory where they operate

4.Third parties can easily gain access to the information provided through KYC. Governments can force centralized exchanges to give them access to the users personal information, hacker can steal KYC client information, employees can have access to the KYC information, etc.

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#301
  1. governments, gov. agencies, to control US (not crypto market)
  2. ID documents, picture, finger prints, all personal, private data and soon medical data, the cornea of the eye, all the way to the type of blood and maybe even size of…well yeah:P:)
  3. CEXs, providers of “financial service”
  4. in all possible ways under hypocritical pretending that this is all for “our good, safety and protecting”, but actually it is completely opposite of that, with KYC and all similar laws we are endangered & exposed to all kind of very serious and danger threats, attacks, scams…
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#302

A1. By gov or state agencies
A2. Personal Identity details.
A3. Companies and institutions that are offering service.
A4. With personal identity known, it is simpler to track and trace all activities.

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