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> How do we stop money laundering. Hm, so the dollar won't reach wide adoption until we close Wells Fargo, HSBC, and other major banks that have been party to
by mhluongo 7y ago
> How do we stop money laundering.
Hm, so the dollar won't reach wide adoption until we close Wells Fargo, HSBC, and other major banks that have been party to large-scale money laundering?
- arcticbull 7y agoLuckily there are efforts being made to stop it, and fines paid and systems put in place. Are they perfect yet? No. It is still orders of magnitude better than pretending the problem doesnt exist or outwardly encouraging and abetting it.
- mhluongo 7y agoThose banks are all still in business after billions in proven conspiracies to launder money. You might want to consider why that is.
- afiori 7y agoThose banks have such a bad record in a system with strict regulations to stop money laundering. I can only imagine that with less controls and regulations they would behave even worse.
- deleted 7y ago[deleted]
- hannasanarion 7y agoBecause once those conspiracies are discovered, the people involved are banned from banking. Can you ban people from bitcoin?
- wolco 7y agoWe are very lucky indeed
- DirkNowitzki 7y agoI work in banking. AML is always a fine line. Don’t do your job well, you get hit for enabling laundering. Do your job too well and you kill millions/billions in deposits. AML at its core is asking a bank to purposefully reduce their profit. Other than fines and morals, there’s no real incentive for them to give their all, and those don’t seem to bother most of the industry.
- arcticbull 7y agoSo the right answer is to... give up and hope for the best? Develop systems where it's impossible to stop? C'mon now. That's why it's one of the actual hard problems of cryptocurrency.