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Unless someone dislikes them, in which case they will unwittingly accept a sanctioned entity and then the indictment will scream bloody murder that this was bas

Unless someone dislikes them, in which case they will unwittingly accept a sanctioned entity and then the indictment will scream bloody murder that this was basically all about not doing KYC (even though we all know sanctioned entities operate on white market using dark identity, so regular banks guilty too).

JumpCrisscross 2y ago
> in which case they will unwittingly accept a sanctioned entity and then the indictment will scream bloody murder that this was basically all about not doing KYC Example? Every one I can think of involved the bank not doing KYC, criminals taking advantage of it, and evidence at least some people at the bank knew what was happening. (Usually because authorities told the bank they were doing business with criminals and the bank responded by shuffling things around so they could continue doing that business.)
- beaglessss 2y ago
  Banks are always doing business with criminals and sanctioned entities and they know that, although not always when and where. The difference is if the bank does KYC and the criminal uses a dark identity, the bank will likely get away with it. If the bank just gives each person a random number as their only identifier like the old swiss accounts, then they'll be warned sanctioned entities are using it and ultimately prosecuted when they fail to KYC (i.e. similar but but identical to CZ).
  - JumpCrisscross 2y ago
    > difference is if the bank does KYC and the criminal uses a dark identity, the bank will likely get away with it What is a dark entity? Have you worked in finance? Because if you collect KYC and accepted forged or faulty documents, the moment you figure out what's going on is the moment you call your personal lawyer.
    - beaglessss 2y ago
      One example is criminal pays a heroin addict for their real ID and then basically uses them as pass through nominee on the account.
      - JumpCrisscross 2y ago
        > criminal pays a heroin addict for their real ID and then basically uses them as pass through nominee on the account Sure. If you're at a financial institution and accept that documentation, you're personally in for a world of hurt. Doesn't mean it doesn't happen, either due to someone being negligent, overworked or happy to look the other way. But if it's caught, it's not great for the individual. (The bank will survive after paying a fine unless it's systemic.)
        beaglessss 2y ago
        I imagine they usually don't know. Some fraction of identities are real IDs taken advantage of by sanctioned entities. If you bank at all you knowingly accept some level of sanctioned entities, but often don't know what identity they operate.
        JumpCrisscross 2y ago
        > Some fraction of identities are real IDs taken advantage of by sanctioned entities Sure. But if the addict you mentioned's account goes from overdrafting every few weeks to holding millions of dollars, that should set off internal alarms.

JumpCrisscross 2y ago

> in which case they will unwittingly accept a sanctioned entity and then the indictment will scream bloody murder that this was basically all about not doing KYC Example? Every one I can think of involved the bank not doing KYC, criminals taking advantage of it, and evidence at least some people at the bank knew what was happening. (Usually because authorities told the bank they were doing business with criminals and the bank responded by shuffling things around so they could continue doing that business.)

beaglessss 2y ago
Banks are always doing business with criminals and sanctioned entities and they know that, although not always when and where. The difference is if the bank does KYC and the criminal uses a dark identity, the bank will likely get away with it. If the bank just gives each person a random number as their only identifier like the old swiss accounts, then they'll be warned sanctioned entities are using it and ultimately prosecuted when they fail to KYC (i.e. similar but but identical to CZ).
- JumpCrisscross 2y ago
  > difference is if the bank does KYC and the criminal uses a dark identity, the bank will likely get away with it What is a dark entity? Have you worked in finance? Because if you collect KYC and accepted forged or faulty documents, the moment you figure out what's going on is the moment you call your personal lawyer.
  - beaglessss 2y ago
    One example is criminal pays a heroin addict for their real ID and then basically uses them as pass through nominee on the account.
    - JumpCrisscross 2y ago
      > criminal pays a heroin addict for their real ID and then basically uses them as pass through nominee on the account Sure. If you're at a financial institution and accept that documentation, you're personally in for a world of hurt. Doesn't mean it doesn't happen, either due to someone being negligent, overworked or happy to look the other way. But if it's caught, it's not great for the individual. (The bank will survive after paying a fine unless it's systemic.)
      - beaglessss 2y ago
        I imagine they usually don't know. Some fraction of identities are real IDs taken advantage of by sanctioned entities. If you bank at all you knowingly accept some level of sanctioned entities, but often don't know what identity they operate.
        JumpCrisscross 2y ago
        > Some fraction of identities are real IDs taken advantage of by sanctioned entities Sure. But if the addict you mentioned's account goes from overdrafting every few weeks to holding millions of dollars, that should set off internal alarms.