Dangers of KYC and compliance officers

[Don]

Picture an illicit online marketplace that provides access to over a hundred thousand leaked personal identification documents, allowing you to adopt any of these identities. You pick one, pay in XMR, and quickly receive verified credentials for the chosen identity. Now, you have the ability to launder millions through this new persona. Terrifying, isn't it?
It is definitely feasible. In fact, you can buy document copies in bulk, which costs ~10-45 USD for a single person's identity package, including a passport or ID, proof of address, and a selfie photo.

Examples:

https://www.ccn.com/hacked-customer-data-from-world-leading-cryptocurrency-exchanges-for-sale-on-the-dark-web/

FCA admits revealing confidential details of 1,600 consumers

Data breach involved names, addresses and phone numbers of some complainants

www.theguardian.com

10 Biggest Data Breaches in Finance [Updated August 2022] | UpGuard

This regularly updated list analyzes the biggest data breaches in the financial services sector. Learn the key errors that lead to each breach event.

www.upguard.com

10 biggest financial data breaches of 2022

Hacks of banks, credit unions and insurance companies compromised the data of millions of consumers, who filed a flurry of class actions in response.

www.americanbanker.com

Fines against banks for data breaches and noncompliance more than doubled in 2020

Crackdown against financial misdeeds during lockdown leads to worldwide enforcement actions

portswigger.net

The above leads us to the following questions:
1) how can I protect myself against identity theft?
2) how can I minimize damage if my identity has been stolen?
3) how can I protect my business against leaks of trade secrets through compliance officers whose cognitive abilities may be more suited for other types of tasks?

 

[jafo]

All this is true! This is why KYC really is an absolutely horrible policy!
Great video explaining it all on YouTube
Why KYC and AML are the worst policy in human history!

 

[JohnnyDoe]

1. Use a synthetic identity whenever you can.
2. Use crypto whenever you can.
3. Use the power of misinformation to protect your real good self.

 

[AndyAresa]

All this is true! This is why KYC really is an absolutely horrible policy!
Great video explaining it all on YouTube
Why KYC and AML are the worst policy in human history!

It is funny that you posted your message 34 minutes ago, and when I open your YT link, it says the video was uploaded 36 minutes ago )
so you basically viewed it 2 minutes after the upload and posted a relevant link here

 

[JohnnyDoe]

It is funny that you posted your message 34 minutes ago, and when I open your YT link, it says the video was uploaded 36 minutes ago )
so you basically viewed it 2 minutes after the upload and posted a relevant link here

Maybe @jafo is the bearded guy in the video

 

[jafo]

Maybe @jafo is the bearded guy in the video

It is funny that you posted your message 34 minutes ago, and when I open your YT link, it says the video was uploaded 36 minutes ago )
so you basically viewed it 2 minutes after the upload and posted a relevant link here

Did you get the message?
Or as this comedian so eloquently and succinctly puts it:
Who gives a f*&^ who the messenger is. Did you get the message?

 

[Don]

1. Use a synthetic identity whenever you can.
2. Use crypto whenever you can.
3. Use the power of misinformation to protect your real good self.

To supplement the above
1) interestingly its nothing wrong with using synthetic data in certain context, e.g., in the realm of artificial intelligence and privacy protection synthetic data is created algorithmically, often to help train machine learning models while preserving privacy.
2) Use no-kyc DEX and P2P.

3) This is especially important in seemingly innocent places like when you check in to a hotel.


Beware of scams!
Scammers may pose as representatives from a bank, government agency, or other organizations to trick you into revealing your personal information. If you're unsure, don't provide any information and contact the organization directly. 1

Logic says that you should always do kyc first before someone kyc-s you. Feel free to use this template generated by AI:

Subject: Request for Verification of Identity and Employment


Dear [Compliance Officer's Name],

I hope this message finds you well.

I recently received a communication from you in your capacity as a Compliance Officer, requesting some personal documents of mine. I understand the significance of your role in maintaining regulatory standards within your banking institution, and I'm ready to cooperate to the best of my ability.

However, considering the sensitive nature of the information requested, it is necessary for me to verify your identity and position within the bank. This is merely a precautionary measure to ensure the safety of my personal information, in line with common data protection principles and regulations.

I would greatly appreciate it if you could provide the following documentation for verification:

1. A copy of your identification: Please note, this should not include sensitive details such as your full social security number or ID number. Information such as your full name, photo, and expiration date should suffice.
2. A selfie to match the photo ID provided.
3. Proof of your employment as a Compliance Officer within your banking institution. This could be a recent pay stub, a letter of employment, or any other document showing your current employment status.
4. To further authenticate your identity, I will also contact your bank directly and inquire about your employment status. For that purpose, I request the best contact number for your HR department or immediate supervisor.

Please note that the requested documents will solely be used for verification purposes and will not be stored or shared with any third parties.

I hope you understand that this step is in line with best practices to prevent fraudulent activities, and is not a reflection of mistrust in you personally.

Thank you for your understanding and cooperation. Once your identity and position have been verified, I would be more than willing to provide the documents you have requested.


Kind regards,

[Your Name]

[Your Contact Information

 

[jafo]

To supplement the above
1) interestingly its nothing wrong with using synthetic data in certain context, e.g., in the realm of artificial intelligence and privacy protection synthetic data is created algorithmically, often to help train machine learning models while preserving privacy.
2) Use no-kyc DEX and P2P.

3) This is especially important in seemingly innocent places like when you check in to a hotel.


Beware of scams!
Scammers may pose as representatives from a bank, government agency, or other organizations to trick you into revealing your personal information. If you're unsure, don't provide any information and contact the organization directly. 1

Logic says that you should always do kyc first before someone kyc-s you. Feel free to use this template generated by AI for this purpose:

I'm going to use this. I mentioned something similar to this a few days ago:
Reciprocity

 

[void]

2) Use no-kyc DEX and P2P.

I'll repeat myself, it was discussed couple of time in another threads...
you're right in theory, but show me a scenario how an average Joe buys bitcoin for 100k maintaining acceptable level of personal safety and leaving no traces that lead back to him
most of the people have to decide whether it's better to own KYC coins or no coins

 

[Martin Everson]

To supplement the above
1) interestingly its nothing wrong with using synthetic data in certain context, e.g., in the realm of artificial intelligence and privacy protection synthetic data is created algorithmically, often to help train machine learning models while preserving privacy.
2) Use no-kyc DEX and P2P.

3) This is especially important in seemingly innocent places like when you check in to a hotel.


Beware of scams!
Scammers may pose as representatives from a bank, government agency, or other organizations to trick you into revealing your personal information. If you're unsure, don't provide any information and contact the organization directly. 1

Logic says that you should always do kyc first before someone kyc-s you. Feel free to use this template generated by AI for this purpose:

Lol....very useful letter thx . I bookmarked your post and I will use it as its a nice way to give an FU to a bank.

P.S I will also request ID document to be notarized .

 

[Lincoln Burrows]

To supplement the above
1) interestingly its nothing wrong with using synthetic data in certain context, e.g., in the realm of artificial intelligence and privacy protection synthetic data is created algorithmically, often to help train machine learning models while preserving privacy.
2) Use no-kyc DEX and P2P.

3) This is especially important in seemingly innocent places like when you check in to a hotel.


Beware of scams!
Scammers may pose as representatives from a bank, government agency, or other organizations to trick you into revealing your personal information. If you're unsure, don't provide any information and contact the organization directly. 1

Logic says that you should always do kyc first before someone kyc-s you. Feel free to use this template generated by AI for this purpose:

Nice email, but it's not legal.

 

[jafo]

but it's not legal.

Define "legal", please

PS. If you are going to say: Well, certain "men" (NOT physically conditioned to overpower me one to one) can come together and form a gang, scribble a few words on paper with ink, do a ritual, and then declare these things "legal".... --- I think I'll need a better logical unemotional learned explanation.
Also, if they were voted "in" by others, those decisions should be limited to those who "voted". I mean, seriously... I have NO problem with my "wife or girlfriend" (I don't have any, but...) choosing another man and practicing sodomy. I just don't think it is sensible for them to somehow impose THEIR sodomizing practices on me who did NOT participate (read cast a vote) in the choosing!

 

[JohnnyDoe]

Law differs from justice. The latter is not of this world.

 

[Lincoln Burrows]

Define "legal", please

PS. If you are going to say: Well, certain "men" (NOT physically conditioned to overpower me one to one) can come together and form a gang, scribble a few words on paper with ink, do a ritual, and then declare these things "legal".... --- I think I'll need a better logical unemotional learned explanation.
Also, if they were voted "in" by others, those decisions should be limited to those who "voted". I mean, seriously... I have NO problem with my "wife or girlfriend" (I don't have any, but...) choosing another man and practicing sodomy. I just don't think it is sensible for them to somehow impose THEIR sodomizing practices on me who did NOT participate (read cast a vote) in the choosing!

Let me share something with you; the response I got from the UK Financial Ombudsman assigned investigator regarding a complaint I made on a bank.

"Simply put, in the same way a person is free to choose which bank they do business with, a bank is also free to choose whether they will offer, or continue to offer, their services to a customer. And it’s for this reason the terms generally include the provision that they can close a customer’s account and stop providing services to that customer." End of quote.

The relationship between the bank or any other institution/business, and you, is determined by their Policy/ToS.

The bank is not obliged to provide you service and you can't force any Service Provider to provide you service; therefore, you need to abide by their terms/requirements.


P.S.: idk what that rhetorical sodomy has to do with anything? But you should have situational awareness not get ganged, and always carry a gun.

 

[jafo]

The relationship between the bank or any other institution/business, and you, is determined by their Policy/ToS.

I agree with this! It's their policy/ToS.
"Legal" has nothing to do with anything, so I just wanted to hear your logic vis-à-vis the use of the term "legal". I'm always open to learning a new point of view/perspective.

P.S.: idk what that rhetorical sodomy has to do with anything? But you should have situational awareness not get ganged, and always carry a gun.

I just use these "nuggets" of verbal brutality as shock therapy. They really don't mean anything. Kind of like when my mom told me that Santa was NOT real. That no fat, big-belly, elderly, rich white man was going to come bring me any gifts because she was already 51 and too old to be considered sexy by "rich" men. I was 4.

Peace!

PS. That UK financial Ombudsman is the literal definition of Regulatory Capture : Regulatory Capture Definition With Examples
Thanks for sharing