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I can't imagine they wouldn't be. There's a lot of gray/black money in bitcoin, and it has to get on the grid somehow. A debit card you can spend anywhere is a

by RickS 9y ago

I can't imagine they wouldn't be. There's a lot of gray/black money in bitcoin, and it has to get on the grid somehow. A debit card you can spend anywhere is a dream come true for that.

TazeTSchnitzel 9y ago
Big payment networks do not want to appear complicit in money laundering.
- exelius 9y ago
  HSBC/RBS/Citi were fine with it; and given the amount of the fines, it was plenty profitable and they’re likely still doing it.
  - user5994461 9y ago
    That's not correct. There is always some amount of fraud that manage to go through all the checks. That doesn't mean it's intentional. And that certainly doesn't mean that any financial service can stop doing any verification and become a paradise for fraudsters.
    - jacquesm 9y ago
      > That doesn't mean it's intentional. Except that of course it was: https://www.reuters.com/article/us-hsbc-probe/hsbc-to-pay-1-9-billion-u-s-fine-in-money-laundering-case-idUSBRE8BA05M20121211 https://www.reuters.com/article/us-hsbc-probe/hsbc-to-pay-1-...
      - _jal 9y ago
        This is a great bit from the article: "Mexican traffickers used boxes specifically designed to the dimensions of an HSBC Mexico teller’s window to deposit cash on a daily basis."
  - Angostura 9y ago
    Give the number of people getting their bank accounts mysteriously closed. I don;t think they are fine with it
  - JumpCrisscross 9y ago
    > HSBC/RBS/Citi were fine with it They’re also not payment networks. In any case, that lawbreaking occurs is not sufficient evidence that the banks don’t care about AML. By and large, AML procedure is generally well enforced. (The penalties are draconian.)
    - iakh 9y ago
      Payment networks should be even less concerned, at least in the US, because they are excluded as MSBs (money servicing businesses) and the regulations that apply to MSBs
  - dragonwriter 9y ago
    > HSBC/RBS/Citi were fine with it; No, they were fine with actually being complicit with money laundering when the amount of monry they could make from it was big enough. But even then they tried, even if ultimately unsuccessfully, not to appear complicit in money laundering

by RickS 9y ago

I can't imagine they wouldn't be. There's a lot of gray/black money in bitcoin, and it has to get on the grid somehow. A debit card you can spend anywhere is a dream come true for that.

TazeTSchnitzel 9y ago

Big payment networks do not want to appear complicit in money laundering.

exelius 9y ago
HSBC/RBS/Citi were fine with it; and given the amount of the fines, it was plenty profitable and they’re likely still doing it.
- user5994461 9y ago
  That's not correct. There is always some amount of fraud that manage to go through all the checks. That doesn't mean it's intentional. And that certainly doesn't mean that any financial service can stop doing any verification and become a paradise for fraudsters.
  - jacquesm 9y ago
    > That doesn't mean it's intentional. Except that of course it was: https://www.reuters.com/article/us-hsbc-probe/hsbc-to-pay-1-9-billion-u-s-fine-in-money-laundering-case-idUSBRE8BA05M20121211 https://www.reuters.com/article/us-hsbc-probe/hsbc-to-pay-1-...
    - _jal 9y ago
      This is a great bit from the article: "Mexican traffickers used boxes specifically designed to the dimensions of an HSBC Mexico teller’s window to deposit cash on a daily basis."
- Angostura 9y ago
  Give the number of people getting their bank accounts mysteriously closed. I don;t think they are fine with it
- JumpCrisscross 9y ago
  > HSBC/RBS/Citi were fine with it They’re also not payment networks. In any case, that lawbreaking occurs is not sufficient evidence that the banks don’t care about AML. By and large, AML procedure is generally well enforced. (The penalties are draconian.)
  - iakh 9y ago
    Payment networks should be even less concerned, at least in the US, because they are excluded as MSBs (money servicing businesses) and the regulations that apply to MSBs
- dragonwriter 9y ago
  > HSBC/RBS/Citi were fine with it; No, they were fine with actually being complicit with money laundering when the amount of monry they could make from it was big enough. But even then they tried, even if ultimately unsuccessfully, not to appear complicit in money laundering