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Indeed. It looks like pretty cut-and-dry failure of KYC compliance. When acting as a marketplace, Amazon is a money transmitter and needs to follow KYC procedur
by chatmasta 9y ago
Indeed. It looks like pretty cut-and-dry failure of KYC compliance. When acting as a marketplace, Amazon is a money transmitter and needs to follow KYC procedure for all sellers receiving funds. It seems like their KYC is very loose, to say the least.
- phil21 9y agoUnfortunately as I age and gain experience in this industry, I've come to the conclusion rules like that do not apply to companies the size and breadth of Amazon. They may get a slap on the wrist, but if a small company did this the principles involved would be in prison.
- coldcode 9y agoPerhaps a day in jail would make Bezos care. Money laundering is currently a big deal. Using Amazon to launder money is no different than selling stolen merchandise to a pawn shop.
- grkvlt 9y agoExactly. The pawn shop doesn't commit a crime by buying stolen goods in good faith. Neither does Amazon here.
- chatmasta 9y agoIn order to get a money transmitter license, Amazon must comply with KYC regulations, which are at best minimal protection against fraud. By failing to even meet such a minimum, Amazon may be demonstrating willful negligence.