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by JumpCrisscross 629 days ago
> all large financial transactions or storage useful and active in commerce require KYC

Not at all. I have authorised large wires without providing KYC or collecting KYC from the other party. My bank knows who I am. And I colloquially know the person I'm sending money to. But I haven't e.g. run them through OFAC.
1 comments
beaglessss 629 days ago
Your counterparty was almost certainly KYCd if the receiving bank deals in USD or receive from a bank in us jurisdiction.
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JumpCrisscross 629 days ago
I've wired non-USD from my U.S. bank and wired U.S. dollars overseas. I presume their bank is doing KYC. But I don't know.

You claimed "all large financial transactions or storage useful and active in commerce require KYC." That's simply untrue. It's advisable to ensure someone is doing their KYC. But not necessary.

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beaglessss 629 days ago
Yes if you cutoff the first word it becomes untrue, how ridiculously disinguine.

Here's an exercise, look at the FATF black list and then start asking your bank about the process for wiring large sums there. A lot of this compliance is driven through FATF actions that drive any country that wants access to anyone touching dollars or us banks to comply.

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JumpCrisscross 629 days ago
> look at the FATF black list and then start asking your bank about the process for wiring large sums there

So you've moved the goalpost from all large transactions to transactions with explicitly sanctioned (EDIT: listed) entities.

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beaglessss 629 days ago
No I haven't. For instance the nation of Myanmar is in the list. OFAC as far as I know would permit transmission to most people there

The black list is nominally about weak AML and other factors. It's an example I used because it's a list of places on the shit list in part because they may have weak controls on KYC.

FATF is a big driver if imposing KYC everywhere that wants to interact with a US bank or USD. I'm trying to show you if you actually try to wire somewhere with bad KYC I think you're going to have issues.

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JumpCrisscross 629 days ago
> if you actually try to wire somewhere with bad KYC I think you're going to have issues

Sure. There are three black list countries: North Korea, Myanmar and Iran. "Almost all large transactions" do not happen with people in these countries.

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