<p>In OTC, it is totally up to the mutual agreement of the two parties, if you are a financial business that has to comply with AML laws, you will have have to ask for these info, but that may mean some counterparties will shun from you.</p>

CC BY-SA 3.0
2013-03-01T03:49:27.833Z
2013-03-01T03:49:27.833Z
John Smith
<p>Suppose a business wants to get into the OTC Bitcoin business. It will need to comply with AML laws. It is acceptable / encouraged for such a business to ask for photo ID and keep a photocopy?</p>

<p>Does this same principle apply to individual users?</p>

<legal><buy-bitcoins><sell-bitcoins><otc><aml>
Is it acceptable / encouraged to ask for ID and keep a photocopy for OTC Bitcoin transactions?
makerofthings7
# Is it acceptable / encouraged to ask for ID and keep a photocopy for OTC Bitcoin transactions?

(Asked by: username_0 on 2013-02-26)

Suppose a business wants to get into the OTC Bitcoin business. It will need to comply with AML laws. It is acceptable / encouraged for such a business to ask for photo ID and keep a photocopy?

Does this same principle apply to individual users?

**Tags:** legal, buy-bitcoins, sell-bitcoins, otc, aml


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## 1 answers

### Answer by username_1 on 2013-03-01. Score: 3

In OTC, it is totally up to the mutual agreement of the two parties, if you are a financial business that has to comply with AML laws, you will have have to ask for these info, but that may mean some counterparties will shun from you.


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