Good article explaining some of the backend procedures behind KYC (which @Stripe likely doesn't conduct). In this case, they likely had some sort of false positive and should have had a better resolution, but either way shows tools fintech has (and often doesn't use re: nazis)https://twitter.com/theMetz/status/1040810154239844352 …
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In any case, the eminent concern is not that the Nazis are laundering money. It’s that they are openly fundraising to support violent acts.
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The article itself was going into unregulated reputational risk to fintect companies. There's proactive non transactional level systems in play now that are prempting patriot act etc banks are implementing without being imposed. Step in the right direction and vie based regs
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And Adam is making a point that also sounds legit which I don't know enough about. My take is that it needs to be thought about re cutouts but Friday night...
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The argument is good but I don’t see it used in practice. And like I’m fairly certain all but a handful of these Nazi fucks could walk into BofA any day and open an account. And that’s the most important check right there.
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When you're right, you're right, cc:
@WellsFargopic.twitter.com/ZfFm3QL10q
End of conversation
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