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Interesting how this small business isn't able to use their bank as a simple pass-through mechanism while massive entities like FTX are able to play with billio
by 1970-01-01 3y ago
Interesting how this small business isn't able to use their bank as a simple pass-through mechanism while massive entities like FTX are able to play with billions of dollars. Know Your Customer is penny wise and pound foolish.
- tmpz22 3y ago> Know Your Customer is penny wise and pound foolish. That's the point.
- 1970-01-01 3y agoI think the point was honesty will only get you so far in this world. They could easily keep the business running but decided against it 'because honesty'
- wbl 3y agoFTC had to do bank fraud to do so. That's the point of these laws: they make illegal activity easy to prove and win convictions on.
- wheelerwj 3y agoNo man, neither of those points are even remotely true.
- gorbachev 3y agoNot only that, but the banks themselves (not necessarily Bank of Montreal), are the biggest law breakers of these regulations. As an example: https://violationtracker.goodjobsfirst.org/parent/bank-of-america https://violationtracker.goodjobsfirst.org/parent/bank-of-am... The HSBC drug cartel money laundering scandal should've resulted HSBC losing their banking license and bank employees involved going to prison, but no.