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There is one more: legal compliance. While there is no law on the books that says banks can't do business with OnlyFans, there are laws ( BSA comes to mind ) t
by A4ET8a8uTh0 5y ago
There is one more: legal compliance.
While there is no law on the books that says banks can't do business with OnlyFans, there are laws ( BSA comes to mind ) that in effect create incentives for banks to 'derisk' problematic customers. Some get branded high risk based on internal and industry standards.
- elliekelly 5y agoThis is the reason. Sex work is a crime so banks can’t offer banking services and sex work-adjacent businesses (like strip clubs) tend to be high-cash businesses so they’re considered high risk for money laundering. This means the entirety of adult entertainment gets bucketed as “high risk” even though technology has, in theory, significantly changed the actual money laundering risk presented by these businesses. Also, the type of people who are typically sitting in the meetings who would have to sign off on changes to these long-held banking “truisisms” haven’t given it a second’s thought and they really don’t care to re-examine their beliefs anyway.