Re:Developer account removed by Apple – $108,878 frozen
by JumpCrisscross on Friday November 24, 2023 @01:10PM
(#38406583)
> If you already have cash into a bank account somewhere in the world then ... you most likely don't have the need to conceal it anymore
This is where you’re going repeatedly wrong. Most money laundering doesn’t involve cash.
If you embezzle funds, or defraud an investor, you wind up with dirty money in a bank account. While it’s there, it’s hot. You could do the crypto trade, but you’d still be in a position of holding cash (even in a tax haven, depositing loads of cash is expensive) and/or having a tainted account.
Running it through Apple yields a bank account tied to a developer entity that receives deposits from Apple. You can leave your money in that account without too many worries for extended periods of time, and produce KYC receipts to wary counterparties when asked to. That’s valuable.
This is where you’re going repeatedly wrong. Most money laundering doesn’t involve cash.
If you embezzle funds, or defraud an investor, you wind up with dirty money in a bank account. While it’s there, it’s hot. You could do the crypto trade, but you’d still be in a position of holding cash (even in a tax haven, depositing loads of cash is expensive) and/or having a tainted account.
Running it through Apple yields a bank account tied to a developer entity that receives deposits from Apple. You can leave your money in that account without too many worries for extended periods of time, and produce KYC receipts to wary counterparties when asked to. That’s valuable.