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Banks don't necessarily trust each other and "I thought the other guy did KYC/AML" isn't a defense when the Feds show up.
by Qworg 8y ago
Banks 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.