Anti-money laundering
Money laundering refers to the process of concealing the source of legally, illegally, and grey area obtained monies.
Questions tagged [aml]
24 questions
13
votes
5 answers
Privacy friendly payment processor
What is the most reputable Bitcoin payment processor that has privacy friendly terms and conditions? BitPay and Coinbase are known to have used chain analysis to spy on customers. What are the alternatives for reputable merchants who do not approve…
Mary Johnson
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Which exchanges are Tor-friendly?
Mt. Gox's sign-up page states:
Please be advised that accessing your account via the Tor network
and/or public proxies may result in a temporary suspension of your
account, and having to submit AML documents.
Are there other exchanges which do…
Stephen Gornick
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3 answers
When should an individual or business file a SAR with FinCen?
In the United States, both Individuals and Businesses are required to file a Suspicious Activity Report (SAR) with FinCen when:
Individuals who transport more than $10,000 into or out of the United States1
Shippers and receivers involved in the…
makerofthings7
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4 answers
is it possible to launder bitcoin by exchanging it for litecoin and then back to bitcoin?
The scenario I was thinking of was I have some bitcoin from doing Bad Things (TM) that I want to launder. I could register with kraken.com and trade only virtual currencies with the L1 verification ( un/pw, country of residence, phone…
browep
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What aspects of Money Order laws will apply to merchants who use Bitcoin?
There are several money order laws that apply to merchants who accept them. Bitcoin seems to have properties of a money order, but also some aspects of value that are driven by demand.
I'm looking for a clear and reasonable explanation of:
How do…
makerofthings7
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votes
1 answer
Law / country specifics to start Ripple Gateway
There is requirement in https://ripple.com/wiki/Gateway_Integration_Manual
Gateways should comply with the BSA, have AML policies and require KYC information.
As i understand this requirements can be accomplished only by banks, funds or other…
economicus
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Why do most trading platforms require ID Verification?
The vast majority of the Bitcoin trading platforms both in the US and the UK require some sort of ID verification in order to make Deposits/Withdrawals.
Is this because of these two countries current legislation? does this obey to some sort of…
MauroMSL
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To use Dwolla with Mt. Gox I need to become Verified. Do I need Apostille?
Mt. Gox now requires at least Level 1 Verified in order to deposit or withdraw Dwolla funds.
Level 1 says Government Photo ID + utility bill
http://en.bitcoin.it/wiki/MtGox#AML
https://support.mtgox.com/entries/20919111-aml-account-statuses
But…
Stephen Gornick
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Is it acceptable / encouraged to ask for ID and keep a photocopy for OTC Bitcoin transactions?
Suppose a business wants to get into the OTC Bitcoin business. It will need to comply with AML laws. It is acceptable / encouraged for such a business to ask for photo ID and keep a photocopy?
Does this same principle apply to individual users?
makerofthings7
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What additional actions should an ethical Bitcoin-related business take with each transaction?
I'm considering starting an ethical business for users that accepts Bitcoin as a payment. My intent is to abide by all laws and interpret them in an appropriate manner.
My intent is to abide by the "spirit" of existing tax and state law. What…
makerofthings7
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votes
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Might AML regulations have to be applied to unofficial currencies sites in EU?
Is there any AML regulation in EU countries which might have to be applied to unofficial currencies, such as Bitcoins?
I guess usually they only apply to state-backed currencies, but since Bitcoins can be easily exchanged for EUR, there might be…
o0'.
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How do exchanges like ShapeShift, Changelly or Evercoin cope with KYC/AML regulation?
They don't require any information about their users. Most of the exchanges require user identification: so even though exchanges like ShapeShift might have corporate account on the large exchanges like Bittrex, Poloniex, Binance, shouldn't they…
Kirill Vasin
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How would AML techniques work in Ripple?
Can anyone explain how AML rules, alerting, and FinCEN reporting would work under Ripple?
makerofthings7
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Does this FinCEN Document mean the Bitcoin Network is a bank?
Read this document and see if you think they are talking about Bitcoin.
Here's an excerpt..
Any individual or group of people engaged in conducting, controlling, directing or owning an informal value transfer system in the United States is…
Power ATM
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What qualifies as proof of residency for AML in the USA?
I am in a unique situation of not owning or renting property and no need for utilities. I've tried to contact several exchanges to find out what are all the acceptable forms of proof of residency, but none of them respond. I don't want to send…
user6972
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