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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Replying to @deplatformhate @stripe
Stripe is a payments processor, it’s not on them to perform KYC. In any case their customer is the service, not the user. KYC is a per-account matter, not per transaction
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Emily you’re correct in stating that there is a regulatory gap on PPs, and that transaction laundering funds terrorist and hate groups. However, 12 states now have transaction laundering laws with large fines ($2-250k). Fed enforcement is changing fast.
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Yes but we’re talking about deplatforming terror-participating Nazis, not money laundering.
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Yes, it’s called hate group laundering and it’s well known in banking because conventional banks will not accept these customers
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Interesting. I wasn’t aware that was part of the state laws. But I am pretty sure that normal banks do still have these customers. Maybe we should look there.
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