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 @deplatformhate and
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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Replying to @theMetz @deplatformhate and
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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Replying to @EmilyGorcenski @theMetz and
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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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.
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