11. February 2019BTC$3.629,12 -0.27% part Facebook Twitter LinkedIn xing mail
Know your customer, better known as the "Know-Your-Customer" (KYC): the identification check, the banks, stock exchanges and other financial service providers to their customers is called demand, and should not be, in order not to fall in legal trouble. For European financial institutions especially the Paragraph 6 of the third Anti-money laundering Directive is relevant.
After this fall, the "determination of the identity of the customer and Verifying the customer's identity on the basis of documents, data or information obtained from a credible independent source trusted" under the duty of care of the institutions.
in Addition, the "implementation of a continuous Monitoring of the business relationship, including the Review of in the course of business relationship, transactions under this Paragraph" for banks, stock exchanges & co. is mandatory.
These guidelines are taken from the year 2005 ad, or 3 per BTC. Something like crypto-currencies and the associated new economic field, were the regulators not at that time anticipate.
is like Whipped 13 years later, also in the case of the European Commission, the Satoshi. In the year 2018, the EU regulators took explicit reference to digital Assets. In the fifth Anti-money laundering Directive it is explicitly to virtual currencies, your misuse of linen potential for the money and the role of the Bitcoin exchanges.
It is therefore essential that the scope of application ratione materiae of the Directive (EU) 2015/849 on service providers to perform the exchange of virtual currencies into Fiat money, as well as a provider of the electronic wallet to expand
it is there.Read also: money laundering through the use of digital currency: Fortnite V-Bucks
Since the entry into force of this publication are also Europe's crypto-service providers for the implementation of KYC processes required. The Deadline for the transposition of the Directive of 10. January, 2020.local bitcoins in anticipatory obedience
Also LocalBitcoins.com an exchange for buyers and sellers of Bitcoin, the regulatory pop – albeit with some delay. On 8. February, informed the company in a press release about upcoming Changes to KYC and AML processes. However, local bitcoins held back with Details. So it is with regard to the upcoming Changes:
The most important Changes for users of local bitcoins, which relate to the registration of new accounts and identity verification processes, the introduction of e-Wallet payments, and [...] verification stages.
More information to follow in March. Local bitcoins was last updated at the end of January headlines when a security vulnerability in the Forum of the site has led to at least six customer accounts were hacked. The Forum is currently offline.
so Far, customers living in Germany have no access to the Service LocalBitcoins.com – BaFin here knows no Mercy. Perhaps this situation will change with the implementation of the KYC requirements through local bitcoins.
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