I can see that soon almost exchanges and even ICO programs will be requiring us to do the KYC procedures where we are required to pass copies of our legal documents before we are granted entrance or the use of the services or programs we are interested with. This can be as common as having a password or 2FA.
Now, personally I have no big problem with it though just like anybody else am also concerned that my personal information can be divulged to anybody or a group that might use it for any illegal purpose. This is one risk we are facing once we are actively living in the online world. Evil people who can be thousands of miles away can now be just one click away.
What are your apprehensions about the KYC procedures that will soon be as popular as noodles?
Knowing your client or knowing the financial services guidelines of your client (KYC) demands that practitioners make an effort to check the identity, suitability, and risks involved in maintaining a business partnership. The processes work into the wider framework of the Anti-Money Laundering (AML) strategy of a bank. In order to ensure that their proposed clients, agents, contractors, or distributors are anti-bribery compliant, KYC processes are often used by businesses of all sizes, and are genuinely who they claim to be. Banks, insurers, export creditors and other financial institutions are increasingly demanding that comprehensive due diligence details be given by customers.
I think KYC has a good intention process but it is not compatible with bitcoin or any other crypto currencies because other investors like the Bitcoin because you can invest and earn anonymously because they are afraid that their personality may be know by a lot of people that may put their life in danger.