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Banks specifically DON'T want you doing that because they don't want undesirable businesses funneling money in and out of their banks Not sure I understand thi
by gaius 8y ago
Banks specifically DON'T want you doing that because they don't want undesirable businesses funneling money in and out of their banks
Not sure I understand this objection - the recipient of such a transfer would already have to have an account at another bank, and that bank would have to do the full AML/KYC checks anyway. There should be no issues with someone with an account at reputable bank A sending a regular payment to an account at reputable bank B for any purpose.
- Qworg 8y agoBanks don't necessarily trust each other and "I thought the other guy did KYC/AML" isn't a defense when the Feds show up.
- gaius 8y agoA bank will KYC/AML other banks too. But two people with accounts at high street banks in economically developed countries should never normally encounter an issue, once they had both passed the initial gatekeeping. Which isn't flawless but should cover the majority of use cases - I mean Patreon isn't Silk Road, is it?
- Qworg 8y agoIt isn't the majority they worry about - any individual on the OFAC list or folks laundering money is an enormous risk. While Patreon isn't Silk Road, people can and will try to take advantage of any payment system with weak controls.