- written by governments; prevent money laundering
- all personal data they can get (personals, birth date, bank account etc.)
- exchanges / owner of plattform
you can track money flow over transactions -> so you can identify the owner of a public address
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- they are written by governements of agencies appointed by governements, their purpose is to prevent money laundering and to know the beneficial owner of something
2.name, sex, adresss, bank account etc - usually exchanging, now passeporting law
4.it becomes easier to track all your future transactions with a crypto
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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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- Financial Action Task Force
- Identification,sometimes a photo,proof of address,work number,cell number.
- Exchanges
- They can see when an how many crypto currencies you purchased.
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- Governments and state agencies.
Stricter controls on buying and selling cryptocurrency, and increased compliance. - All the personal data they can get from you.
- Exchanges
- Financial activities can be tracked. Risk of your private information being exposed.
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- Who writes KYC/AML laws, and what is their purpose?
- What type of information is usually collected for KYC compliance?
- Who is responsible for enforcing KYC compliance?
- Explain how KYC is a threat to privacy.
1a. The Financial Action Task Force (a g7; 39 member panel) and the EU’s 5th Anti money laundering directive implemented new KYC rules in an attempt to minimize money laundering and increased compliance
3a. Any provider of crypto related services.
- KYC is a threat because your personal information can be either used improperly by the person that asks for it or it can be stolen and used by a third party. KYC also removes the anonymous aspect of transactions that leaves a user vulnerable to attack.
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- Governments and state agencies.
- Identification information + linked “wallets”.
- Exchanges
- It links identity to “keys” which is the essentialy the opposite of bitcoin purpose.
Correct me if I am wrong I am using quotes because from what I know exchanges don’t handle personal wallets but have a storage wallet and keep info in the database similar to smart contracts.
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Who writes KYC/AML laws, and what is their purpose?
Governments, to receive more transparency from cryptocurrency trading activities -
What type of information is usually collected for KYC compliance?
Official ID, address, work information, photo, transaction and wallets -
Who is responsible for enforcing KYC compliance?
Exchanges -
Explain how KYC is a threat to privacy.
KYC allows exchanges to track trading details, subjects sensitive user data to potential security risks and destroys anonymity.
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Who writes KYC/AML laws, and what is their purpose?
The Financial Action Task Force (FATF) issues guidances which are then legally enforced by governments The purpose is to combat money laundering and stricter control of crypto assets. -
What type of information is usually collected for KYC compliance?
Personal data (national ID/passport), address, current employment -
Who is responsible for enforcing KYC compliance?
exchanges and all other institutions which offer crypto related services -
Explain how KYC is a threat to privacy.
exchanges users have to share private information which are stored on insecure servers and could be leaked.
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Who writes KYC/AML laws, and what is their purpose?
by the government to track money laundering -
What type of information is usually collected for KYC compliance?
all imaginable personal data (Passport, Selfies etc.) -
Who is responsible for enforcing KYC compliance?
Exchanges -
Explain how KYC is a threat to privacy.
You can trace all transactions back to your identity
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- KYC/AML is written by the Financial Action Task Force. The purpose is to strict the control on buying and selling cryptocurrencies, and to increase compliance.
- It is usually collected for KYC compliance the picture of the passport, a selfie, information about where one works, where one lives, etc.
- Exchanges are responsible for enforcing KYC compliance.
- KYC is a threat to privacy because your finances might be accessed.
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1- The Financial Action Task Force (FATF) and the purpose of KYC/AML laws are stricter controls on buying and selling cryptocurrency, and increased compliance.
2- A picture of their passport, a selfie, information about where they live.
3- Crypto exchanges
4- Because you have to trust an exchange and share your data, also you give up your privacy.
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1- The FATF and the Governments, and their purpose is to enforce KYC to have stricter controls over buying and selling of crypto assets and increased compliance.
2- Usually passport, address, photo… as much as possible.
3- The providers of crypto related services.
4-Basically the anonymity offered by crypto.
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The Financial Action Task Force (FATF) writes the global standards for crypto assets. The FATF says that their purpose is to prevent money laundering, inspect suspicious activity, and counter terrorism; however, it seems more likely that their purpose is mass surveillance, taxation, and to prevent a market without regulations.
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The general information collected for KYC compliance includes a government-issued photo ID, address, place of work, place of citizenship, and social security number.
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The governments overseeing the jurisdiction wherein cryptocurrency services are provided are responsible for enforcing KYC compliance; which, in turn, force crypto exchanges to also enforce KYC.
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KYC is a threat to privacy in that the individual is forced to trust whichever institution to keep their sensitive information private. That alone revokes privacy from the user in respect to the overlords who demand such information. It gets worse when those institutions leak information or get hacked. The individual is forced to relinquish control of their own privacy.
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- Who writes KYC/AML laws, and what is their purpose?
- Financial Action Task Force (FATF). To make transparent who is buying and selling cryptocurrency.
- What type of information is usually collected for KYC compliance?
- All information describing the identity of an individual. Everything on your ID card plus your residency.
- Who is responsible for enforcing KYC compliance?
- The exchanges
- Explain how KYC is a threat to privacy.
- Your identity is linked to a public address. Therefore transactions using these and other UTXO’s in the same transaction, link back to your identity which means there is no more full anonymity.
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- the law makers of each country, purpose is to try to link identity to withdrawal-to/deposit-from public-key addresses.
- id or passport, and address information, sometimes fiat bank account or credit card number, and I even faced bio info like face scanning (face movement mini film)
- the country where the exchanges and “custodial wallet services” (wallets where you do not own your coins private keys) are located in
- it will link easily your identification to your withdrawal-to/deposit-from public-key addresses.
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They are written by regulatory organizations like FATF or the EU. Their purpose is to spy on people and to prevent “money laundering”.
Name, birthdate, address, passport picture, employer.
The exchanges have to enforce the KYC rules.
If one withdraws bitcoin from an exchange that has a KYC-procedure it is easy to follow one’s transactions. Your funds can be linked to you as a person.
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- Who writes KYC/AML laws, and what is their purpose?
The Financial Action Task Force, FATF, and governments with overseeing control over similar agencies. Their purported intention is to prevent money laundering and other suspicious/illegal financing. In reality, it gives these entities more control over the flow of currency to prevent activity not in their financial interests.
- What type of information is usually collected for KYC compliance?
All personal information related to your identity, such as an official ID, passport or other government-issued ID, citizenship status, employment information and history, current and previous residence, reported income and related financial accounts, confirmations of no criminal record/permission to perform a background check, and maybe your mother’s maiden name to tie it all together.
- Who is responsible for enforcing KYC compliance?
The exchanges that are, in many cases, essentially startups receiving no support or guidance from authoritative agencies hawkishly enforcing their regulation.
- Explain how KYC is a threat to privacy.
The Lesser Threat:
All transactions from addresses originating from a KYC/AML compliant exchange can be connected to your identity. If the exchange is hacked, the hackers have data which connects all addresses receiving or sending transactions to the exchange, which can be used to target you for blackmail or scams.
The Greater Threat:
Governments can use this data to identify all addresses connected to your private keys. If they determine crypto to be a threat to national security, or more likely their financial interests, they can criminalize the activity of holding and trading crypto like they did with gold in 1933 through Executive Order 6102.
As a result, you will be made a criminal of the state and forced to relinquish your assets or sent to prison for non-compliance. Probably sent to prison even if you do comply to set a precedence and statement to other individuals interested in financial sovereignty.
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- Governments write these laws, supposedly to prevent money laundering, but it also end hurting the financial privacy of innocent users.
- Photos of id card / password / driver’s license etc. Plus photos of the user, and address.
- Governments pressure exchanges to implement these measures
4.Having government agencies and private exchanges collect so much information crypto users is obviously a threat to their privacy, Even you trust them completely, the databases they hold are prime targets for hackers who want to steal the data of millions of people.
With KYC your real identity is connected to your Bitcoin address with that exchange. This means your coins can be tracked with a block explorer, or with chain analysis and other addresses you send these coins to will be associated with your real identity.
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Who writes KYC/AML laws, and what is their purpose?
Financial Crimes Enforcement Network (made up of multiple government agencies)
What type of information is usually collected for KYC compliance?
Name, Address, and other official state identification information or identifying documents.
Who is responsible for enforcing KYC compliance?
Financial Crimes Enforcement Network defines cryptocurrency exchanges and other cryptocurrency custodians as Money Service Businesses, if they are defined as such, then it is their responsibility to develop a program for handling KYC.
Explain how KYC is a threat to privacy.
KYC is a threat to privacy because it requires businesses to force their customers to reveal unnecessary private identifying and financial information.
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