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US state regulators fine Block Inc $80M for insufficient AML controls

11 点作者 rossdavidh4 个月前

3 条评论

science4sail4 个月前
If you have too much free time, it may be worth reading the (long) &quot;Debanking and Debunking&quot; essay for an exploration of all of the perverse and bizarre behaviors that result from banks&#x27; fear of AML&#x2F;KYC regulatory action.<p>My favorite example is how banks are required to file secret &quot;suspicious activity reports&quot; (SARs) about their customers. Even knowing about the existence of SARs can be grounds to get a SAR written against you. How&#x27;s that for thoughtcrime?<p>Link: <a href="https:&#x2F;&#x2F;www.bitsaboutmoney.com&#x2F;archive&#x2F;debanking-and-debunking&#x2F;" rel="nofollow">https:&#x2F;&#x2F;www.bitsaboutmoney.com&#x2F;archive&#x2F;debanking-and-debunki...</a><p>HN discussion: <a href="https:&#x2F;&#x2F;news.ycombinator.com&#x2F;item?id=42371476">https:&#x2F;&#x2F;news.ycombinator.com&#x2F;item?id=42371476</a>
评论 #42718922 未加载
frotty4 个月前
I lost my cash app account to &quot;gambling or against TOS&quot; because whatever blockchain analysis they did found that it touched something they didn&#x27;t like.<p>Was fully verified, personal info handed away to the max.<p>No inquiry, no interaction. Just &quot;nah, you&#x27;re done.&quot;<p>The irony here is that them holding the crypto is 100% a-ok (and selling at a profit etc). Which goes back to discussions of coin taint.<p>They discovered that the coin they had was &quot;bad&quot; but that didn&#x27;t stop them from dealing with it. And so the gov will continue to hammer + fine.<p>The &quot;compliance program insufficiencies&quot; is a dog + pony show. All they can do is take everyone&#x27;s info (they do), and keep a list of known addresses and see how many naughty addresses whatever crypto was affiliated with &#x2F; how close &#x2F; etc and then shut it down.<p>They&#x27;ve put up a bit of a resistance, because while they shut accounts down, they still let the cash leave. It&#x27;s just a bit disingenuous to have a &quot;violatable policy&quot; that isn&#x27;t provably illegal in any way.<p>All offramps are the same, and scrutinized the same way. Some just have their hand tighter in the glove
m4634 个月前
AML - Anti Money Laundering