4 ms·

Our banks don’t work with Iranians or North Koreans , with crypto it is also about who not how much

by manquer 2y ago

pjkundert 2y ago
“don’t work with …” You seem strangely certain of that. It is unlikely that you should be.
- manquer 2y ago
  I am fairly sure that there is no formal way to send money from United States to Iran or North Korea by an individual or even a business without special government authorization. Happy to be proven wrong if there ways to send/receive money to countries via banks today. When we say North Korean or Iran we generally don’t mean people with those ethnic background[1] or even citizenship who have legal, physical and banking presence outside[2] these countries. We typically mean legal entities (both individuals and businesses) who are present within these regimes Are they sanctions perfect ? Of course not, but they are still far better than what crypto exchanges do today [1] that would be racist that is not the purpose of those sanctions [2] the governments of these other geographies persumably have controls and oversight into these people
pton_xd 2y ago
Standard Chartered bank was fined $1.1 bil a few years ago for laundering money for Iran. They were fined for the same thing in 2012. Deutsche Bank was fined $2 bil in 2023 for laundering for Russia. They were fined for the same thing in 2017. UBS was fined $4 bil for laundering and tax evasion in 2019. French bank BNP Paribas paid $9 bil in fines in 2014 for laundering for Iran. Credit Suisse has been caught / fined for laundering for Iran. And so on. Our banks work with all of these banks. Looking outside the EU, I'd guess you could also transfer money to / from Iran by just making a stop over in Hong Kong or the UAE. But how would we know? The banking system is a black box of fraud.
- manquer 2y ago
  they were caught and fined, that doesn’t happen with crypto exchanges? While under the American umbrella of regulation neither bank is American is kind of notable I suppose. Perhaps European regulators are not as strong is more a issue rather than regulations are not a good idea? It took American financial systems for example to bring down the former head of FIFA Sepp Blatter , he was operating in Switzerland with no consequences and the history of Swiss banks working with nazis is not something one can forget either .

Our banks don’t work with Iranians or North Koreans , with crypto it is also about who not how much

pjkundert 2y ago

“don’t work with …” You seem strangely certain of that. It is unlikely that you should be.

manquer 2y ago
I am fairly sure that there is no formal way to send money from United States to Iran or North Korea by an individual or even a business without special government authorization. Happy to be proven wrong if there ways to send/receive money to countries via banks today. When we say North Korean or Iran we generally don’t mean people with those ethnic background[1] or even citizenship who have legal, physical and banking presence outside[2] these countries. We typically mean legal entities (both individuals and businesses) who are present within these regimes Are they sanctions perfect ? Of course not, but they are still far better than what crypto exchanges do today [1] that would be racist that is not the purpose of those sanctions [2] the governments of these other geographies persumably have controls and oversight into these people

pton_xd 2y ago

Standard Chartered bank was fined $1.1 bil a few years ago for laundering money for Iran. They were fined for the same thing in 2012. Deutsche Bank was fined $2 bil in 2023 for laundering for Russia. They were fined for the same thing in 2017. UBS was fined $4 bil for laundering and tax evasion in 2019. French bank BNP Paribas paid $9 bil in fines in 2014 for laundering for Iran. Credit Suisse has been caught / fined for laundering for Iran. And so on. Our banks work with all of these banks. Looking outside the EU, I'd guess you could also transfer money to / from Iran by just making a stop over in Hong Kong or the UAE. But how would we know? The banking system is a black box of fraud.

manquer 2y ago
they were caught and fined, that doesn’t happen with crypto exchanges? While under the American umbrella of regulation neither bank is American is kind of notable I suppose. Perhaps European regulators are not as strong is more a issue rather than regulations are not a good idea? It took American financial systems for example to bring down the former head of FIFA Sepp Blatter , he was operating in Switzerland with no consequences and the history of Swiss banks working with nazis is not something one can forget either .