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Money Laundering and AML Compliance

bitsaboutmoney.com

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Re: Money Laundering and AML Compliance

#2

Post by pjkundert »

Governor Tarkin:

    Princess Leia, before your execution, you will join me at a ceremony that will make this battle station operational. No star system will dare oppose the Emperor now.
Princess Leia:

    The more you tighten your grip, Tarkin, the more star systems will slip through your fingers.
Every government and central bank in the world is tightening their grip around the tiniest transactions of their citizenry. In the meantime, they are printing Trillions and shovelling it to their sycophantic corporate and political elite buddies.

And then, they wonder why people are being driven to use Cryptocurrency...

For those of you who are offended by this characterization; how does burdening 8 billion law-abiding Citizens with impossibly complex and arduous KYC/AML requirements make sense -- when just one FTX incident exceeds the value of all legitimate remittance transactions on the planet for the entire year, and KYC/AML doesn't affect the likes of FTX, Tether, etc. in the least?

Perhaps you feel like you're "doing something". You are -- making every law-abiding free Citizen feel like a criminal and expend countless hours of life-energy, to do precisely nothing to solve the problem, while crippling the legitimate small business and personal enterprise of the entire planet.

Congratulations!

Re: Money Laundering and AML Compliance

#4

Post by irusensei »

It is expensive to keep a crime and corruption department on your banking institution. If you are dealing with a millionaire who is related to some oil mogul in Russia you can do your due diligence and Vladimirovich can hire a team of accountants to prove that his business is legit and not at all related to the corporativist oligarchy his uncle runs. Or it might be, but the risk vs reward is good enough to turn a blind eye for now.

Ivan, immigrant from Belarus who drives a bus and likes to withdraw cash from his That's basically AML compliance to you.

Re: Money Laundering and AML Compliance

#5

Post by mablopoule »

psobot wrote: post #3

Every post from patio11 is such a joy to read: precise, exact, descriptive, and entertaining. I'd love to understand where his writing style comes from and how to emulate it.

Agree, It's the perfectly balanced between "too dry/academic", or "too vague/gimmicky".

It's often mentionned in HN, but in the same style, I cannot recommend enough "Money stuff" [1] which is Matt Levine's newsletter at Bloomberg. Highly entertaining.

[1] https://www.bloomberg.com/opinion/articles/2023-02-06/musk-g...

Re: Money Laundering and AML Compliance

#7

Post by coderintherye »

Excellent write-up.

Key point is, no one truly looks at the efficacy of AML which makes it more theatre than crime-fighting tool (not that it doesn't fight crime, it just does not do so efficiently nor is it likely the best way to do so, let alone us defining broadly what crime actually is).

If these systems were re-designed from the ground up, AML procedures and policies would likely look quite different than they do today.

Re: Money Laundering and AML Compliance

#9

Post by malux85 »

irusensei wrote: post #4

It is expensive to keep a crime and corruption department on your banking institution. If you are dealing with a millionaire who is related to some oil mogul in Russia you can do your due diligence and Vladimirovich can hire a team of accountants to prove that his business is legit and not at all related to the corporativist oligarchy his uncle runs. Or it might be, but the risk vs reward is good enough to turn a bli…

Also - wait until Ivan has put 10k in your system, then ask for the documents and refuse to give the money back hoping he will abandon it.

- Lawful evil AML companies

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