Re:PayPal stops payouts to models on Pornhub
by ptaipale on Friday November 15, 2019 @08:38AM
(#21544620)
I suppose you can ignore the letters, if having your bank account suspended for some weeks doesn't cause major business risks to you. The downside with box ticking exercises is that eventually, someone may calculate the ticks, and his/her guidelines will say that this account belongs to a risky category.
These things are usually treated as box ticking exercises, not as fervent investigative due diligence.
I would guess money laundering happens elsewhere.
For as little as $1m you can set up or buy a bank of your own. For $10m or more you can buy a regulated operating bank with employees and deposits.
The process is more complicated than plain old incorporation, but I would guess it won't be unduly troubling to people with a lot of spare cash at hand.