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 …
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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Liability on transaction laundering goes up and down the transaction chain. If the funds are being raised to fund illlegal acts, it’s a crime. Liability in these states.pic.twitter.com/N5nFCjsqDT
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I mean, not really. Maybe in theory but that’s not applied in practice. (I used to work in fraud detection in banking). There are a lot of controls between entities, it’s not an automatic ice-9 scenario with liability.
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I’m pretty skeptical that there’s much in the books with regards to those state laws that would cover this in practice. In theory, sure. But in theory we could be applying mob violence laws and conspiracy laws and 100 other things to throw these fuckers in jail.
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True
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Ultimately it’s in regulators to impose fines. And when federal and state agencies aren’t acting on the easier, more blatant crimes, I have a hard time believing they’d reach. And these are a reach.
End of conversation
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