5 ms·

Expenses are interesting and add up rapidly (as any business owner knows)... 500k over two years for 20 people is only $1000/person/month and that has to accoun

Expenses are interesting and add up rapidly (as any business owner knows)... 500k over two years for 20 people is only $1000/person/month and that has to account for all living expenses plus whatever else is required (flight training, cover identities, bribes, pay-for-play etc.)

strogonoff 5y ago
Yes, of course the parent did not specify what they thought as “cheap”, I am only pointing out that it is apparently not as cheap as a couple of airplane tickets. In other words, their point was that all you need is a desire to fly an airplane into a building, but my point is that you need that plus XXX kilodollars (spread over time or not). Reportedly, one of the 9/11 guys was wired $100k in one go[0]—these amounts could be noticed, but dealing with very profitable accounts one might just be too greedy for that. [0] https://en.m.wikipedia.org/wiki/Responsibility_for_the_September_11_attacks https://en.m.wikipedia.org/wiki/Responsibility_for_the_Septe...
- from 5y ago
  But it's not like they put "explosives and other ordinances" in the subject line. For all the bank knew Atta was just some flight school student. If banks were to require justification for every wire transfer, legitimate commerce (also remittances and a bunch of other things) would grind to a halt.
  - radicaldreamer 5y ago
    Also, there are lots of wealthy Saudis all over and 100k probably doesn't even register as a "large" payment in those circles.
    - strogonoff 5y ago
      KYC done properly means the bank understands every customer. What you do in life, what you get normally paid for, etc. Problem is, it’s tricky to do at scale and the banks want to profit more, so it makes financial sense for them to err on the side of caution with small accounts that are possibly net loss anyway (considering maintenance overhead, etc.) but starting with a certain level of wealth I think they are more than willing to not care.
- deleted 5y ago
  [deleted]

strogonoff 5y ago

Yes, of course the parent did not specify what they thought as “cheap”, I am only pointing out that it is apparently not as cheap as a couple of airplane tickets. In other words, their point was that all you need is a desire to fly an airplane into a building, but my point is that you need that plus XXX kilodollars (spread over time or not). Reportedly, one of the 9/11 guys was wired $100k in one go[0]—these amounts could be noticed, but dealing with very profitable accounts one might just be too greedy for that. [0] https://en.m.wikipedia.org/wiki/Responsibility_for_the_September_11_attacks https://en.m.wikipedia.org/wiki/Responsibility_for_the_Septe...

from 5y ago
But it's not like they put "explosives and other ordinances" in the subject line. For all the bank knew Atta was just some flight school student. If banks were to require justification for every wire transfer, legitimate commerce (also remittances and a bunch of other things) would grind to a halt.
- radicaldreamer 5y ago
  Also, there are lots of wealthy Saudis all over and 100k probably doesn't even register as a "large" payment in those circles.
  - strogonoff 5y ago
    KYC done properly means the bank understands every customer. What you do in life, what you get normally paid for, etc. Problem is, it’s tricky to do at scale and the banks want to profit more, so it makes financial sense for them to err on the side of caution with small accounts that are possibly net loss anyway (considering maintenance overhead, etc.) but starting with a certain level of wealth I think they are more than willing to not care.
deleted 5y ago
[deleted]