4 ms·

> Damned if you do and damned if you don't. Conventional banking combines a moderate level of privacy with effective measures against money laundering. Why sho

• cdiddy2 4y ago
  It's not clear that AML regulation actually is all that effective. It also makes it a lot harder for competitors to start in the banking and finance industry. "Based on 2009 data, the UN, with US State Department assistance, calculated the global success rate of money laundering controls at just 0.2 percent (UNODC 2011, 14, 119, 131), but, as noted above, the confiscation rate might be 0.07 percent. In other words, despite ubiquitous money laundering controls, criminals retain up to 99.93 percent of criminal proceeds." https://www.tandfonline.com/doi/full/10.1080/25741292.2020.1725366 https://www.tandfonline.com/doi/full/10.1080/25741292.2020.1...
• ls15 4y ago
  > Conventional banking combines a moderate level of privacy Rather fake than moderate, I would say. https://moguldom.com/351338/fact-check-do-jp-morgan-chase-wells-fargo-and-other-big-banks-sell-spending-data-to-advertisers/ https://moguldom.com/351338/fact-check-do-jp-morgan-chase-we... As long as banks can just pretend to protect my privacy, while they sell my data, I feel more comfortable about the type of privacy that cryptos like monero provide. > Why shouldn't we ask that crypto be judged against this baseline? Why shouldn't we ask for a reasonable baseline that really protects people's privacy and not just some corporate version of "privacy™"? > effective measures against money laundering Just yesterday, Deutsche Bank's HQ was searched over possible money laundering.