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They're one and the same thing. Compliance is a way of demonstrating that you have met certain data and information security standards.
by kristianc 8y ago
They're one and the same thing. Compliance is a way of demonstrating that you have met certain data and information security standards.
- Karunamon 8y agoKYC has zero to do with information security, and there's a legitimate argument that much of the regulation is anti-competitive regulatory capture with the primary goal of preventing new entrants in the market, with "security" being a secondary concern.
- kristianc 8y agoKYC isn't some conspiracy to keep Bitcoin firms out - it's a vital protection against money laundering, terrorist financing and checking for identity theft. There are very real consequences in the real world when these checks get skipped or overlooked.
- Karunamon 8y agoNobody said anything about it being a conspiracy. It's not a conspiracy that entrenched actors advocate for rules they can trivially follow that just happen to kneecap upstarts. It's an expected and recognized behavior of large entities. That goes double when "terrorism" is brought up, which is a metasituational justification for nearly any conceivable rule.
- kristianc 8y agoThey aren’t trivial to follow - Standard Chartered were fined $1.1bn for AML non compliance, Swedbank and Danske have lost their CEOs. KYC is vital for the integrity of the economic system precisely because ML is as prevalent as it is.
- BenMorganIO 8y agoThat's not true. KYC is for preventing money laundering and terrorist financing. You do NOT want the RCMP/FBI asking why you permitted terrorists to use your platform.