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Should banks and financial platforms decide who is and who isn't doing illegal things? The more we expect financial institutions to take on this task, the more
by tomcar288 4y ago
Should banks and financial platforms decide who is and who isn't doing illegal things? The more we expect financial institutions to take on this task, the more they need to crack down on anyone who even looks like they're doing something criminal. This is how you end up with those situations where random people get their financial accounts frozen with absolutely no recourse. Just imagine, if you accepted an international wire from a family member in another country and next thing you know all your accounts are frozen. Do you really want your financial institution to be the judge, jurry and executioner?
There's a time and place to go after criminals but I don't think that financial institutions are the ones who should be making the final decisions on these things - that should be left for law enforcement.
- nr2x 4y agoThere are literally hundreds of laws around the world that require banks to monitor for, and report, money laundering. This has been true for decades.
- dan-robertson 4y agoThis seems quite unrelated to the rule that if you want to run a futures exchange for US customers, you need a license from the CFTC.
- glerk 4y agoNo, they shouldn't. But various entities under the US government are claiming the authority to force private businesses (even businesses operating outside of their jurisdiction) to enforce their rules and bear the compliance overhead. And as you can see in this thread, whenever tyranny is making gains, """hacker""" news is laughing and applauding like a bunch of circus seals.