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Actually know your customers. Like real banks do. Relying on a free text description on the payment is completely useless.
by mcv 4y ago
Actually know your customers. Like real banks do. Relying on a free text description on the payment is completely useless.
- leokennis 4y agoYeah because terrorists will definitely not lie when they open a bank account! Also…how would KYC stop a terrorist from abusing your mothers bank account to transfer money? This is why you need KYC and also transaction screening (and also X, Y and Z).
- mcv 4y agoYes, but transaction screening should rely on information about the accounts involved, and not the descriptions on the payments. Because those mean nothing.
- matthews2 4y agoThe real bank that I use in the UK cares about what you put in the reference field. Putting something like "AK47" as the reference quickly results in a phone call from them telling you to not do that.
- croes 4y agoWould it be a problem for a US bank?
- astura 4y ago"Real banks" also will block transactions with the "wrong" keywords in them. They are literally required to do this. For example: Chase Bank blocks California man’s online payment over service dog’s ‘terrorist’ name https://www.nydailynews.com/life-style/chase-bank-blocks-online-payment-dog-terrorist-article-1.2579947 https://www.nydailynews.com/life-style/chase-bank-blocks-onl... These stories are really common. Usually a phone call fixes it.