Please share any recommendations as to how to make kyc( know your customers ) effective!! and probably; is it even needed?
KYC checks should be conducted only for traders with large trading volumes and large investors in ICO projects. For other categories of people it is meaningless. With respect to bounty hunters, KYC checking is generally illegal. It should be used only for the purpose for which it was created - the prevention of money laundering. In any case, it cannot be used on this forum to combat the presence of multiple accounts for some users. Violation of our right to privacy cannot be justified by this.
In general, KYC verification - this should be a problem of state bodies.
I completely agree with your opinion, although it seems to me that you can not say that KYC is illegal in relation to bounty hunters. Companies are not obliged to collect data in their case because the purpose of introducing KYC was definitely different (as it has been said many times) but I am afraid that there is no law that prohibits the collection of personal data. So it's always your decision whether you will want to take part in bounty and pass your personal data or not.
Personally, I am an opponent of such a solution and I try to protect my data as much as possible - that is why I would not risk losing my sensitive data for a few miserable dollars.