Lmao who writes this shit. The solution to KYC is just no KYC! And then offer nothing to explain how to implement AML controls!
If you want to use a kycless network you then have to know and accept that it’s going to be used for money laundering and that others are not going to transact with you or that platform because you accept that kind of risk.
The banks are obligated by the govt to not take that risk. It doesn’t benefit the banks… We’ve seen they’d much rather not do KYC and take on the money laundering risk because it’s far more profitable.
You clearly don’t know what you’re talking about. You don’t even seem to understand what a non sequitur is. Good luck moving cash in material volumes in any way that’s meaningful. You can’t. No one is going to let you buy your yacht or your house in cash unless you can prove it’s Source because of AML controls. They won’t be able to deposit it into their banks so they won’t let you deposit it with them either.
If you are a giant bank you can ML all you want. AML is a useless scam and a violation of basic rights of individuals to transact privately. It is big brother’s attempt to monitor capital flows.
Every top 10 bank fined as £150 billion laundered annually
I feel like the link you just provided completely invalidates the way you started “if you are a giant bank you can ml all you want” but then you show the fines that show you can’t do this all you want.
Keep in mind the banks are profiting from others laundering money not from laundering their own money.
“It’s big brothers attempt to monitor capital flows.”…yes exactly…
The bigger the bank the more they can ML. The fines are to pay off the biggest mafia in town to leave them alone. It has nothing to do with stopping crime and everything to do with surveillance and data collection.
Lmao who writes this shit. The solution to KYC is just no KYC! And then offer nothing to explain how to implement AML controls!
If you want to use a kycless network you then have to know and accept that it’s going to be used for money laundering and that others are not going to transact with you or that platform because you accept that kind of risk.
The banks are obligated by the govt to not take that risk. It doesn’t benefit the banks… We’ve seen they’d much rather not do KYC and take on the money laundering risk because it’s far more profitable.
Your argument assumes every one agrees AML controls are necessary
No it doesn’t. It posits that if you don’t think they are necessary you need to accept and be ok with money laundering on your network.
It’s a non sequitur. I.e. cleaning up the environment enables genocide because without oxygen there would be no people to genocide each other.
Cash exists, and people who use cash don’t have to be ok with money laundering. A consequence of the system doesn’t mean it is a design goal.
You clearly don’t know what you’re talking about. You don’t even seem to understand what a non sequitur is. Good luck moving cash in material volumes in any way that’s meaningful. You can’t. No one is going to let you buy your yacht or your house in cash unless you can prove it’s Source because of AML controls. They won’t be able to deposit it into their banks so they won’t let you deposit it with them either.
You are a very confident person. I’m glad you have found truth in your life.
If you are a giant bank you can ML all you want. AML is a useless scam and a violation of basic rights of individuals to transact privately. It is big brother’s attempt to monitor capital flows.
Every top 10 bank fined as £150 billion laundered annually
https://trilateral-it.com/every-top-10-bank-fined-as-150-billion-laundered-annually/
I feel like the link you just provided completely invalidates the way you started “if you are a giant bank you can ml all you want” but then you show the fines that show you can’t do this all you want.
Keep in mind the banks are profiting from others laundering money not from laundering their own money.
“It’s big brothers attempt to monitor capital flows.”…yes exactly…
The bigger the bank the more they can ML. The fines are to pay off the biggest mafia in town to leave them alone. It has nothing to do with stopping crime and everything to do with surveillance and data collection.