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...ocurrency-exchanges-for-sale-on-the-dark-web/https://www.theguardian.com/business/2020/feb/25/fca-confidential-details-data-breachhttps://www.upguard.com/blog/biggest-data-breaches-financial-serviceshttps://www.americanbanker.com/list/10-biggest-financial-data-breaches-of-2022https://portswigger.net/daily-swig/...s-and-noncompliance-more-than-doubled-in-2020
Click to expand...

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.

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[AndyAresa]

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]

AndyAresa said:
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
Click to expand...

Maybe @jafo is the bearded guy in the video

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[jafo]

😉
rof/%

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?
rof/%

 

[Don]

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 a︀ bank, government agency, or other organizations to trick you into revealing your personal information. If︁ you're unsure, don't provide any information and contact the organization directly. 1

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

Subject: Request for Verification of Identity and Employment

Dear [Compliance Officer's︄ Name],

I hope this message finds you well.

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

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

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

1. A copy of your identification: Please︌ note, this should not include sensitive details such as your full social security number or︍ 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 Officer︎ 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 and︀ position have been verified, I would be more than willing to provide the documents you︁ have requested.

Kind regards,

[Your Name]

[Your Contact Information

 

[jafo]

rof/%
I'm going to use︂ this. I mentioned something similar to this a few days ago:
Reciprocity

 

[void]

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]

Lol....very useful letter thx︂ smi(&%. I bookmarked your post and I will use it as its a nice way︃ to give an FU to a bank.

P.S I will also request ID document to︄ be notarized 😉.

 

[Lincoln Burrows]

Nice email, but it's︂ not legal.

 

[jafo]

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 and︀ practicing sodomy. I just don't think it is sensible for them to somehow impose THEIR︁ 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.

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[Lincoln Burrows]

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

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

The relationship︇ 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 Provider︈ to provide you service; therefore, you need to abide by their terms/requirements.

P.S.: idk what︉ that rhetorical sodomy has to do with anything? But you should have situational awareness not︊ get ganged, and always carry a gun.

 

[jafo]

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.

rof/% smi(&% 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 me︀ any gifts because she was already 51 and too old to be considered sexy by︁ "rich" men. I was 4. rof/%

Peace!

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

 

[Don]

See, I told you...

BANKS can leak documents
EMIs are dependent on banks that can‌ leak documents.
EMI-s can leak documents.

https://techcrunch.com/2024/07/01/f...a1vjCH-zNM0OUKCEOph5qPllHRsvKmUIxctI2xga6NrGH
https://techcrunch.com/2024/06/27/startups-scramble-to-assess-fallout-from-evolve-bank-data-breach/
BE CAREFUL

 

[diatessaron]

Wise told me they didn't share my ID with Evolve but I have a hard⁠ time believing that.

 

[JackAlabama]

that is literal bs only some⁢ braindead bureaucrat (who read here) can come up with. It would only be true if︀ no one would be forced into the banking system, but the opposite is true. Banking︁ is literally pushed down the throats of the population.

They phase out cash, place limits︂ on cash transactions such that I can only buy a beer with cash, and last︃ but not least also try to restrict crypto.
Cant really travel with cash nor gold︄ etc.

Not bullish on Uk regulation 😉

 

[jafo]

😉

 

[uplana]

Very good suggestions, they should still be considered by anyone that like his privacy⁠ and where it is possible to do.