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Revolut CFO resigns following money laundering controversy

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Re: Revolut CFO resigns following money laundering controversy

#51

Post by james_s_tayler »

entity345 wrote: post #13
unparagoned wrote: post #8

Earlier quoted context omitted.

Blame the banks then. The regulations are only like this since the banks have consistently and deliberately facilitated money laundering.

Banks' business is to manage money not to turn money away... It's not unethical behaviour. It's simple business. No-one in any business is going to ask where their customers got their money from, you just try to make customers spend their cash on you rather than a competitor. Banks have to comply with the law, of course, but beyond that you cannot expect them to hurt their business for no reason. This "holier than th…

If you truly don't understand why there are anti money laundering laws I suggest you go commit some crimes for large financial gain and then figure out what the hell to do with the money such that you can use it.

Re: Revolut CFO resigns following money laundering controversy

#52

Post by jstanley »

auntienomen wrote: post #39
saagarjha wrote: post #9

Earlier quoted context omitted.

Somewhat off topic, but I’ve always thought of money laundering as kind of a “lame” crime: it’s what the government charges you with when you seem suspicious but it can’t figure out what you did.

Uhh no, the US money laundering statute requires a) that the money involved be the proceeds of specific criminal activities, and b) that the financial transactions be _knowingly_ used to disguise the origins and ownership of money. It's used to punish people who are working to disguise serious crimes, principally the mob.

In the UK, which is where Revolut is, in order to be convicted of money laundering you merely need to be charged with money laundering, and then fail to convince a court that you are innocent of money laundering. It's one of the few crimes where you're guilty until proven innocent.

Re: Revolut CFO resigns following money laundering controversy

#53

Post by sschueller »

wil421 wrote: post #42
gondo wrote: post #3

also CEO of Revolut: "Why aren’t you working on weekends?" https://twitter.com/phillipcaudell/status/110108122935141580...

Why would anyone work for a company like this? You startup folk are much better than this! Thankfully this person pushed back. Why would you ever put up with something like this? I would laugh at the recruiter or manager if I was asked to do something like this. It’s akin to that door to door knife company that takes advantage of college kids. There was a wired article in the twitter link you provided. >She did a 30-…

Isn't that illegal in the UK without compensation?

Re: Revolut CFO resigns following money laundering controversy

#54

Post by staticelf »

gondo wrote: post #3

also CEO of Revolut: "Why aren’t you working on weekends?" https://twitter.com/phillipcaudell/status/110108122935141580...

Shithole move, I would rather live in the a shed in the woods than work for a person like that. I would make it official on the slack as well.

Re: Revolut CFO resigns following money laundering controversy

#55

Post by Canada »

entity345 wrote: post #4

Anti-money laundering regulations are completely crazy these days. I recently opened a child bank account (in the UK) and the application form had one page for parents and child's details then 5 pages related to money laundering... Edit: here we are... Send in the immature downvotes.

Agreed. Depositors should not have to explain anything or answer any questions about their money, where it comes from, where it's going, or what it's for unless and until some specific, evidence backed allegation of wrong doing is made. KYC/AML as currently practiced is wrong and immoral in my opinion, and should be completely scrapped.

Re: Revolut CFO resigns following money laundering controversy

#57

Post by tnolet »

tomp wrote: post #47
gondo wrote: post #3

also CEO of Revolut: "Why aren’t you working on weekends?" https://twitter.com/phillipcaudell/status/110108122935141580...

I really don't see a problem with this. It's not the "working on weekends" that's the issue, it's KPIs. If you promise something, deliver it. If you don't think you can, don't promise it!

In an ideal world where all facts are known before hand, yes. In a fast moving startup with toxic management? Good luck.

Re: Revolut CFO resigns following money laundering controversy

#58

Post by keymone »

Geeek wrote: post #19
entity345 wrote: post #13

Earlier quoted context omitted.

Banks' business is to manage money not to turn money away... It's not unethical behaviour. It's simple business. No-one in any business is going to ask where their customers got their money from, you just try to make customers spend their cash on you rather than a competitor. Banks have to comply with the law, of course, but beyond that you cannot expect them to hurt their business for no reason. This "holier than th…

...and to comply with the law. The law that was created in response to their unethical behavior.

unfortunately for us, reasonable people, there is no such thing for banks (and businesses in general) as "unethical behavior" when it comes to money. their responsibility is to increase shareholders' (or clients') value.

they must comply with the law and often they don't or they devise clever workarounds, abusing judicial loopholes, and sometimes they get caught and then sometimes some scape-goat might end up in jail for couple years.

until we see a mass execution^W^W real punishment of top management of all of large banks on this planet - nothing will change in the foreseeable future.

Re: Revolut CFO resigns following money laundering controversy

#59

Post by bouncycastle »

entity345 wrote: post #4

Anti-money laundering regulations are completely crazy these days. I recently opened a child bank account (in the UK) and the application form had one page for parents and child's details then 5 pages related to money laundering... Edit: here we are... Send in the immature downvotes.

Exactly. Banks have more detailed info on us than Facebook,. Meanwhile, we are all treated like potential criminals. I understand that sometimes anti-money laundering regulations are necessary, but these days it seems like the're too invasive.

Re: Revolut CFO resigns following money laundering controversy

#60

Post by schneidmaster »

tomp wrote: post #47
gondo wrote: post #3

also CEO of Revolut: "Why aren’t you working on weekends?" https://twitter.com/phillipcaudell/status/110108122935141580...

I really don't see a problem with this. It's not the "working on weekends" that's the issue, it's KPIs. If you promise something, deliver it. If you don't think you can, don't promise it!

This assumes the KPIs were created and "promised" by those responsible for them rather than handed down from above. Which seems unlikely given everything else I've read about this company.
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