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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Replying to @theMetz @deplatformhate and
Do the restrictions of e.g. PATRIOT act apply at this level? It is my understanding that the state level laws are not so restrictive, but I may be wrong.
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Replying to @EmilyGorcenski @theMetz and
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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Replying to @EmilyGorcenski @theMetz and
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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Replying to @deplatformhate @EmilyGorcenski and
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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Replying to @EmilyGorcenski @theMetz and
When you're right, you're right, cc:
@WellsFargopic.twitter.com/ZfFm3QL10q
0 replies 8 retweets 25 likesThanks. Twitter will use this to make your timeline better. UndoUndo
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