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diff --git a/doc/paper/taler.tex b/doc/paper/taler.tex
index c6a699e8d..4a9299a62 100644
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+++ b/doc/paper/taler.tex
@@ -654,8 +654,8 @@ transfer that funds the customer's withdrawal of anonymous digital coins.
We believe this may even be desirable as there are laws, or bank policies,
that limit the amount of cash that an individual customer can withdraw
in a given time period~\cite{france2015cash,greece2015cash}.
-Taler is thus only anonymous with respect to {\em payments}.
-In particular, the exchange
+Taler is thus only anonymous with respect to {\em payments}. So
+while the exchange does know their customer (KYC), it
is unable to link the known identity of the customer that withdrew
anonymous digital coins to the {\em purchase} performed later at the
merchant.