![]() ![]() ![]() There are 17 year olds running hosting businesses on - should their $1000 a month in revenue business be expected to consult with a lawyer to write a 40 page customer identification plan?īanks don’t want you to do anything that reduces their deposits, because they directly lose money when that happens. I had no drivers license so if I encountered some dialog asking for an ID I would've just clicked away and been disappointed. When I was a teenager I wrote Linux tutorials on for $50 each to be credited to my account, which I used to pay for hosting before I had a debit card. Even if more sophisticated verification like Onfido is used, that will raise the cost of getting an account with a fake ID to about $150 (that's the price of most crypto exchange accounts on fraud forums).Īlso, little barriers to entry like this are the kind of things that discourage initiative and make our economy slightly less competitive. Which means in the event criminals do want to use a US hosting provider, they will use a $5 fake ID Photoshop template like they always have or pay $15 for a premade account. And given that providers will likely only implement the minimum required KYC, it is not even going to be as sophisticated as selfie verification. It's also incredibly misguided because the providers that generally harbor abuse are overwhelmingly in foreign countries - no one is starting a bulletproof host in the US. There are plenty of reasons to think that this will be completely ineffective because foreign providers are under no such obligation. “It’s the most sophisticated form of money laundering that’s ever existed,” one of the US sources told Reuters. This happened entirely through the Asian country’s domestic banking system. transfer a correspondent amount of money through Chinese banking apps. network of Chinese-owned businesses in the United States and Mexico. These were made in large cities including Chicago, New York and Atlanta. weekly pick-ups from representatives of Mexican criminal groups, made in cash ranging between $150,000 and $1 million, with an average of $500,000. > While the involvement of Chinese money-laundering rings in handling drug proceeds from Mexico is nothing new, a number of recent court cases in the United States have revealed crucial information about how these schemes work. authorities fined these financial institutions for earlier failures to stem flows of dirty money.” The documents “show that five global banks - JPMorgan, HSBC, Standard Chartered Bank, Deutsche Bank and Bank of New York Mellon - kept profiting from powerful and dangerous players even after U.S. secret documents leaked from FinCEN, the Financial Crimes Enforcement Network, a unit of the U.S. ![]()
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