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It also means that more and more of completely legit businesses are just using grey platforms to avoid AML just because it's too much pain to deal with it.
by anovikov 3y ago
It also means that more and more of completely legit businesses are just using grey platforms to avoid AML just because it's too much pain to deal with it.
- anonzzzies 3y agoWell, that’s the issu; for small things it’s often just easier to use cryptocurrency (which I don’t like) as I really just am not going to jump through hoops for flagged transactions and stuff. We have been in business for decades, never anything wrong but the past few years and especially this year, this aml/terrorism lark is becoming just bizarre.
- lifty 3y agoWhy you don’t like cryptocurrency if it helps you?
- threeseed 3y agoNo reasonable business is going to use potentially illegal platforms just to avoid a bit of extra paperwork. Especially when it's typically handled by the accountant.
- anovikov 3y agoThere's no problem about it, a business does not necessarily need to have a bank account as long as it can send and receive payments and provide statements by request of a certified auditor when supplied with authorisation letter. My company actually uses Payoneer and does nothing dodgy or tax-avoiding, it's simply a lot more convenient that way (for example, most U.S. clients have a hard time sending SWIFT because all they used to is ACH, and Payoneer lets my company accept ACH - no EU bank would). My auditor is happy with this. I know vast majority of Payoneer uses are something crazy shady deals, but it doesn't disqualify legit users of it.