Re:Why Is Coed Cherry Shutting Down?
by 1970-01-01 on Thursday November 09, 2023 @09:31PM
(#38214384)
Interesting how this small business isn't able to use their bank as a simple pass-through mechanism while massive entities like FTX are able to play with billions of dollars. Know Your Customer is penny wise and pound foolish.
[ Parent
| on HN ]
> Know Your Customer is penny wise and pound foolish.
That's the point.
Re:Why Is Coed Cherry Shutting Down?
by 1970-01-01 on Thursday November 09, 2023 @09:46PM
(#38214480)
I think the point was honesty will only get you so far in this world. They could easily keep the business running but decided against it 'because honesty'
FTC had to do bank fraud to do so. That's the point of these laws: they make illegal activity easy to prove and win convictions on.
Re:Why Is Coed Cherry Shutting Down?
by wheelerwj on Thursday November 09, 2023 @09:55PM
(#38214546)
No man, neither of those points are even remotely true.
Not only that, but the banks themselves (not necessarily Bank of Montreal), are the biggest law breakers of these regulations.
As an example: https://violationtracker.goodjobsfirst.org/parent/bank-of-am...
The HSBC drug cartel money laundering scandal should've resulted HSBC losing their banking license and bank employees involved going to prison, but no.