KYC News

Know your customer or KYC is a process of identifying and verifying identities of customers by businesses. The term is commonly used to refer to governmental anti-money laundering regulations in banking, financial and stock market activities. KYC mostly incorporates four key elements: acceptance policy, identification procedures, transaction monitoring and risk management. The growing concern about the use of cryptocurrency for money laundering led authorities to apply KYC on the cryptocurrency market and services. Most of these platforms will have to adopt cryptocurrency KYC and require clients to get through verification procedure in order to operate within their platform. KYC has its advantages as it can help with fighting the funding of terrorism and money laundering. However, complications within the crypto-market may slow down its development.

Expert Take
The IRS has a strong interest in receiving information from informed whistleblowers about offshore crypto accounts and criminal crypto tax activity.
Illicit crypto transactions are getting more attention from the government
Selva Ozelli
2020-09-19T15:00:00+01:00
4586
Analysis
Crypto wallet provider BRD partners with Ciphertrace, Chainalysis and others to boost its banking enterprise solution.
BRD’s enterprise banking blockchain boosted by new compliance strategy
Rachel Wolfson
2020-09-17T15:59:00+01:00
6716
News
Binance’s lax KYC requirements are creating more legal problems for the exchange.
Binance sued for allegedly facilitating money laundering with 'lax KYC'
Andrey Shevchenko
2020-09-15T12:14:00+01:00
6606
News
The FATF doesn’t seem to like frequent jurisdiction hoppers, notably Binance.
FATF hints at Binance as example of an exchange avoiding regulation
Andrey Shevchenko
2020-09-14T17:40:00+01:00
6410
Opinion
Widespread crypto adoption by enterprises has the potential to become a self-perpetuating mechanism for public blockchains, creating bigger, stronger networks.
How on-chain KYC can breathe new life into enterprise blockchain
Jagdeep Sidhu
2020-09-13T14:00:00+01:00
3886
News
New wire fraud charges against St. Petersburg trolls allege that they stole the identities of U.S. citizens to open crypto accounts.
US charges operators of Russian troll farm with fraud over crypto accounts
Kollen Post
2020-09-10T20:54:59+01:00
2574
News
A shift in the crypto ecosystem could result in a whitelist of coins and addresses according to Ari Paul.
Whitelist-only crypto withdrawals coming soon claims Ari Paul
Martin Young
2020-08-27T05:31:00+01:00
5714
News
Smartphone users in South Korea can open bank accounts remotely with KYC verification via an ICON-powered app.
ICON app offers remote KYC for South Korea’s second-largest bank
Turner Wright
2020-08-27T04:52:00+01:00
3892

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