Bitcoin and encryption are offering recovery as regulators try to enforce KYC and AML rules to put our personal data at risk.
Our world is full of terrible threats, crimes and violence. A list of human trafficking, child abuse, state-sponsored violence, terrorism and other heinous acts requires tools to deal with them and ultimately reduce their frequency to zero. Unfortunately, there are huge differences of opinion in the company over the types of vehicles we need to use to be as successful as possible.
We have attack tactics in a camp. These documents aim to reduce the number of serious crimes by complicating criminal activity. This could take the form of ending terrorism financing through money laundering control (AML) “Know Your Customer” (KYC) rules, or giving companies the ability to scan users ‘ photos for child abuse images.
What is KYC?
The Know Your Customer (KYC) rules are a set of rules implemented by the U.S. financial crime fighting network (Finnish). These rules apply to participants in the investment industry and securities industry, including broker-dealers such as Coinbase, banks and cryptocurrency exchanges. The stated purpose of KYC is to prevent money laundering and other criminal activities. To comply with KYC requirements, companies must verify the identities of all customers and continuously assess customer activity for each suspicious activity. KYC supporters argue that these rules reduce the amount of illegal activity in the financial sector, while the party opposing KYC argues that KYC is a privacy disaster that pushes criminals to better hide their activities or use various tools.
Note: in this article, I define KYC as an obligation to provide identification and/or personal information before purchasing a product or service, regardless of industry.
What is AML? How does this relate to and differ from KYC?
Money laundering rules (under)
