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You don't even need to go to crypto. Try opening a joint bank account for you and 10 other strangers you don't know so that you can pool together some digital

You don't even need to go to crypto. Try opening a joint bank account for you and 10 other strangers you don't know so that you can pool together some digital funds for mixing them up a little and see how the bank feels about that.

toomuchtodo 3y ago
There was a fintech that just shutdown that was doing group bank accounts like this, but the name escapes me. Their postmortem was posted here (didn’t raise when raising was easy because they didn’t need the money, and then they lost their banking partner). Firefighters were one of their user stories.
- neaden 3y ago
  What was the use case for fire fighters? DIY life insurance?
  - toomuchtodo 3y ago
    Shared grocery expenses because they live together.
    - ajross 3y ago
      FWIW: an mixed account for shared expenses is 100% legal and definitely not money laundering as long as you do the accounting and can show that it all paid for groceries. People get hung up on the specifics of AML/KYC regulations and tend to forget the context. That's sort of what the linked article is about.
      - toomuchtodo 3y ago
        Agreed, I provided more for context that it can be done, within the context you mentioned. (i take annual mandatory AML/KYC training as part of my fintech dayjob compliance program)
    - deleted 3y ago
      [deleted]
ensignavenger 3y ago
Form an LLC, with you and 10 others as members. Open bank account for the LLC. Now you have your account. Maybe the LLC could be called "A1A Car Wash LLC".
- akerl_ 3y ago
  I mean, at this point you’re just reinventing normal, boring money laundering.
- VincentEvans 3y ago
  And when one of the other members of the said LLC happens to be facing felony charges - chances are you too will find yourself involved in an investigation. … which is normal and expected, as we all have been taught by our parents not to be getting into cars and banking arrangements with strangers. But I suspect that the interested parties here want to avoid the inconvenience of facing charges.
  - xyst 3y ago
    File Incorporation papers in Delaware. that’s about as anonymous as it gets.
    - RandomBK 3y ago
      Yea, that's not going to hold up to a federal investigation.
xyst 3y ago
https://en.m.wikipedia.org/wiki/Community_banking_models https://en.m.wikipedia.org/wiki/Community_banking_models Yea bank AML systems will definitely go off. Especially at big banks. I vaguely recall a comment here where the person(s) even spoke with the branch manager yet accounts were eventually flagged as part of AML. Funds frozen.
- lxgr 3y ago
  You're probably referring to https://news.ycombinator.com/item?id=38150606 https://news.ycombinator.com/item?id=38150606?
ric2b 3y ago
Or just go to the casino and play some blackjack until you lose 1 to 3% and then leave with your mixed money.
- cwsx 3y ago
  Do this frequently enough and they'll start inviting you back with free travel + accommodation.

toomuchtodo 3y ago

There was a fintech that just shutdown that was doing group bank accounts like this, but the name escapes me. Their postmortem was posted here (didn’t raise when raising was easy because they didn’t need the money, and then they lost their banking partner). Firefighters were one of their user stories.

neaden 3y ago
What was the use case for fire fighters? DIY life insurance?
- toomuchtodo 3y ago
  Shared grocery expenses because they live together.
  - ajross 3y ago
    FWIW: an mixed account for shared expenses is 100% legal and definitely not money laundering as long as you do the accounting and can show that it all paid for groceries. People get hung up on the specifics of AML/KYC regulations and tend to forget the context. That's sort of what the linked article is about.
    - toomuchtodo 3y ago
      Agreed, I provided more for context that it can be done, within the context you mentioned. (i take annual mandatory AML/KYC training as part of my fintech dayjob compliance program)
  - deleted 3y ago
    [deleted]

ensignavenger 3y ago

Form an LLC, with you and 10 others as members. Open bank account for the LLC. Now you have your account. Maybe the LLC could be called "A1A Car Wash LLC".

akerl_ 3y ago
I mean, at this point you’re just reinventing normal, boring money laundering.
VincentEvans 3y ago
And when one of the other members of the said LLC happens to be facing felony charges - chances are you too will find yourself involved in an investigation. … which is normal and expected, as we all have been taught by our parents not to be getting into cars and banking arrangements with strangers. But I suspect that the interested parties here want to avoid the inconvenience of facing charges.
- xyst 3y ago
  File Incorporation papers in Delaware. that’s about as anonymous as it gets.
  - RandomBK 3y ago
    Yea, that's not going to hold up to a federal investigation.

xyst 3y ago

https://en.m.wikipedia.org/wiki/Community_banking_models https://en.m.wikipedia.org/wiki/Community_banking_models Yea bank AML systems will definitely go off. Especially at big banks. I vaguely recall a comment here where the person(s) even spoke with the branch manager yet accounts were eventually flagged as part of AML. Funds frozen.

lxgr 3y ago
You're probably referring to https://news.ycombinator.com/item?id=38150606 https://news.ycombinator.com/item?id=38150606?

ric2b 3y ago

Or just go to the casino and play some blackjack until you lose 1 to 3% and then leave with your mixed money.

cwsx 3y ago
Do this frequently enough and they'll start inviting you back with free travel + accommodation.