- They are written by national (or in the case of the E.U. - multi-national) governmental legislators. T.heir official purpose is to prevent money laundering
- Passport photo page or National Identity card, Selfie, address, maybe your employer details, etc.
- Within the realms of crypto currency - it’s the exchanges.
- It’s a threat to your privacy because governments want to know exactly what you are doing with your money. Because this private information is kept in centralised locations it is extremely susceptible to hackers. Governmental agencies have already proven themselves inept at guarding this data - yet another reason why decentralisation is such an attractive prospect.
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Who writes KYC/AML laws, and what is their “official” purpose?
-> In the USA “the Financial Action Task Force (FATF)”, and elsewhere for example “the EU’s Fifth Anti-Money Laundering Directive (AMLD5)” set out laws for KYC/AML, their purpose is AML (anti-money laundering) -
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” -
Who is responsible for enforcing KYC compliance?
Government -
How is KYC a threat to privacy? Who might gain access to what ?
“data that will surely be stored in an insecure way”, if an exchange is hacked, your data can be accessed by criminals
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1. Who writes KYC/AML laws, and what is their “official” purpose?
FATF write KYC laws, with the purpose to prevent the activity of terrorist in finance
2. What type of information is usually collected for KYC compliance?
Some information like, passporte, selfie, where you live, what is your job.
3. Who is responsible for enforcing KYC compliance? (Hint: it’s not the government)
Crypto Exchanges.
4. How is KYC a threat to privacy? Who might get access to what ?
Because the information of customer will be stored in a insecure way.
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Who writes KYC/AML laws, and what is their “official” purpose?
Financial Action Task Force, governments
What type of information is usually collected for KYC compliance? (Hint: it’s not the government)
All personal information they can get from you.
Who is responsible for enforcing KYC compliance?
The exchanges
How is KYC a threat to privacy? Who might gain access to what ?
Your identity is connected to your transactions
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Goverment agencies of different countries. In order to avoid money laundry and illegal transactions.
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Name surname, passport id, address, phone
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Exchanges are resonsible
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KYC can link your transactions to you and know all your transactions
Goverment, large corporations, Security agencies.
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They might be, but in case they are, who can demand access to KYC information? 
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- Who writes KYC/AML laws, and what is their “official” purpose? Financial Action Task Force (FATF) write KYC (Know Your Customer)/AML (Anti-Money Laundry) laws. Official purposes are stricter controls on buying and selling cryptocurrency, and increased compliance.
- What type of information is usually collected for KYC compliance? Passport or State Id’s, address and account verification.
- Who is responsible for enforcing KYC compliance? (Hint: it’s not the government) Cryptocurrency exchanges.
- How is KYC a threat to privacy? Who might get access to what? KYC threatens privacy by becoming a surveillance tool by governments, and a form of financial harassment.
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Who writes KYC/AML laws, and what is their “official” purpose?
Legislature -->Financial Action Task Force (FATF)
anti money laundering -
What type of information is usually collected for KYC compliance? (Hint: it’s not the government)
ID and utility bill -
Who is responsible for enforcing KYC compliance?
The on and off ramps to crypto -
How is KYC a threat to privacy? Who might gain access to what ?
People can hack their way to your KYC data
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- The Financial Action Task Force (FATF). Their official purpose is KYC enforcement, stricter controls on buying and selling cryptocurrency and increased compliance.
- Passport, selfie, information about where you work, live and so forth.
- The exchanges are responsible
- Your information of how much money you have, how your spending your crypto, personal information, etc.
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- Who writes KYC/AML laws and what is their “official” purpose?
- The Financial Action Task Force makes the KYC/AML laws as a premise to prevent crime such as money laundering.
- What type of information is usually collected for KYC compliance?
- Your name and a photo of your ID or passport or some other formal identification.
- Who is responsible for enforcing KYC compliance?
- The authorities inforce it on the companies who inforce it on their clients.
- How is KYC a threat to privacy? Who might gain access to what?
- If people know who I am then there’s no privacy there. The company (such as an exchange) will gain access to my personal data as well has all my financial activity. They can link all my transactions to me.
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- politicians and regulators, governments
- personal data like phone number, place of residence, id’s …
- exchanges
- governments know what their residents do in terms of investment and other things. Politicians want transparent people, but they themselves do not want to be transparent!
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Who writes KYC/AML laws, and what is their “official” purpose?
The FATF (Financial Action Task Force) -
What type of information is usually collected for KYC compliance? (Hint: it’s not the government)
When I opened my Crypto.com account, I was asked to upload an image containing my passport information and also something that proves where you live (like a letter from your bank or some electricity bill or water bill). And also my credit card infrormation, but this is optional. I have opened several accounts (starting in 2020) in exchanges and other things, and most of them ask for the same information… so I guess this is KYC infromation. But i don’t know how they certify that my passport isn’t fake or that I did some photo edition on the bill that I provided. -
Who is responsible for enforcing KYC compliance?
The business owners, because if you don’t enforce it , maybe you will get shut down. -
How is KYC a threat to privacy? Who might gain access to what ?
Because some hacker or whatever, could gain access to the database where those informations are stored (from a centralized exchange for example), and then they might know how much bitcoin is in your wallet, and then they could extort you!!
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The FATF, an intl, independent “agency” using as means 2 pr0tect the glbl Financial system against threats like terrrism, and $ laundering.
Usually reqired GVT ID, address, email, WRK, Picture
The FATF requires Nati0ns 2 enf0rce in their jurisdicti0ns these “laws”, and the nati0ns in turn h0ld exchanges and virtual asset service pr0viders t0 c0llect and harvest the data.
KYC gathering places sensitive pers0nal data in the hands 0f a third party which can leak 0r sell y0r data, 0r give it t0 auth0rities 0f tax regimes and nati0ns states t0 freeze y0ur assets.
Furtherm0re, this data is far less well pr0tected than 0ur transascati0ns, because at the least, private keys are cryt0graphically secure.
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1.)
The Financial Action Task Force (FATF)
(Governments and state agencies)
The purpose is to prevent money laundering, terror financing an other illegal stuff.
2.)
a picture of their passport, a selfie, information about where they work, where they live, and all other types of data
3.)
Investment firms, tax advisors, accountants, notaries, and lawyers who transfer or receive payments equivalent to €10,000 and more
4.)
These confidential data are often insufficiently secured by this exchanges / institutions.
Hackers could easily get hold of it.
In case of suspicion, the government can also request insight on this customer data.
Which is against the basic idea of Bitcoin.
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Financial Action Task Force, The upshot of this is more Know Your Customer (KYC) enforcement, stricter controls on buying and selling cryptocurrency, and increased compliance
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All personal informations like: Name, adress, date of birth.
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Exchanges.
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KYC can be a threat as you don’t know how the exchange will store your informations. It can lead to your information being stolen.
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Exchanges are the ones that are responsible to enforce KYC compliance. Or business owners to be precise.
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- the Financial Action Task Force (FATF)
- passport, a selfie, information about where they work, where they live, and all other types of data
- Exchanges and other crypto on/off ramps
- The KYC data will obviously be collected and stored somewhere. It can therefore be potentially compromised and shared to other parties opening the floodgates to all sorts of actors who want to use your data/spending habits in order to target you for their services. Some new government could also decide that they don’t like what you spend your money on and deny you access to other public services until you fall in line
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ups i forgot the exchanges ^^
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it is written by the Financial Action Task Force. it aims at enforcing KYC compliance, enforcement and stricter control over buying and selling of digital assets like crypto.
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pictures of passport/id card, selfie, work address, home address with proof of residence.
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companies allowing the trade of funds and digital assets. like exchanges
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it is easy for someone to track all your trading activities and link it to your identity. they can also potentially gain access to your personal documents and sensitive information if a hack occurs.
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1.- They are written by governments and I think they do it on demand of central banks who are the more harmed.
2.- All the personal data they can get from you that specify all kind of details that gives access to control the money inside the system.
3.- The companies giving the service
4.- Exposing where you keep your money, how much you own, what are the services you pay with crypto and all possible tracks by a Block explorer.
With the new Spanish law, they are obligating people to tell, how much you own, where you have it, communicate each time you move it, where did you move it, uses of all your coins…etc, etc, etc without assuming any responsibility.
Everybody who have access of companies in the ecosystem under the law of the country or access to government information, got access to all the personal details.
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