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KYC doesn’t mean you have to interrogate your customer about how they earned their money.
by beervirus 5y ago
KYC doesn’t mean you have to interrogate your customer about how they earned their money.
- miohtama 5y agoYou are correct. What you describe is called proof of source of funds and also should be required for high value transactions.
- kube-system 5y agoIt depends on the jurisdiction and the particular transaction. In the US, for instance: > financial institutions covered by the final rule must take reasonable steps to: [...] (3) determine the source(s) of funds deposited into the private banking account and the purpose and expected use of the account; https://www.fincen.gov/fact-sheet-section-312-usa-patriot-act-final-regulation-and-notice-proposed-rulemaking https://www.fincen.gov/fact-sheet-section-312-usa-patriot-ac...
- nullc 5y ago> financial institutions covered being key...
- kube-system 5y agoYep. For instance: > banking institutions;
- tomc1985 5y agoIt does, actually. FinCEN does not fuck around. Source: just finished renewing my AML training
- dnautics 5y agoIt does. I was cautioned that due to FINcen "you cannot buy a house with crypto", luckily all of the gains I had made were tracked by a "sufficiently reputable" platform that it wasn't an issue.
- cryptohousethwy 5y agoWait, was that for a mortgage? I bought a house outright with cash that had been moved from Gemini (US crypto exchange) to Schwab less than two weeks before and the title company never had any questions about it. Throwaway for obvious reasons.
- dnautics 5y agoYes, sorry, I should have specified, that is what my lender said for banking operations. I presume you can buy a house with cash from crypto.