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Comment by giantg2

2 days ago

You'd be better off not implementing the majority of the AML stuff and then just freezing/seizing the assets of known criminals once it's in the system.

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giantg2

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gruez  2 days ago

>just freezing/seizing the assets of known criminals once it's in the system.

How does that even work? You think that without an AML system, el chapo is going to be opening a wells fargo account with his real name?

  • throw101010  2 days ago

    You think El Chapo had a lot of banking issues in practice? He went around most of these hurdles with and without the complicity of banks and governments.

    HSBC's cash deposit tellers in Mexico were even reported to be wider to accommodate the larger cash deposits from the cartels [1]

    The same people we put in charge of watching their own activites are the ones breaking the law, repeatedly... and the governments enable it by arguing that fines are "preferable" to real prosecutions and firm/long prison time for complicit bankers.

    They are just taking their share on the illegal traffic revenues, like mob bosses do. No intent to stop them. And in the mean time all these AML hurdles hinder legal activites.

    [1] https://www.theguardian.com/business/2012/dec/11/hsbc-fine-p...