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>that was in use in practice as a money laundering tool. Visa, Mastercard, Western Union, Paypal and plenty of others are also "in use in practice as a money l
by alasdair_ 4y ago
>that was in use in practice as a money laundering tool.
Visa, Mastercard, Western Union, Paypal and plenty of others are also "in use in practice as a money laundering tool" and yet for some reason they are not shut down.
- nl 4y agoIt's actually pretty rare for these to be used as money laundering tools.
- from 4y agoWestern Union has actually paid some substantial settlements to the government regarding AML and sanctions violations. Liability for AML stuff mostly falls on card issuers and is largely related to large cash sales of prepaid cards so Visa and Mastercard aren't really on the hook for that. If you followed the El Chapo trial you may remember the stories about prepaid cards: https://www.reuters.com/article/bc-finreg-money-laundering-idUSKCN1QN218 https://www.reuters.com/article/bc-finreg-money-laundering-i....
- pjc50 4y agoThey have processes against this, and indeed for all of those you can find "horror stories" of false positives from those processes. Tornado deliberately does not have any KYC process - indeed, the entire point of it is to obscure knowledge of ownership of (possibly stolen) money.