3 ms·

Finance is in a somewhat unique place in that we hold them responsible for their customers. If a bank doesn't ask any questions and as a consequence provides se

Finance is in a somewhat unique place in that we hold them responsible for their customers. If a bank doesn't ask any questions and as a consequence provides service to known terrorists that's against their perceived (and codified) obligations. Yet the we allow anyone to ride the subway, to get a telephone connection, or to have their home hooked up to electricity. If your internet provider terminated your contract because you download files from Syria or regularly upload large files and trigger their risk analysis that would be seen as outrageous. Yet that is exactly what we expect of finance companies.

kemitchell 3y ago
The US government also issues cash.
- paulryanrogers 3y ago
  Cash does facilitate crimes. Yet we consider that a cost or a bug, one we're willing to accept in exchange for its benefits. Cash itself is clearly a neutral tool, yet even it is regulated if transactions exceed certain thresholds.
ketzo 3y ago
You say it’s a unique place, but here’s the thing: it actually undergirds all of those other services. Telephones/internet/elecricity are quite hard to regularly get without access to the traditional banking system. Possible, yes, but very annoying. Which is the point. Some would argue it is only because of the security of the banking system that these other utilities are allowed to be “””free”””.
kevinmchugh 3y ago
I think if you want to sell chemicals, explosives, or guns, you're going to have to keep records on your customers, and may have to do some level of vetting before the sale, depending on the product and jurisdiction within the US.
filoleg 3y ago
> Finance is in a somewhat unique place in that we hold them responsible for their customers. If a bank doesn't ask any questions and as a consequence provides service to known terrorists that's against their perceived (and codified) obligations. Is this really unique? Because afaik, if you were “just a taxi driver doing their job and not asking questions”, you could easily end up being charged as a getaway driver.

kemitchell 3y ago

The US government also issues cash.

paulryanrogers 3y ago
Cash does facilitate crimes. Yet we consider that a cost or a bug, one we're willing to accept in exchange for its benefits. Cash itself is clearly a neutral tool, yet even it is regulated if transactions exceed certain thresholds.

ketzo 3y ago

You say it’s a unique place, but here’s the thing: it actually undergirds all of those other services. Telephones/internet/elecricity are quite hard to regularly get without access to the traditional banking system. Possible, yes, but very annoying. Which is the point. Some would argue it is only because of the security of the banking system that these other utilities are allowed to be “””free”””.

kevinmchugh 3y ago

I think if you want to sell chemicals, explosives, or guns, you're going to have to keep records on your customers, and may have to do some level of vetting before the sale, depending on the product and jurisdiction within the US.

filoleg 3y ago

> Finance is in a somewhat unique place in that we hold them responsible for their customers. If a bank doesn't ask any questions and as a consequence provides service to known terrorists that's against their perceived (and codified) obligations. Is this really unique? Because afaik, if you were “just a taxi driver doing their job and not asking questions”, you could easily end up being charged as a getaway driver.