4 ms·

Does anyone know how it is legal to be considered guilty until proven innocent in the financial world? For me it feels like this changed slowly during the past

• tim333 6y ago
  I'm not sure it's really "guilty until proven innocent." Having had money held up myself by anti laundering it's more the bank writes to you saying we can't process this until you provide some evidence as to its source. And they're not really that interested as to the source - they just want an appropriate bit of paper in their file so they can say they met regulations.
  • encryptluks2 6y ago
    It is certainly that way in the credit scoring system. You essentially are negatively impacted until you dispute and prove your innocence.
    • adaml_623 6y ago
      You mean that you aren't provided the positive benefit of credit until you prove your "credit worthiness"? I don't know you. Why would I lend you money.
      • encryptluks2 6y ago
        Credit score doesn't just impact credit worthiness.
• cleansy 6y ago
  The "innocent until proven guilty" principle applies to legal systems, not companies. There is no such thing in the financial- or any industry.
  • imagine99 6y ago
    Are you saying companies and the financial industry are operating outside the legal system? (I'm being facetious here but only slightly... ;-)).
• egorfine 6y ago
  Right now in the AML/KYC world I'm considered guilty by the banks even if proven innocent.