Comment by ajross
3 days ago
AML statutes don't invert the burden of proof! If the government wants to prosecute you for taking money, they still have to prove you took the money beyond a reasonable doubt.
I'm always amused by the paranoia in the xxxcoin communities. If the government had and exercised the power you believe it does, why on earth do you think putting your money in bitcoin or whatever would provide any protection at all?
Edit: case in point:
> KYC and AML invert the burden of proof and are essentially an exception to the 4th amendment
Oooph.
> If the government wants to prosecute you
Their point is that the government does not prosecute you, they threaten the banks with "regulatory incidents" if they don't comply. The result is that some people find it difficult to ever open a bank account with no means to "clear their name" as it were.
That doesn't seem to be a point made upthread in the chain to which I was responding. The contention was that people could lose assets or be prosecuted. And no, they can't, that's ridiculous.
I follow some forums on international banking from time to time, occasionally I read the story of the guy who's deposits got AML flagged so they simply cut him a check, of course after they put him on world-check or some other banking black flag database that prevents him from depositing the check anywhere else. In that case in theory they don't lose their assets, but I have no idea what happens next.
3 replies →
> That doesn't seem to be a point made upthread in the chain to which I was responding.
That is fair. I've noticed that these things often go unsaid. I was just offering clarification. (And I'm glad I was close enough since I don't like misrepresenting others.)
KYC and AML invert the burden of proof and are essentially an exception to the 4th amendment, that's why they're so controversial.
I tried to open a bank account when I was moving states before I had a local state ID or any utility bill or proof of address, no one would do it because they stated the standard the feds hold them to for KYC would essentially presume I am guilty of lying and require me to provide documentation to prove I'm not.