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A comment on US state regulators fine Block Inc $80M for insufficient AML controls.

Re:US state regulators fine Block Inc $80M for insufficient ... by science4sail on Wednesday January 15, 2025 @06:12PM (#42718538)
If you have too much free time, it may be worth reading the (long) "Debanking and Debunking" essay for an exploration of all of the perverse and bizarre behaviors that result from banks' fear of AML/KYC regulatory action.

My favorite example is how banks are required to file secret "suspicious activity reports" (SARs) about their customers. Even knowing about the existence of SARs can be grounds to get a SAR written against you. How's that for thoughtcrime?

Link: https://www.bitsaboutmoney.com/archive/debanking-and-debunki...

HN discussion: https://news.ycombinator.com/item?id=42371476

[ Parent | on HN ]
Re:US state regulators fine Block Inc $80M for insufficient ... by frotty on Wednesday January 15, 2025 @06:49PM (#42718922)
SARs are nothing new, and the limitations and what triggers them keep changing.

One of these eMoney services just recently lowered the threshold for them feeling compelled to bother you for proof/more info to a couple hundred dollars.

[ Parent | on HN ]