Author: Ahmed Zsales 2015-08-27 09:04:33
Published on: 2015-08-27T09:04:33+00:00
The message in question is a proposal to create an AML-KYC module for controlling the Bitcoin network and qualifying use cases in an OFAC compliant way. However, the recipient of the email expresses reluctance to download the attached document without further information. They then proceed to explain that AML (anti-money laundering) and KYC (know your customer) requirements are typically treated on a jurisdiction-by-jurisdiction basis, making it difficult to implement universal policies. The recipient suggests that creating a system of third-party checkers in each country may be necessary to enforce KYC and verify details. Additionally, this would require an identity verification system and extra fees to pay for maintenance. The recipient notes that individual coins could become tainted with previous ownership details, leading to blacklists and rendering some coins worthless. Finally, they warn that there can be criminal liability for implementing ineffective AML-KYC procedures.
Updated on: 2023-06-10T21:08:21.470195+00:00