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A comment on Wirecard CEO exits as search for missing billions hits dead end in Asia. Parent comment

Re:Wirecard CEO exits as search for missing billions hits de... by the-dude on Friday June 19, 2020 @09:00AM (#23574055)
> the bitcoin ecosystem doesn't acknowledge fraud or accounting control as a concept,

Neither do banks. Transferred means transferred. They had to be regulated into KYC. I don't recall the reason, wether it was fraud or terrorism.

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Re:Wirecard CEO exits as search for missing billions hits de... by bildung on Friday June 19, 2020 @09:20AM (#23574251)
> I don't recall the reason, wether it was fraud or terrorism.

Interesting question to procrastinate with :) Apparently it was both, it started with measures to prevent money laundering by the mafia, with the Federal Deposit Insurance Act of 1950[0]. The current regulations are a result of 9/11 and came as part of the Patriot Act[1].

[0] = https://authenteq.com/the-evolution-of-kyc-part-2/

[1] = https://en.wikipedia.org/wiki/Know_your_customer#Laws_by_cou...

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Re:Wirecard CEO exits as search for missing billions hits de... by pjc50 on Friday June 19, 2020 @10:10AM (#23574677)
You can get it back with a court order (or less) most of the time for domestic transfers. IBAN transfers are more of a problem.

(In the UK a lot of bill payment stuff is done by direct debit, which has a better "guarantee" agreement on getting your money back)

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