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Not only that, I don't think this was a bank, but instead a private holding company which allowed safe deposit boxes to be anonymous. What a bank reports as co
by kbenson 5y ago
Not only that, I don't think this was a bank, but instead a private holding company which allowed safe deposit boxes to be anonymous. What a bank reports as common with regard to seizures and what businesses like these report as common might be entirely different.
- hn_throwaway_99 5y agoNot sure the reason for the downvotes, you are exactly correct. Banks have specific KYC (know your customer) and AML (anti money laundering) requirements that apply even in the case of a safety deposit box. In fact, the business in this article was specifically targeted by the Feds because he was advertising anonymous storage. Again, I'm in no way absolving the FBI for what they did in this case, and I think civil asset forfeiture is just official theft in many instances, but just highlighting that there is a mountain of difference between what Politifact was originally responding to with respect to "DHS will seize your bank safety deposit box at will" and what happened with this shady outfit.