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by JumpCrisscross 628 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.
1 comments
beaglessss 628 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 628 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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beaglessss 628 days ago
Are you at least open to the idea that the major reason why many other nations like Bahamas, Cayman Islands, Panama, St Kitts came off the black list and into AML and KYC compliance is so they would have low friction wire transfers and banking in USD?

I think you're missing connecting the dots here. Countries with large USD transaction dependence comply with KYC precisely because otherwise they'd not be able to easily accept your wire transfer. They were pressured into it, this KYC requirement that is largely invisible to you. And the threat is well if they don't they end up like Myanmar which I promise your bank will be getting to know what the purpose and identity of any transaction you have with them is.

KYC dominates because of a worldwide regulatory effort, do this or you'll be cut off and it will be a nightmare to trade USD. Almost all large transactions go through KYC or reporting because it's been made difficult and usually illegal not to. Were this not the case you WOULD likely see lots of large transactions to Myanmar as various rich people use it as a haven for stashing funds anonymously ( although I think Panama etc would quickly steal the competitive edge).

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