diff options
| -rw-r--r-- | doc/flows/kyc-deposit.tex | 15 | ||||
| -rw-r--r-- | doc/flows/kyc-pull.tex | 9 | ||||
| -rw-r--r-- | doc/flows/kyc-push.tex | 9 | ||||
| -rw-r--r-- | doc/flows/kyc-withdraw.tex | 9 | ||||
| -rw-r--r-- | doc/flows/main.tex | 53 |
5 files changed, 61 insertions, 34 deletions
diff --git a/doc/flows/kyc-deposit.tex b/doc/flows/kyc-deposit.tex index bac0ead4e..b6345ad79 100644 --- a/doc/flows/kyc-deposit.tex +++ b/doc/flows/kyc-deposit.tex @@ -14,8 +14,8 @@ ] \node (start) [start] {Start}; \node (country) [decision,below=of start,text width=2.5cm] {Target account in allowed country?}; - \node (amount) [decision, below=of country,text width=2.5cm] {Target account received less than KYC threshold?}; - \node (kyc) [process, right=of amount] {KYC process}; + \node (amount) [decision, below=of country,text width=2.5cm] {Target account received less than KYB threshold?}; + \node (kyc) [process, right=of amount] {KYB process}; \node (high) [decision, below=of amount,text width=2.5cm] {Target account received more than its AML threshold?}; \node (aml) [process, right=of high] {AML process}; \node (dummy) [below right=of aml] {}; @@ -66,8 +66,15 @@ \begin{tabular}{l|l|r} {\bf Setting} & {\bf Type} & {\bf Value} \\ \hline \hline Allowed bank accounts & RFC 8905 RegEx & {\em CH*} \\ \hline - KYC deposit threshold & Amount/month & {\em 5000 CHF} \\ - KYC deposit threshold & Amount/year & {\em 15000 CHF} \\ + KYB deposit threshold & Amount/month & {\em 5000 CHF} \\ + KYB deposit threshold & Amount/year & {\em 25000 CHF} \\ Default AML deposit threshold & Amount/month & {\em 2500 CHF} \\ \end{tabular} \end{table} + +The KYB deposit threshold of 5'000 \CURRENCY{} per month and than 25'000 +\CURRENCY{} per year ensure compliance with article 48-1b. + +Additionally, our terms of service will prohibit businesses to receive +amounts exceeding 1'000 \CURRENCY{} per transaction (well below the +15'000 \CURRENCY{} threshold defined in article 24-1c). diff --git a/doc/flows/kyc-pull.tex b/doc/flows/kyc-pull.tex index 092892ae5..57fcc3beb 100644 --- a/doc/flows/kyc-pull.tex +++ b/doc/flows/kyc-pull.tex @@ -73,8 +73,11 @@ \begin{tabular}{l|l|r} {\bf Setting} & {\bf Type} & {\bf Value} \\ \hline \hline Permitted phone numbers & Dialing prefix & {\em +41} \\ - P2P KYC threshold & Amount/month & {\em 5000 CHF} \\ - P2P KYC threshold & Amount/year & {\em 15000 CHF} \\ - Default P2P AML threshold & Amount/month & {\em 1000 CHF} \\ + P2P KYC threshold & Amount/month & {\em 1000 CHF} \\ + P2P KYC threshold & Amount/year & {\em 5000 CHF} \\ + Default P2P AML threshold & Amount/month & {\em 2500 CHF} \\ \end{tabular} \end{table} + +The P2P KYC thresholds of 1'000 \CURRENCY{} per month and than 5'000 +\CURRENCY{} per year ensure compliance with article 49-2c. diff --git a/doc/flows/kyc-push.tex b/doc/flows/kyc-push.tex index 458115462..a42318f89 100644 --- a/doc/flows/kyc-push.tex +++ b/doc/flows/kyc-push.tex @@ -74,8 +74,11 @@ \begin{tabular}{l|l|r} {\bf Setting} & {\bf Type} & {\bf Value} \\ \hline \hline Permitted phone numbers & Dialing prefix & {\em +41} \\ - P2P KYC threshold & Amount/month & {\em 5000 CHF} \\ - P2P KYC threshold & Amount/year & {\em 15000 CHF} \\ - Default P2P AML threshold & Amount & {\em 1000 CHF} \\ + P2P KYC threshold & Amount/month & {\em 1000 CHF} \\ + P2P KYC threshold & Amount/year & {\em 5000 CHF} \\ + Default P2P AML threshold & Amount/month & {\em 2500 CHF} \\ \end{tabular} \end{table} + +The P2P KYC thresholds of 1'000 \CURRENCY{} per month and than 5'000 +\CURRENCY{} per year ensure compliance with article 49-2c. diff --git a/doc/flows/kyc-withdraw.tex b/doc/flows/kyc-withdraw.tex index 341419095..e1c625e09 100644 --- a/doc/flows/kyc-withdraw.tex +++ b/doc/flows/kyc-withdraw.tex @@ -43,8 +43,13 @@ \begin{tabular}{l|l|r} {\bf Setting} & {\bf Type} & {\bf Value} \\ \hline \hline Allowed bank accounts & RFC 8905 RegEx & {\em CH*} \\ \hline - Withdraw maximum & Amount/month & {\em 5000 CHF} \\ - Withdraw maximum & Amount/year & {\em 15000 CHF} \\ + SMS-Identification & Amount/month & {\em 200 CHF} \\ + Withdraw limit & Amount/month & {\em 5000 CHF} \\ + Withdraw limit & Amount/year & {\em 25000 CHF} \\ Bounce period & Delay & 1 month \\ \end{tabular} \end{table} + +The limit of 200 \CURRENCY{} results from article 48-2. Strictly limiting +withdrawals to less than 5'000 \CURRENCY{} per month and less than 25'000 +\CURRENCY{} per year assures compliance with article 48-1c. diff --git a/doc/flows/main.tex b/doc/flows/main.tex index 2a10578bf..30d5fd3ae 100644 --- a/doc/flows/main.tex +++ b/doc/flows/main.tex @@ -37,6 +37,15 @@ The main interactions of the system are: \item[shutdown] the Taler payment system operator informs the customers that the system is being shut down for good \end{description} +In the analysis of the legal requirements, it is important to differenciate +between transactions between wallets (customer-to-customer) and transactions +where money flows from a wallet into a bank account (customer-to-merchant) as +these have different limits: When digital coins are deposited at a business in +Taler, the business never actually receives usable digital coins but instead +the amount is always directly credited to their bank account. Depending on +the transacted amounts, the business will nevertheless be subject to KYB +(Section~\ref{sec:proc:kyb}) and AML checks. + {\bf Customers} begin their business relationship with us when they withdraw digital cash. Taler has no accounts (this is digital cash) and thus there is no ``opening'' or ``closing'' of accounts for consumers. Given digital cash, @@ -51,33 +60,33 @@ fees (see Section~\ref{sec:fees:coin}) that apply to prevent the coins from expiring outright. For customers, we will categorically limit of digital cash withdrawn per month -to less than CHF 5000 per month and less than CHF 15000 per year, thus +to less than CHF 5'000 per month and less than CHF 25'000 per year, thus ensuring that consumers remain below the thresholds where most regulatory -processes become applicable. We will, however, ensure that customers are Swiss +processes become applicable. Payments between users will be limited +to receiving less than CHF 1'000 per month and less than CHF 5'000 per year. +We will ensure that customers are Swiss (see Section~\ref{sec:proc:domestic}) by requiring them to have a Swiss bank -account and/or Swiss phone number (+41-prefix). Furthermore, the wallet will -impose an upper limit of CHF 5000 on its balance at any point in time. +account and/or Swiss phone number (+41-prefix). +%Furthermore, the wallet will +%impose an upper limit of CHF 5000 on its balance at any point in time. For {\bf merchants}, the Taler equivalent of ``opening'' an account and thus establishing an ongoing business relationship is for a business to receive -payments (see Section~\ref{sec:deposit}) exceeding CHF 5000/month or CHF -15000/year. We will consider the account ``open'' (and require up-to-date KYB +payments (see Section~\ref{sec:deposit}) exceeding CHF 5'000/month or CHF +25'000/year. We will consider the account ``open'' (and require up-to-date KYB information and check sanction lists) as long as the business has made any transactions within the last 24 months. -In contrast to normal customers, merchants can in principle {\bf receive} -payments without limit. However, these transactions must go into the bank -account of the business: when digital coins are deposited at a business in -Taler, the business never actually receives usable digital coins but instead -the amount is always directly credited to their bank account. Depending on -the transacted amounts, the business will be subject to KYB -(Section~\ref{sec:proc:kyb}) and AML checks. As we will only transfer money -into the existing bank accounts of the merchants to compensate them for sales -made using the Taler payment system, we do not need to check the origin of -funds for those merchants as they will only receive funds from -us.\footnote{Should businesses want to use Taler for expenditures, they will -need to withdraw digital coins from their bank account just like customers, -and the limits for customers will continue to apply.} +As we will only transfer money into the existing bank accounts of the +merchants to compensate them for sales made using the Taler payment system, we +do not need to check the origin of funds for those merchants as they will only +receive funds from us.\footnote{Should businesses want to use Taler for +expenditures, they will need to withdraw digital coins from their bank account +just like customers, and the limits for customers will continue to apply.} + +For individual {\bf transactions}, we will impose a limit of CHF +1'000/transaction (even though our reading of the regulations would permit +individual transactions up to CHF 15'000). The following sections describe the respective processes for each of these interactions. @@ -111,7 +120,7 @@ There are five types if interactions that can trigger regulatory processes: \item[deposit] a merchant's {\bf bank account} is designated to receive a payment in digital cash \item[push] a {\bf wallet} accepts a payment from another wallet \item[pull] a {\bf wallet} requests a payment from another wallet - \item[balance] a withdraw or P2P payment causes the balance of a {\bf wallet} to exceed a given threshold +% \item[balance] a withdraw or P2P payment causes the balance of a {\bf wallet} to exceed a given threshold \end{description} We note in bold the {\bf anchor} for the regulator process. The anchor is used @@ -129,7 +138,7 @@ Chapter~\ref{chap:regproc}. \include{kyc-deposit} \include{kyc-push} \include{kyc-pull} -\include{kyc-balance} +%\include{kyc-balance} \chapter{Regulatory Processes} \label{chap:regproc} @@ -151,7 +160,7 @@ The three main regulatory processes are: \end{description} \include{proc-domestic} -%\include{proc-kyc} +\include{proc-kyc} \include{proc-kyb} \include{proc-aml} |