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You provide them accounting from your fake business which accepts only monero payments for digital goods and doesn’t keep access logs? This is really basic stu

by rosndo 5y ago

You provide them accounting from your fake business which accepts only monero payments for digital goods and doesn’t keep access logs? This is really basic stuff. You will never be caught unless other evidence leads them from the original crime to you. Unless you fuck up it’s not possible to link incoming Moneroj to any specific source, this means that you can fairly easily hide your money laundering activities even from somebody with full visibility into your business.

323 5y ago
You live in some fantasy land if you think you can just say "oh, I just received 100 dollars worth of Monero from 1 million unknown entities, my $100 million is totally legit, fuck off". Unlike criminal law where you are "innocent until proven guilty", in most AML/KYC situations you are "guilty until proven innocent".
- fer 5y ago
  > "oh, I just received 100 dollars worth of Monero from 1 million unknown entities, my $100 million is totally legit, fuck off" That's pretty much the whole NFT craze, but without Monero which makes it even dumber.
- rosndo 5y ago
  You’re being ridiculous. Nobody is going to look at you twice for selling 1000x$5000 cryptocurrency trading courses a year, or even double that. I’ve dealt with AML/KYC for cryptocurrency businesses with much higher volumes, nobody ever asked for anything crazy. Just basic accounting, website urls, linkedin profiles. > You live in some fantasy land if you think you can just say "oh, I just received 100 dollars worth of Monero from 1 million unknown entities, my $100 million is totally legit, fuck off" I think the only takeaway here is that “323” is too stupid and greedy to survive as a money launderer. Don’t try to cash out $100M in monero at once, live a wonderful life with $5-10M a year.
  - bduerst 5y ago
    >I’ve dealt with AML/KYC for cryptocurrency businesses with much higher volumes, nobody ever asked for anything crazy. Were they legit businesses or illegal? It makes a difference because there's more than just you and the KYC exchanges reporting, and it's survivor bias to assume they appear the same.
    - rosndo 5y ago
      Legal businesses, receiving much larger individual payments from a limited number of clients. > It makes a difference because there's more than just you and the KYC exchanges reporting, and it's survivor bias to assume they appear the same. Exchanges are usually the least of your problems, it’s the banks. Even very high risk businesses don’t face scrutiny which isn’t easily overcome when all of your incoming payments are anonymous and untraceable. It’s really not hard to create a fake ecommerce business that would be entirely indistinguishable from a real one.
      - novok 5y ago
        If you watch the other economic activity and internet activity of that e-commerce business, you could deduce how much activity it might be generating. No real e-commerce biz doesn’t have ad spend or other marketing activities, no e-commerce biz doesn’t have a sell rate that is %100, etc. Much like how the irs audits laundromats via their water and power usage. Are they consuming enough water and electricity to justify their revenue?
        rosndo 5y ago
        First, nobody cares that much unless they know you’re guilty. Second, just obviously spend a little money and time on those things? It’s a minor cost to run shitty ad campaigns. The business doesn’t need to be good, it just has to look real. Do things a real business would do, except unlike a real business you will have a 100% chance of success.
        dannyw 5y ago

by rosndo 5y ago

323 5y ago

You live in some fantasy land if you think you can just say "oh, I just received 100 dollars worth of Monero from 1 million unknown entities, my $100 million is totally legit, fuck off". Unlike criminal law where you are "innocent until proven guilty", in most AML/KYC situations you are "guilty until proven innocent".

fer 5y ago
> "oh, I just received 100 dollars worth of Monero from 1 million unknown entities, my $100 million is totally legit, fuck off" That's pretty much the whole NFT craze, but without Monero which makes it even dumber.
rosndo 5y ago
You’re being ridiculous. Nobody is going to look at you twice for selling 1000x$5000 cryptocurrency trading courses a year, or even double that. I’ve dealt with AML/KYC for cryptocurrency businesses with much higher volumes, nobody ever asked for anything crazy. Just basic accounting, website urls, linkedin profiles. > You live in some fantasy land if you think you can just say "oh, I just received 100 dollars worth of Monero from 1 million unknown entities, my $100 million is totally legit, fuck off" I think the only takeaway here is that “323” is too stupid and greedy to survive as a money launderer. Don’t try to cash out $100M in monero at once, live a wonderful life with $5-10M a year.
- bduerst 5y ago
  >I’ve dealt with AML/KYC for cryptocurrency businesses with much higher volumes, nobody ever asked for anything crazy. Were they legit businesses or illegal? It makes a difference because there's more than just you and the KYC exchanges reporting, and it's survivor bias to assume they appear the same.
  - rosndo 5y ago
    Legal businesses, receiving much larger individual payments from a limited number of clients. > It makes a difference because there's more than just you and the KYC exchanges reporting, and it's survivor bias to assume they appear the same. Exchanges are usually the least of your problems, it’s the banks. Even very high risk businesses don’t face scrutiny which isn’t easily overcome when all of your incoming payments are anonymous and untraceable. It’s really not hard to create a fake ecommerce business that would be entirely indistinguishable from a real one.
    - novok 5y ago
      If you watch the other economic activity and internet activity of that e-commerce business, you could deduce how much activity it might be generating. No real e-commerce biz doesn’t have ad spend or other marketing activities, no e-commerce biz doesn’t have a sell rate that is %100, etc. Much like how the irs audits laundromats via their water and power usage. Are they consuming enough water and electricity to justify their revenue?
      - rosndo 5y ago
        First, nobody cares that much unless they know you’re guilty. Second, just obviously spend a little money and time on those things? It’s a minor cost to run shitty ad campaigns. The business doesn’t need to be good, it just has to look real. Do things a real business would do, except unlike a real business you will have a 100% chance of success.
      - dannyw 5y ago