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Right, but let's say a foreign court passes judgement on you, and you disappear. Stripe (or its partner bank in the region) is holding some of your cash. I coul
by rtpg 10y ago
Right, but let's say a foreign court passes judgement on you, and you disappear. Stripe (or its partner bank in the region) is holding some of your cash. I could see a seizure happening.
I imagine financial institutions have insurance for this sort of thing though.
But let's replace Stripe with Shopify. Or some other service providers. I can see execution of court orders being tricky in practice
- shakna 10y agoIf you vanish, and have owing, then the civil forfeiture laws do come into play. Visa and others do indeed have insurance policies in effect for such reasons, which is actually the area that gives me most of my experience in this area. Seizure of goods does happen regularly, and if a provider refuses to play ball, then quite often their accounts are frozen, and processors who have a presence in Australia, like Mastercard and Visa, freeze the providers transactions as well. Until such time as your funds are released to the relevant body, so they can arrange compensation and bankruptcy or receivership duties.
- pas 10y agoThat's why the general known-your-customers (KYC or CYA - cover your ass) principles are the best practices to follow. Don't send someone money without knowing enough about them to be able to point the local law enforcement in their direction. So Shopify used to not offer payment services for exactly this reason. (As far as I know.)