📅 Original date posted:2015-08-27
📝 Original message:I would prefer not to download an attachment.
Generally and without having the benefit of reading your document, AML and
or KYC requirements are treated on a jurisdiction by jurisdiction basis.
You would probably need to factor obtaining a universal agreement between
all of the governments and regional enforcement bodies of the world on the
nature and scope of an acceptable set of policies before attempting to
attach rules to the protocol. Clearly, when one country unilaterally places
politicians of another country on banned lists and vice versa, for example,
would create some problems with implementation and automating checks
against banned lists produced by each country.
While you could apply a 'home rule' approach, you would be pushing
regulatory controls down to individuals transacting between each other
without having to go through any regulated intermediaries. This means you
have no way to enforce KYC or verify that the details are correct unless
you create a system of third party checkers in each country who would
enable transactions to proceed. To overcome all of this you would probably
need some identity verification system in place first and to add extra fees
into the network to pay for the maintenance of the system.
As has already been pointed out, the above would lead to individual coins
being tainted with previous ownership details creating the possibility for
blacklists rendering some coins worthless and creating the possibility of
these coins being passed on to unsuspecting users. All this goes against
the spirit of monetary systems, so you are back to regulating end points as
and when users come into contact with regulated entities.
Lastly, it might be worth knowing that criminal liability can be placed on
individuals responsible for implementing AML and KYC procedures and
policies that do not work or allow criminals to circumvent the systems of
controls.
On Thu, Aug 27, 2015 at 9:10 AM, prabhat via bitcoin-dev <
bitcoin-dev at lists.linuxfoundation.org> wrote:
> Hi,
>
> I am proposing to create a AML-KYC module to control the network and also
> qualify use cases in OFAC compliant way.
> Here is the attached doc.
>
> Please provide your feedback and suggestions.
>
> Best,
> Prabhat Kumar Singh
>
> _______________________________________________
> bitcoin-dev mailing list
> bitcoin-dev at lists.linuxfoundation.org
> https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev
>
>
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Ahmed Zsales [ARCHIVE] /
npub105…lgz5a
2023-06-07 17:38:15
in reply to nevent1q…ff6l
Author Public Key
npub105eg2ny7gs448umtlsn4ns4slc5q3se8wpnzhtr22j8sgdrv2q7stlgz5aPublished at
2023-06-07 17:38:15Event JSON
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"created_at": 1686159495,
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"content": "📅 Original date posted:2015-08-27\n📝 Original message:I would prefer not to download an attachment.\n\nGenerally and without having the benefit of reading your document, AML and\nor KYC requirements are treated on a jurisdiction by jurisdiction basis.\nYou would probably need to factor obtaining a universal agreement between\nall of the governments and regional enforcement bodies of the world on the\nnature and scope of an acceptable set of policies before attempting to\nattach rules to the protocol. Clearly, when one country unilaterally places\npoliticians of another country on banned lists and vice versa, for example,\nwould create some problems with implementation and automating checks\nagainst banned lists produced by each country.\n\nWhile you could apply a 'home rule' approach, you would be pushing\nregulatory controls down to individuals transacting between each other\nwithout having to go through any regulated intermediaries. This means you\nhave no way to enforce KYC or verify that the details are correct unless\nyou create a system of third party checkers in each country who would\nenable transactions to proceed. To overcome all of this you would probably\nneed some identity verification system in place first and to add extra fees\ninto the network to pay for the maintenance of the system.\n\nAs has already been pointed out, the above would lead to individual coins\nbeing tainted with previous ownership details creating the possibility for\nblacklists rendering some coins worthless and creating the possibility of\nthese coins being passed on to unsuspecting users. All this goes against\nthe spirit of monetary systems, so you are back to regulating end points as\nand when users come into contact with regulated entities.\n\nLastly, it might be worth knowing that criminal liability can be placed on\nindividuals responsible for implementing AML and KYC procedures and\npolicies that do not work or allow criminals to circumvent the systems of\ncontrols.\n\nOn Thu, Aug 27, 2015 at 9:10 AM, prabhat via bitcoin-dev \u003c\nbitcoin-dev at lists.linuxfoundation.org\u003e wrote:\n\n\u003e Hi,\n\u003e\n\u003e I am proposing to create a AML-KYC module to control the network and also\n\u003e qualify use cases in OFAC compliant way.\n\u003e Here is the attached doc.\n\u003e\n\u003e Please provide your feedback and suggestions.\n\u003e\n\u003e Best,\n\u003e Prabhat Kumar Singh\n\u003e\n\u003e _______________________________________________\n\u003e bitcoin-dev mailing list\n\u003e bitcoin-dev at lists.linuxfoundation.org\n\u003e https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev\n\u003e\n\u003e\n-------------- next part --------------\nAn HTML attachment was scrubbed...\nURL: \u003chttp://lists.linuxfoundation.org/pipermail/bitcoin-dev/attachments/20150827/ea799a7b/attachment.html\u003e",
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