I like it! I won’t say I fully understand it, but it seems like you’ve got the gist 
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I build the jist as I go. It’s a mind map, a graphical, mental compression. A single course thinks something like this, that, or that other thing. Admittedly it can get out of hand, disorienting, or need some explaining.
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1. Who writes KYC/AML laws, and what is their “official” purpose?
The FATF (an intergovernmental organization) and governmental institutions such as the European Commission write KYC and AML laws in order to prevent money laundering and terrorist financing. But in reality it’s for surveillance and taxes.
2. What type of information is usually collected for KYC compliance? (Hint: it’s not the government)
Passport or national ID, proof of address (usually not older than 6 months), personal data such as DOB, nationality, photograph, source of funds, employment details
3. Who is responsible for enforcing KYC compliance?
Financial institutions, whether they be crypto or not.
4. How is KYC a threat to privacy? Who might gain access to what ?
KYC essentially allows KYC-compliant organizations and subsequently governments to track wealth and transaction paths. This would allow them to freeze funds for example which are on the exchange, or force the individual to hand over digital assets to avoid maximum legal penalties. Additionally, when KYC info sits on centralized services such as exchanges or escrow services, it is possible to hack and steal sensitive information; either for sale or for use in identity theft and other such malicious purposes.
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- They are written by government agencies and intended to prevent money laundering.
- Name, address and photo ID
- Exchanges
- Links ID to keys, which is the opposite of BTC purpose.
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- Who writes KYC/AML laws, and what is their “official” purpose?
- Financial Action Task Force (FATF) to implement financial safety and guidance for investors and companies. (Unofficial duties are to manage the world’s wealth and keep the status quo)
- What type of information is usually collected for KYC compliance? (Hint: it’s not the government)
- Picture of: Passport, selfie, and driver’s license. Job description and location of home.
- Who is responsible for enforcing KYC compliance?
- A country’s financial regulator like the United States has the Security Exchange Commission (SEC) and the Federal Trade Commission (FTC) Who go after non-compliant entities.
- How is KYC a threat to privacy? Who might gain access to what ?
- It demands an individual’s private sensitive information to be store on a 3rd party server which could be hacked in the future and the data leaked could be used for fraud.
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Who writes the KYC / AML laws and what is their “official” purpose?
It is written by the FATF and AMLD5. The purpose is to establish stricter controls on the sale and purchase of cryptocurrencies and to be able to collect taxes and block what they believe to be “illegal” activity.
What kind of information is generally collected for KYC compliance?
passport photo, a selfie, information about work
Who is responsible for enforcing KYC compliance? (Hint: not the government)
Company that is responsible for moving money, trading or keeping records of customer assets.
How is KYC a privacy threat? Who could have access to what?
Because they will have the address information which will be able to track their activities and this information can be sold or it can be hacked by a third party for exploitation.
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- The FATF - Financial Action Task Force. Their purpose is to establish international standards, and to develop and promote policies, both at national and international levels, to combat money laundering and the financing of terrorism.
- Picture of their passport, a selfie, information about where they work, where they live, and all other types of data.
- Crypto related services such as exchanges and custodial wallets.
- KYC is a threat to privacy because crypto related services store your information in an insecure way and if they get hacked (which they do quite often) your identity is stolen and can be sold on the dark web and used in the ways that they are trying to enforce.
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1: The existing financial regulators and agencies. IT officially to control money laudering
2: Name, address ,phone number passport info, and Selfie
3: The exchanges
4: IT allons for tracking Of personnalise transactions lost of priva y. If The information is stolen IT could allow your personal identity to be user for criminal transactions
1.EU with their AMLD% ( and other governments ) plus cunts from FATF. prurpose is to prevent fraud , black market, money laundering etc.
2.Ids, proof of address, pictures, origin of your income .
3.exchanges and other bodies within crypto.
4. if exchange is hacked then your data xcan be compromised and governments obviously enforce exchanges to reveal them the data of user. and Coinbase`s last step shows that large exes doesnt care at all about the users,privacy and crypto legacy at all.
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Who writes KYC/AML laws, and what is their “official” purpose?
From what I’ve gathered in the reading material, people writing and enforcing KYC/AML laws are the Financial Action Task Force/(FATF) an intergovernmental body and there " official purpose is to go after the money of criminals dealing in illegal drugs, human trafficking and other crimes. The FATF also works to stop funding for weapons of mass destruction. Allegedly.
What type of information is usually collected for KYC compliance? (Hint: it’s not the government)
to qutoe directly from the reading “a picture of their passport, a selfie, information about where they work, where they live, and all other types of data that will surely be stored in an insecure way.”
Who is responsible for enforcing KYC compliance?
It seems the exchanges themselves are enforcing the over reaching kyc to appease regulators that over see them in the places they operate in.
How is KYC a threat to privacy? Who might gain access to what ?
They could potentially get everything, from who you are to where and what you spend your money on and they could even end up deciding where you could spend your money and you can do dealings with. very Orwellian/ brave new world kinda thing. Privacy is human nature, to go against nature itself will surely lead to disastrous problems.
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Who writes KYC/AML laws, and what is their “official” purpose?
FATF / supranational institutions. They say they just want to prevent money laundring but they really just want to regulate and control the crypto market. -
What type of information is usually collected for KYC compliance? (Hint: it’s not the government)
pictures, personal information and other data -
Who is responsible for enforcing KYC compliance?
All companies that are active under the specifik jurisdiction -
How is KYC a threat to privacy? Who might gain access to what ?
If the companies are collecting your data can the goverment or different supranational institutions use it for their own purposes. One big reason of using crypto instead of fiat is to be independent from your goverment. What you want to with your money is not their concern.
Not only central institutions, anyone who is able to hack the companies database can steal your information.
- Know Your Client (KYC) & Anti Money Laundering (AML) laws are usually written by government and force companies that deal with financial instruments to collect data on their users. The ‘official’ purpose of these rules is to prevent movement of money by criminals and terrorists.
- The information collected is that necessary to verify the account holder. Common documents used to verify identification are passports and government issued ID cards such as drivers licences. In addition for the ability to make larger transactions Proof of Source of Funds (POSOF) is required where people are forced to provide proof that they have a threshold income via tax returns or liquid funds through verified bank accounts.
- It is the finanacial organizations (banks, brokers, exchanges) that are required to collect the data, or enforce the rules, before they allow the potential client to use there services.
- The threat to privacy is that your personal identity and possibly financial information is now stored by the exchange where it is subject to hack or blackmail by bad actors,
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The project of the G7 called Financial Action Task Force. Their official task force is to develop policies to combat money laundering.
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Personal data, city name phone, email, ID’s, all they can get.
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Exchanges
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Information form the KYC usually stored in “the most secure places” therefore anybody with average hacking skillset could get information. It could be government, companies for marketing purposes and etc. It removes any anonymity crypto could provide.
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Who writes KYC/AML laws, and what is their “official” purpose? Governments and state agencies, the official reason is to prevent money laundering.
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What type of information is usually collected for KYC compliance? Personal data and documents eg passport.
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Who is responsible for enforcing KYC compliance? Exchanges.
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How is KYC a threat to privacy? Who might gain access to what? KYC is a threat to privacy as any personal data given could be hacked/leaked and governments could watch your activities.
KYC/AML laws are written by Financial Action Task Force (FATF) for control on buying and selling.
Information collected by KYC is …Customer Identification
Who enforces KYC Compliance… The Financial Crimes Enforcement Network (FinCEN)
How is KYC a threat to privacy…if there is a leak , hackers can use your info to create fake trading accounts with your info.
Because it is tracking everything that someone does. for example coinbase is telling people you have to a picture of your face and of your driver license
- Who writes KYC/AML laws, and what is their “official” purpose? >> governments
- What type of information is usually collected for KYC compliance? >> Proof of resistance and national identification
- Who is responsible for enforcing KYC compliance? (Hint: it’s not the government) >> all companies that allows the trading and the movement of crypto with a certain grade of centralization.
- How is KYC a threat to privacy? Who might get access to what ? >> With every customer kyc the governments know what you buy, where you buy, the amount of crypto you have
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Who writes KYC/AML laws, and what is their “official” purpose?
The Financial Action Task Force (FATF) is responsible for theKYC/AML laws and their ‘official’ purpose is to protect the global financial system against threats such as money laundering and financing terrorist organisations. -
What type of information is usually collected for KYC compliance?
Personal information such as Name, date of birth, place of residence, etc as well as photo identification. -
Who is responsible for enforcing KYC compliance? (Hint: it’s not the government)
FATF (Financial Action Task Force) is an independent, inter-governmental body who describes how countries must comply with relevant recommendations. -
How is KYC a threat to privacy? Who might gain access to what ?
Having your identity linked to an exchange, then links your identity to the coins/tokens you purchase. This can then be tracked through the blockchain and therefore you have reduced privacy/anonymity
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Who writes KYC/AML laws, and what is their “official” purpose?
Financial Action Task Force (FATF) to prevent money laundring -
What type of information is usually collected for KYC compliance?
Name, Address, Identitycard or Passport, Picture -
Who is responsible for enforcing KYC compliance? (Hint: it’s not the government)
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How is KYC a threat to privacy? Who might get access to what ?
All these personal data is stored by a third party, whom we have to trust that they protect our data and do not sell it.
1 Governments and regulatory departments. KYC’s intention is to force the average Joe to reveal all his financial history, in order to tax profits and exercise control over ordinary people, maintaining the narrative of state power. It is clear that laws aimed at combating AML and terrorism are ineffective when used to combat money laundering and terrorism, as can be seen in several corruption and money laundering scandals, large institutions with political and financial power manage circumvent these laws, or simply act in collusion to profit, since the fines for violating the AML are insignificant in the face of stratospheric profits. Furthermore, the fact that several institutions act in collusion and a system of bribes allows regulators to turn a blind eye. This all causes institutions to have a huge hedge against ordinary citizens, as they do not have the political and financial power to gamify the system.
2 Personal data, document numbers and photos.
3 The government, together with regulatory and supervisory bodies, is able to enforce these laws directly in companies that offer some types of financial services, such as exchanges. Exchanges are encouraged to act within this legislation so as not to suffer retaliation, fines or any other type of damage, thus companies “oblige” that their users also comply with the legislation.
4 KYC’s threat to privacy is explicit, as with the introduction of AML / KYC users of companies, such as exchanges, are obliged to provide personal data and link this data to their public keys of various blockchains, thereby monitoring transactions on chain is much easier and more evident to third parties.
Some exchanges even “blackmail” their users, locking their funds until they hand over their personal data. In other cases, exchange reprisals occur. In 2019 Binance hijacked a user’s Bitcoin, preventing it from withdrawing funds due to having used CoinJoin in its Bitcoins, Binance sent an email saying that it would only release users’ Bitcoins by registering and entering their personal data on the exchange.