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#AML

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Public *
⚯ Michel de Cryptadamus ⚯

oh look, another #fintech bankruptcy involving Evolve Bank & Trust.

some other fun places Evolve has popped up:

1. issuer of #FTX and #BlockFi debit cards (before those companies blew up and customers lost all their money)
2. #GeorgeSantos and #AndyOgles held their campaign money at Evolve
3. #Synapse bankruptcy which cost customers of a bunch of fintech "banks" like #Yotta most if not all of their money
4. Partnered with "anti-woke" fintech #GloriFi
5. Got hacked by Russia midway through Synapse bankruptcy proceedings
6. Anonymous crypto debit card issuer for #ZELF
7. Frequently found to be the bank used by #pigbutchering fraudsters
8. Sanctioned by federal reserve for #moneylaundering

The fact that Evolve has not been shut down is insane. Banking system cannot survive if these kinds of bad actors roam free like the wind.

* more on Evolve: fintechbusinessweekly.substack
* even more: fintechbusinessweekly.substack

SCOOP: Another BaaS platform bankruptcy (yes, it involves troubled Evolve Bank & Trust) BaaS platform Solid declares bankruptcy; it had partnered with Evolve Bank & Trust, CBW Bank & Lewis & Clark Bank. What we know: Solid memorably was sued by its own investors, FTV, who accused the company of manipulating revenue numbers during its Series B fundraise. The matter was ultimately settled with Solid buying back FTV's stake at a 56% discount. Solid and Evolve have also been embroiled in lawsuits stemming from Solid's relationship with EZBanc, an entity with links to a convicted Russian money launder. Suits stemming from the EZBanc relationship accuse Solid and Evolve of fraud, negligence, and breach of fiduciary duty, among other allegations. Now, the company is seeking Chapter 11 bankruptcy protection, according to a petition filed in U.S. Bankruptcy Court in Delaware on Monday, April 7th.
#EvolveBank#EvolveBankAndTrust#finreg
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Kevin Karhan :verified:

@expertenkommision_cyberunfall @dideldum @leachimus @EUCommission @BaFin @ecb

Dass dies technisch möglich ist - inkl. Einhaltung von #Identifikationspflichten (#KYC) und #Geldwäscheprävention (#AML) beweisen Zahlungsdienstleister wie #NowPayments regelmäßig!

  • Natürlich sollte hierzu eine öffentliche, kosten- und patentfreie #Europanorm geschaffen werden, welche entsprechende #API|s definiert, inklusiver verpflichtender #Testing-Endpoints.

Und natürlich nicht mit irgendwelchem #Blockchain-Müll, dafür #dezentral, #P2P mit Förderation (vgl. Fediverse)...

  • Dazu dezentrale Architektur mit "Web of Trust" um effektiv Missbrauch und Akteure dessen zu bekämpfen.

Die Technologien dazu existieren...

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Kevin Karhan :verified:

@kuketzblog das größte Problem si d #Zahlungsdienstleister.

  • Wer mit mit "#wero statt #PayPal!" kommt, kauft offensichtlich nirgendwo online ein und außerhalb der #EU ist dies genauso wie #SEPA keine Option, sondern allenfalls lokale Nische alla #AliPay / #WeChatPay und nicht global verfügbar.

Merke: rein regionale oder gar nationale Lösungen sind keine Alternative zum #VISA / #MasterCard / PayPal - #Tripol und sowohl #Stripe als auch #Klarna sind nicht wirklich konkirrenzfähig.

Eher werden wir #Monero als #Zahlungsmittel beim Durchbruch in den globalen Mainstream sehen!

Replied to ⚯ Michel de Cryptadamus ⚯
Public
Kevin Karhan :verified:

@cryptadamist @KimPerales OFC.

  • I mean I'm pretty shure that wallet is some "cold wallet" (or "paper wallet") they generated to make it basically impossible to seize.

Obviously the ultimate beneficiaries propably need to figure out a way to do the #ShitcoinLaundering over time or find buyers willing to take #filthy #Bitcoin off their hands that'll instantly get flagged by any #Shitcoin - #AML tool there is...

  • I mean, $700M will exceed the liquidity of even the biggest non-#KYC #Exchange site for months if not years to the point that even #NorthKorea would be unable to handle that volume.

Whoever is behind this must have some #Marsallek - Style "Business Network" or is going to spend several years sitting on it and casually siphoning parts for tumbling once it isn't in the immediate focus of #Blockchain #Analytics experts and #LEA|s...

  • Obviously even if the person in control is gonna sell off at 2,5% the value that's enough money to basically buy citizenship anywhere and add a lot of plastic surgery on top for good measure... At 5% they'd not even need to ever work if they don't blow it on luxury cars & overpriced real estate...

Chances are pretty high the one in control is chillin' in #Dubai and speaks Russian...

Public
Ellen Timmer

Het #AML #CFT systeem dat de EU tot stand heeft gebracht is gebouwd op drijfzand en schendt de grondrechten van burgers. Dat blijkt uit een mooie studie, geschreven door Plixavra Vogiatzoglou

routledge.com/Mass-data-survei

Routledge & CRC PressMass data surveillance and predictive policing: Contested Foundations and Human Rights ImpactThis book critically assesses legal frameworks involving the bulk processing of personal data, initially collected by the private sector, to predict and prevent crime through advanced profiling technologies. In the European Union (EU), mass data surveillance currently engages three sectors: electronic communications (under the e-Privacy Directive), air travelling (under the Passenger Name Records Directive), and finance (under the Anti-Money Laundering Directive), and increasingly intersects wit
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Kevin Karhan :verified:

@dave and most worringly:

"How is any #bank allowed to open up accounts, Issie a #CreditCard and ship it without explicit prior consent of you as the customer who's name it's on?"

  • I mean, I know the #USA is pressing other Juristictions into #KYC & #AML whilst #CashApp & #Venmo are illegal in the #EU for lack of KYC & AML compliance alone...

Like ain't they afraid someone may steal it and swipe a shitload of stuff with it?

Public
Kevin Karhan :verified:

@energisch_ @mina @Nickiquote so what?

  • We don't ban #cars because there are #HitAndRun accidents.

  • We don't ban #alcohol despite #DUI causing thousands of deaths if not millions each year.

  • We don't ban #Corporations despite them destroying the envoirment.

#MoneyLaundering is a #ModiOperandi and there are and always will be means to do so.

It's more effective to #deny criminals' any #profit to launder in the first place.

#tobacco#decriminalizing#Drugs
Public
Kevin Karhan :verified:

@energisch_ @mina @Nickiquote nah, I think restricting #cash is inherently facist, as there are already existing mechanisms re: #AML that make it redundant.

  • As long as #cashless payments ain't as fast, cheap and convenient as cash they'll always be a secondary option.

Not to mention all the #discrimination based off (not having) #access to #PaymentProviders and #PaymentMethods.

There's a reason why #SMSpayment and #Monero are the only ones globally rising as they are fast, convenient and universal, but even they don't replace cash in it's universality.

#negotiations#usedgoods#cars
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Kevin Karhan :verified:

@mina @Nickiquote not only that, but anything that even closely resembles #cash in terms of #anonymitiy anf #fungibility like #Monero gets criminalized.

  • Not to mention cash just works and IMHO curbing on it's use is inherently bad, to the point that I thing the #ECB should make an #ES2 version of the #500EuroBanknote as the rising #Greedflation makes it more "necessary" than before...

People who argue one doesn't need cash because #card and #NFC #payment and #SEPA #WireTransfer exist would also argue people don't need #PressFreedom because they can write #LettersToTheEditor...

  • TBH I think that cash should be enshrined as acceptable payment methods, as the only exceptions I know [i.e. #RealEstate and #CarRental] are grounded in #security concerns:

Most car rental places don't want to handle cash and demand #KYC for insurance reasons and most banks and notaries (who also have to do KYC & #AML anyway!) have less money onsite than the average Supermarket has in a single cash drawer and don't like having that much stuff onsite anyway.

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