3 ms·
yes, and transactions over a sum much less than 200K require AML/KYC paperwork.
by taway_6PplYu5 3y ago
yes, and transactions over a sum much less than 200K require AML/KYC paperwork.
- sandworm101 3y agoWhich is fine. A legit buyer wanting to pay cash doesn't really care if the dealer has to file some extra paperwork.
- lazide 3y agoOnly in the US.
- bruce511 3y agoNo, not only in the US. But granted, not everywhere.
- lazide 3y agoKYC/AML is literally only law in the US and US licensed banking infrastructure. They are the US terms. Other countries have their own terms for what they’re doing, and they aren’t the same terms. The confusing part is that due to the US dollars reach, a LOT of foreign banks are US ‘licensed’ in order to interact with the US banking infrastructure, so there is some degree of it they need to apply in some cases. But it’s still US law only, and they don’t apply it in general.
- petesergeant 3y agohttps://www.gov.uk/government/publications/know-your-customer-guidance/know-your-customer-guidance-accessible-version https://www.gov.uk/government/publications/know-your-custome... https://www.austrac.gov.au/business/core-guidance/customer-identification-and-verification/customer-identification-know-your-customer-kyc https://www.austrac.gov.au/business/core-guidance/customer-i... https://rulebook.centralbank.ae/en/rulebook/167-know-your-customer-kyc-process-0 https://rulebook.centralbank.ae/en/rulebook/167-know-your-cu...
- lazide 3y agohttps://www.dowjones.com/professional/risk/glossary/know-your-customer/ https://www.dowjones.com/professional/risk/glossary/know-you... Aka since 1970 in the US. That a few close allies cut-n-pasted the terms decades later doesn’t change it.