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Nowadays BSA requires KYC. Any type of money transmission requires collection of enough PII to do an OFAC check to ensure you aren't facilitating activity to a
by salawat 4y ago
Nowadays BSA requires KYC. Any type of money transmission requires collection of enough PII to do an OFAC check to ensure you aren't facilitating activity to a sanctioned individual. Banks/clearinghouses are usually on the line for doing this for their clients.