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Who writes KYC/AML laws, and what is their “official” purpose?
The Financial Action Task Force (FATF) writes the laws and they are trying to prevent money laundering. -
What type of information is usually collected for KYC compliance? (Hint: it’s not the government)
A picture of a passport, a selfie, work information, residential address, etc. -
Who is responsible for enforcing KYC compliance?
Crypto exchanges. -
How is KYC a threat to privacy? Who might gain access to what ?
Not only can your identity be tracked through transactions, hackers may be able to access sensitive information for identity attacks.
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1.- Intergovernmental and governmental organizations such as FATF and AMLD5
2.- A picture of the passport or ID, a selfie, information about where the user works, where he lives, and all other types of data.
3.- Companies involved with cryptocurrency services such as exchanges, mining pools, etc.
4.- It is a threat because it gives the government a lot of information about the users, the more the power they have, the more dangerous it becomes, when they force you to reveal your personal data in order to use a service or use your money, it is a threat to our privacy right.
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FATF AMLD5
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PID
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Exchanges
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All of your PID, all of your previous transactions.
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- Government agencies based on guidances from FATF and AMLD5 write these laws to officially prevent criminal activities. But the main interest is keeping control over monetary power, over people and earn a little tax income at the same time.
- Address, Name, Birthdate, Photograph, Nationality
- Anyone providing services to store, transact or exchange funds.
- When all places have KYC that exchange FIAT into Crypto, the blockchain has no longer any anonymity. Because all transactions can be tracked and all public key can be linked to the origin exchange where you can link it to the real person identity through KYC.
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1. Who writes KYC/AML laws, and what is their “official” purpose?
Financial Action Task Force (FATF), to enforce laws in which prevents money laundering and to track the identities of people who trade crypto assets as a way of ensuring identities are held to account should they participate in any illegal activities when trading cryptocurrencies.
2. What type of information is usually collected for KYC compliance?
Identification details such as passport/driver’s license photo, name, address etc…
3. Who is responsible for enforcing KYC compliance?
The centralized exchanges who provide trading of crypto assets are required to comply by KYC rules for consumers using their services.
4. How is KYC a threat to privacy? Who might gain access to what ?
They can use their data as part of surveillance and any security compromises on the exchanges will put people’s personal data at the risk of getting into the wrong hands. It can lead to a whole domino effect of identity fraud for the individuals impacted.
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Who writes KYC/AML laws, and what is their “official” purpose?
The Financial Action Task Force (FATF)
What type of information is usually collected for KYC compliance?
Time and time again throughout Bitcoin’s first decade, we have seen exchange after exchange pop up that promise a service without any KYC/AML compliance only to attain a certain scale, draw the ire of regulators, and force the compliance restrictions on their users. Withholding their funds from them until they send 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. A nice, old fashioned bait and switch tactic that seriously invades an individual’s privacy and could be seen as a form of financial harassment.
Who is responsible for enforcing KYC compliance? (Hint: it’s not the government)
Providers of crypto-related services, such as exchanges and custodial wallets, are considered “obliged entities” and will have to comply with the union’s AML regulations in the future. That means abiding by the rules applicable to other financial institutions including the obligation to perform customer due diligence and submit suspicious activity reports. That also applies to investment firms, tax advisors, accountants, notaries, and lawyers who transfer or receive payments equivalent to €10,000 and more.
How is KYC a threat to privacy? Who might get access to what ?
Time and time again throughout Bitcoin’s first decade, we have seen exchange after exchange pop up that promise a service without any KYC/AML compliance only to attain a certain scale, draw the ire of regulators, and force the compliance restrictions on their users. Withholding their funds from them until they send 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. A nice, old fashioned bait and switch tactic that seriously invades an individual’s privacy and could be seen as a form of financial harassment.
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- Mostly by Marxist EU bureaucrats or like-minded government officials around the globe, who are paid to preserve the current financial world order and strangle every attempt to exercise economic liberties and create true markets in the name of fighting terrorism and money laundering.
- Name, address, mobile phone, email, IP address, user agent, face photo, face photo with passport, document number, document type etc…
- Centralized exchanges.
- KYC actually kills privacy in your transactions, because exchanges know your identity and can track all your transactions knowing your public keys. They can also reveal this information to the police or government agencies in case of an investigation.
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Who writes KYC/AML laws, and what is their “official” purpose?
The Financial Action Task Force (FATF) write laws to controls on buying and selling cryptocurrency and increase complience in order to prevent money laundering. -
What type of information is usually collected for KYC compliance? (Hint: it’s not the government)
Personal data, like passport, photo, address, etc. -
Who is responsible for enforcing KYC compliance?
Exchanges and other companies that want to comply with the law. -
How is KYC a threat to privacy? Who might gain access to what
Is possible to link all activity’s to each individual, and in case of hack, people’s personal data might have unforeseeable consequences.
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- FATF. They would like to prevent money laundering (apparently)
- photo of ID, selfie, etc.
- the exchanges
- exchanges would collect another big folder of IDs and personal info to be sold or handed to mediocre level hackers
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- The KYC/AML laws are written by the ‘Financial Action Task Force.’ (FATF) It is a global task force threatening privacy in crypto because the AML does not want a proliferation in money laundering. The AML is written and postulated by EU. They have a standard that explains that AML stands for, Anti-Money Laundering Directive or (AMLD5)
- This is a scary one. The information collected would be PERSONAL information! Your name, place of work, pictures of passports and any other information that you would have had to use to enter a non-custodial service. Here is the kicker though, The sites that buckle under these new regulations are poorly defended on the net. People need to protect themselves and go about another way of getting their privacy together as we enter another decade of bitcoin.
- The Financial Action Task Force; or (FATF).
- KYC is a threat to privacy because it goes to a secured or non-secured server that anyone with the skills and knowledge can hack into and steal valuable data from its customers using the blockchain to aquire bitcoin. It really can go anywhere on the net… malicious actors are humans and those who skirt the law will be seen as ‘attackers’ and or enemies in this 21st century that we are blessed to see today.
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Who writes KYC/AML laws, and what is their “official” purpose?
Government/Politicians write and put laws in play. Used to Stop illegal activities, such as money laundering paying for slaves, drugs and weapons etc…
What type of information is usually collected for KYC compliance?
Name as in Passport, DOB, email, address, depends on how crazy you are and the how much the exchange wants to please the government of the day.
Who is responsible for enforcing KYC compliance? (Hint: it’s not the government)
Self-regulated and the local ver of SEC/ASIC in the country.
How is KYC a threat to privacy? Who might get access to what?
Apart from the whole over-reach by public servants issue, history has shown that exchanges are run by humans and by their very nature, humans are lazy. This leads to slack security ( if not already back doored) leading to information (our private data) being leaked to less than nice individuals who are ready and willing to steal all that they can.
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Who writes KYC/AML laws, and what is their “official” purpose?
Governmental organizations, write KYC laws in order to “protect their citizens”. -
What type of information is usually collected for KYC compliance?
You personal information, holdings, transaction record. -
Who is responsible for enforcing KYC compliance? (Hint: it’s not the government)
Centralized cryptocurrency exchanges -
How is KYC a threat to privacy? Who might get access to what ?
Outside of governments getting financial information that should be beyond their domain, insecurity from the KYC holders can get into the hands of hackers and thieves do to poor security.
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- Financial Action Task Force (FATF) for stricter controls on buying and selling cryptocurrency, and increased compliance
- Your personal information
- Providers of crypto-related services, such as exchanges and custodial wallets.
- KYC links personal information to addresses, thus stripping users of anonymity.
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Who writes KYC/AML laws, and what is their “official” purpose?
The Financial Action Task Force (FATF) writes the KYC/AML laws. Their official purpose is to set standards that prevent the misuse of virtual assets for money laundering and terrorist financing.
What type of information is usually collected for KYC compliance?
Pictures of passports, selfie, where someone works, where they live and other types of data.
Who is responsible for enforcing KYC compliance? (Hint: it’s not the government)
The exchanges are responsible for enforcing KYC compliance.
How is KYC a threat to privacy? Who might get access to what ?
KYC is a threat to privacy if exchanges are hacked then the user’s information has been compromised. Hackers can use this information in identity fraud by creating fake accounts to launder money.
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- Who writes KYC/AML laws, and what is their “official” purpose?
The FATF - an international “policy-making body” as well as local terriorial governmental bodies [such as the EU, the United Kingdom or the USA] write these laws, and their stated purpose is to stop money laundering, terror financing and other criminal activities.
- What type of information is usually collected for KYC compliance?
Passports or Driving Licenses are common requirements for KYC/AML.
- Who is responsible for enforcing KYC compliance? (Hint: it’s not the government)
Companies that wish to operate in a given jurisdiction with KYC/AML requirements will have to comply or cease trading legally.
- How is KYC a threat to privacy? Who might get access to what ?
Data may be leaked or stolen from centralised storage, such as an exchange, and these details are vulnerable to be released to the criminal market and abused. Also, it could be the case that data could be abused by institutions, for political reasons, for example.
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1. Who writes KYC/AML laws, and what is their “official” purpose?
Financial Action Task Force (FATF), to make new global standard for crypto.
2. What type of information is usually collected for KYC compliance? (Hint: it’s not the government)
name, adress, birthday.
3. Who is responsible for enforcing KYC compliance?
the crypto banks.
4. How is KYC a threat to privacy? Who might gain access to what ?
government institutions might get acces to your information.
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The FATF (Financial Action Task Force) writes KYC/AML laws. Their official purpose is to prevent criminals from laundering money.
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The info that’s usually collected for KYC purposes is a selfie, a photo of your passport, employer info, address, and other things.
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The exchanges are responsible for enforcing KYC on their customers.
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KYC info being held by exchanges is a threat to privacy because it’s being sent and stored to some form of a centralized server which, judging from many examples of past events, are susceptible to hacks or leaks which can be sold or released en masse online. Potentially anyone could gain access to this info if it is leaked online.
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- FATF, EU, and the upshot of this is more Know Your Customer (KYC) enforcement, stricter controls on buying and selling cryptocurrency, and increased compliance;
- Picture of their passport or citizen card, a selfie, address and source of revenue, among other data;
- Providers of crypto services;
- With KYC there is no anonymity of transactions and people are exposed because crypto services providers hold our identities, that may be stolen.
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- KYC/ALM are written by local state authorities. The official purpose is to prevent money laundering and any illegal activities.
- ID with an address, sometimes employment information.
- Exchanges and crypto-custody services
- Exchanges can be easily hacked and leak sensitive and private information about their customers
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They are made by government organizations with the purpose of preventing money laundering
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Photo government ID, Address where you work and other things
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The service provider is responsible for fallowing the KYC/AML laws
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It creates a central location where data can be breached or accessed. A “honeypot” if you will. Hackers or unwanted parties may gain access to sensitive information.
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