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> compliance officer over the phone I think this shows a bit of naivety on your part, unfortunately. No compliance officer at any public exchange is picking u
by phil21 9y ago
> compliance officer over the phone
I think this shows a bit of naivety on your part, unfortunately. No compliance officer at any public exchange is picking up the phone over a $100k customer. I'd be surprised if anyone - including 8 figure clients - can get such a person on the phone right now. I personally know of cases where 7 figures are locked up with zero way to contact a human. Typically it's so far working out in most cases I know of, but having that much tied up for 60+ days with almost no communication (attorney or not) can be a bit nerve wracking for most.
I do agree re: your point on documentation, that certainly can be helpful.
- JumpCrisscross 9y ago> No compliance officer at any public exchange is picking up the phone over a $100k customer At the exchanges you may have trouble. Many of them lack proper compliance departments. There are, however, response requirements under U.S. law your attorney will be knowledgeable about. At a bank, contacting compliance is trivial if you know how to use the relevant public databases. There are also questions about structuring, e.g. transferring the coins to a multi-member LLC and then cashing out into it, that could be relevant for one’s jurisdiction. All that said, having documents in order is a huge plus. Incomplete AML and KYC documents tend to go to the bottom of the priority pile and top of the risk pile.
- phil21 9y agoCompletely agreed. I haven't seen many cases where the banks are holding funds up due to AML/KYC, so I was 100% focused on exchanges. You're absolutely correct - when dealing with actual financial institutions just have a Real Lawyer(tm) do that for you or you're very likely to have a bad time.