4 ms·
What you're doing may be considered "structuring" [1], which under the demented laws of the US can land you in jail. [1] https://en.wikipedia.org/wiki/Structur
by AinderS 4y ago
What you're doing may be considered "structuring" [1], which under the demented laws of the US can land you in jail.
[1] https://en.wikipedia.org/wiki/Structuring https://en.wikipedia.org/wiki/Structuring
- yieldcrv 4y agoCute, fortunately structuring relies on avoiding regulatory thresholds for reporting and the KYC threshold that venmo sets is a completely arbitrary company policy that has nothing to do with the law and has nothing to do with reporting that a licensed financial institution needs to do or for reporting to a regulator Thanks for your concern, this is just circumventing a dark pattern of poor UX
- from 4y agoThe law on structuring (https://www.law.cornell.edu/uscode/text/31/5324 https://www.law.cornell.edu/uscode/text/31/5324) is about evading the $10,000 reporting threshold for financial institutions taking cash deposits or businesses taking cash payments for goods/services. If they are perpetuating some kind of fraud on Venmo making multiple accounts to do so in violation of the ToS is maybe wire fraud (so is just about everything) but by itself is probably not illegal.