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Author Topic: Keep abreast of tech to avoid money laundering pain  (Read 954 times)
bornil267645
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June 11, 2015, 02:57:56 PM
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Keep abreast of tech developments

It is important that you keep abreast of what the new technological developments are and consider how these could be used for Machiavellian purposes. As recently as late last year, it was suggested by Brooke Satti, a leading specialist in financial crimes intelligence, that "cryptocurrencies" such as Bitcoin, are the money making mechanism of choice for ISIS. The terrorist organisation has increasingly come up against the robust barriers put in place by global commitment to anti money laundering, and counter terrorist financing.

Here is something to ask yourself: would you know how to trace transactions back through to Bitcoin? And if you did, how would you satisfy yourself of the legitimacy of the funds? While accountants are not expected to become technological experts, there is an argument for having a strong knowledge base and this is considered crucial for Continuous Professional Development (CPD).

Some people might willingly choose to be criminals. The law however, is increasingly holding those referred to as "professional enablers" (including accountants), who through ignorance or naivety engage in criminality and terrorism, equally as responsible as the lawbreakers. And for those who are at risk of falling into the latter category, I would strongly advise you to take your obligations under anti-money laundering legislation, and professional ethics seriously.

To quote poet and attorney Max Ehrmann: "Exercise caution in your business affairs, for the world is full of trickery."

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June 11, 2015, 03:11:08 PM
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Keep abreast of tech developments

It is important that you keep abreast of what the new technological developments are and consider how these could be used for Machiavellian purposes. As recently as late last year, it was suggested by Brooke Satti, a leading specialist in financial crimes intelligence, that "cryptocurrencies" such as Bitcoin, are the money making mechanism of choice for ISIS. The terrorist organisation has increasingly come up against the robust barriers put in place by global commitment to anti money laundering, and counter terrorist financing.

Here is something to ask yourself: would you know how to trace transactions back through to Bitcoin? And if you did, how would you satisfy yourself of the legitimacy of the funds? While accountants are not expected to become technological experts, there is an argument for having a strong knowledge base and this is considered crucial for Continuous Professional Development (CPD).

Some people might willingly choose to be criminals. The law however, is increasingly holding those referred to as "professional enablers" (including accountants), who through ignorance or naivety engage in criminality and terrorism, equally as responsible as the lawbreakers. And for those who are at risk of falling into the latter category, I would strongly advise you to take your obligations under anti-money laundering legislation, and professional ethics seriously.

To quote poet and attorney Max Ehrmann: "Exercise caution in your business affairs, for the world is full of trickery."

How are they going to trace transaction backs through Bitcoin once stuff like Darkwallet and Zerocoin kicks in?4
And any case, if your coins are from a legitimate origin because you trade in MtGox or whatever, how would you prove it when the exchange is closed and the transaction list are lost?
There are so many grey areas in there.

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June 13, 2015, 03:06:25 AM
 #3

Just treat it like cash, refuse large scale transactions and set daily limit, this will avoid lots of AML work

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June 13, 2015, 07:15:57 AM
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the problem are also transaction that come from pool, they cannot be easily tracked back, and still tracking you back with the simple method of going through all the addresses, isn't going to cut it in the end, how can you link those money to a specific person even if you find the address?

How are they going to trace transaction backs through Bitcoin once stuff like Darkwallet and Zerocoin kicks in?4
And any case, if your coins are from a legitimate origin because you trade in MtGox or whatever, how would you prove it when the exchange is closed and the transaction list are lost?
There are so many grey areas in there.

not to mention other obscure way that utilize crypto to hide your way, and not there isn't only monero, what if i'm running an exchange, and i create some obscure coin based on signature ring, and i use it all the time to hide all my operations?

impossible to follow all the shit about the crypto world
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June 13, 2015, 11:54:18 AM
 #5

Just treat it like cash, refuse large scale transactions and set daily limit, this will avoid lots of AML work

Well, the real solution would be to refuse to obey the AML / KYC idiocy. AML / KYC is here solely for surveillance and robbery of innocent citizens. Real criminals will always find a way to circumvent it.

So in order to be free from the AML / KYC pain, learn from real criminals. Wink

ya.ya.yo!

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June 14, 2015, 12:06:01 PM
 #6

Just treat it like cash, refuse large scale transactions and set daily limit, this will avoid lots of AML work

Well, the real solution would be to refuse to obey the AML / KYC idiocy. AML / KYC is here solely for surveillance and robbery of innocent citizens. Real criminals will always find a way to circumvent it.

So in order to be free from the AML / KYC pain, learn from real criminals. Wink

ya.ya.yo!



This is not an option for any banks or any law abiding corporates.
Their solution is comply at all costs and then pass on the costs to customers.  Wink

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June 14, 2015, 01:22:47 PM
 #7

Just treat it like cash, refuse large scale transactions and set daily limit, this will avoid lots of AML work

Well, the real solution would be to refuse to obey the AML / KYC idiocy. AML / KYC is here solely for surveillance and robbery of innocent citizens. Real criminals will always find a way to circumvent it.

So in order to be free from the AML / KYC pain, learn from real criminals. Wink

ya.ya.yo!

This is not an option for any banks or any law abiding corporates.
Their solution is comply at all costs and then pass on the costs to customers.  Wink

Yes, and it will be their downfall. As most western governments are diving deeper into dictatorship, people will soon have to choose between "legal" and morally just.

Abiding the law and surviving will become two antipoles on life's continuum. It's great to have Bitcoin in these times - however I fear, that irresponsible guys like Hearn might expose it to centralized control. So the community should stay very vigilant regarding the development process...

ya.ya.yo!
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June 15, 2015, 12:58:33 AM
 #8


Yes, and it will be their downfall. As most western governments are diving deeper into dictatorship, people will soon have to choose between "legal" and morally just.

People do think about the consequences of breaking a law.
Morally unjust laws are enforced just as harshly as morally just laws.  Smiley
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June 15, 2015, 06:03:57 AM
 #9

the problem are also transaction that come from pool, they cannot be easily tracked back, and still tracking you back with the simple method of going through all the addresses, isn't going to cut it in the end, how can you link those money to a specific person even if you find the address?

How are they going to trace transaction backs through Bitcoin once stuff like Darkwallet and Zerocoin kicks in?4
And any case, if your coins are from a legitimate origin because you trade in MtGox or whatever, how would you prove it when the exchange is closed and the transaction list are lost?
There are so many grey areas in there.

not to mention other obscure way that utilize crypto to hide your way, and not there isn't only monero, what if i'm running an exchange, and i create some obscure coin based on signature ring, and i use it all the time to hide all my operations?

impossible to follow all the shit about the crypto world
Yes, it is really difficulty in crypto wolrd to trace every transaction. Many ppl still have the knowledge or some channels to make the moeny anonymous. In fact the law is just applied to the normal ppl.   
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June 15, 2015, 02:24:24 PM
 #10

Yes, and it will be their downfall. As most western governments are diving deeper into dictatorship, people will soon have to choose between "legal" and morally just.

People do think about the consequences of breaking a law.
Morally unjust laws are enforced just as harshly as morally just laws.  Smiley

Of course they are - I'm not saying it will be easy... Cheesy

But have a look at other failed states where people simply can't survive without breaking the law. Every kind of governance has the tendency to become excessive, because those given power will not let go of it voluntarily - instead they seek ways to grow it.

ya.ya.yo!
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June 15, 2015, 02:53:38 PM
 #11

the problem are also transaction that come from pool, they cannot be easily tracked back, and still tracking you back with the simple method of going through all the addresses, isn't going to cut it in the end, how can you link those money to a specific person even if you find the address?

How are they going to trace transaction backs through Bitcoin once stuff like Darkwallet and Zerocoin kicks in?4
And any case, if your coins are from a legitimate origin because you trade in MtGox or whatever, how would you prove it when the exchange is closed and the transaction list are lost?
There are so many grey areas in there.

not to mention other obscure way that utilize crypto to hide your way, and not there isn't only monero, what if i'm running an exchange, and i create some obscure coin based on signature ring, and i use it all the time to hide all my operations?

impossible to follow all the shit about the crypto world
Yes, it is really difficulty in crypto wolrd to trace every transaction. Many ppl still have the knowledge or some channels to make the moeny anonymous. In fact the law is just applied to the normal ppl.   

What does the law exactly state?

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June 15, 2015, 03:07:38 PM
 #12

the problem are also transaction that come from pool, they cannot be easily tracked back, and still tracking you back with the simple method of going through all the addresses, isn't going to cut it in the end, how can you link those money to a specific person even if you find the address?

How are they going to trace transaction backs through Bitcoin once stuff like Darkwallet and Zerocoin kicks in?4
And any case, if your coins are from a legitimate origin because you trade in MtGox or whatever, how would you prove it when the exchange is closed and the transaction list are lost?
There are so many grey areas in there.

not to mention other obscure way that utilize crypto to hide your way, and not there isn't only monero, what if i'm running an exchange, and i create some obscure coin based on signature ring, and i use it all the time to hide all my operations?

impossible to follow all the shit about the crypto world
Yes, it is really difficulty in crypto wolrd to trace every transaction. Many ppl still have the knowledge or some channels to make the moeny anonymous. In fact the law is just applied to the normal ppl.   

What does the law exactly state?

it depends on your country, some have restriction, some have rules like the "600 rule" of IRS(if you stay below $600 in bitcoin in the course of one year, you don't need to pay tax, or declare anything), some has banned it, but they are still using it and none was arrested for that, wierd...

what i believe is that many countries will not regulate it in the end, and if your country has heavy restriction you can always travel on one of those country and you will be free to use bitcoin how you like the most
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June 17, 2015, 08:18:22 AM
 #13

the problem are also transaction that come from pool, they cannot be easily tracked back, and still tracking you back with the simple method of going through all the addresses, isn't going to cut it in the end, how can you link those money to a specific person even if you find the address?

How are they going to trace transaction backs through Bitcoin once stuff like Darkwallet and Zerocoin kicks in?4
And any case, if your coins are from a legitimate origin because you trade in MtGox or whatever, how would you prove it when the exchange is closed and the transaction list are lost?
There are so many grey areas in there.

not to mention other obscure way that utilize crypto to hide your way, and not there isn't only monero, what if i'm running an exchange, and i create some obscure coin based on signature ring, and i use it all the time to hide all my operations?

impossible to follow all the shit about the crypto world
Yes, it is really difficulty in crypto wolrd to trace every transaction. Many ppl still have the knowledge or some channels to make the moeny anonymous. In fact the law is just applied to the normal ppl.   

What does the law exactly state?

it depends on your country, some have restriction, some have rules like the "600 rule" of IRS(if you stay below $600 in bitcoin in the course of one year, you don't need to pay tax, or declare anything), some has banned it, but they are still using it and none was arrested for that, wierd...

what i believe is that many countries will not regulate it in the end, and if your country has heavy restriction you can always travel on one of those country and you will be free to use bitcoin how you like the most
Definitely! Due to bitcoin's features, any gov or institution cannot really ban bitcoin without completely blocking internet access. You are making an transaction to another ppl through your wallet without the intermediate interferences. Actually no one are able to stop the transaction.
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