3 ms·
You’re forgetting about the KYC/AML laws that lets these companies do that. They can deny bank loans, auto loans, etc based on comment history and then hide be
by theturtletalks 3y ago
You’re forgetting about the KYC/AML laws that lets these companies do that.
They can deny bank loans, auto loans, etc based on comment history and then hide behind KYC/AML laws. Under those laws, they don’t have to provide any reason whatsoever for the rejection and can operate without impunity. They are the judge, jury, executioner and the government gave them that power.
- PeeMcGee 3y agoFor those of us not up to speed on finance TLA's: KYC (Know Your Customer) AML (Anti-Money Laundering)
- lesuorac 3y agoI mean if you're not willing to sue somebody then they're always the judge/jury/executioner. It's a bit akin to all those people who complain it's impossible to know why Google closed your account despite evidence [1] to the contrary. [1]: https://www.huffpost.com/entry/why-google-bothered-to-ap_b_213176 https://www.huffpost.com/entry/why-google-bothered-to-ap_b_2...
- theturtletalks 3y agoYou do realize most of these payment processors or even financial institutions have arbitration clauses right? And as a business, they have the legal right to refuse for any reason not disability related. Hell, they could deny a disabled person a loan based on the unlikelihood they would pay it back and then hide behind KYC/AML laws. Oh we're not denying you based on disability, it's just some flags have popped up in our system and we can't tell you why. Google doesn't have KYC/AML laws to hide behind. The funniest part is that HSBC already revealed to criminal organizations on how to evade KYC/AML tripwires. When you outlaw freedom, only the outlaws have freedom.