As the crypto world tries to go legit, various exchanges and other feeders from the bottom to the top of the crypto food chain are implementing Know Your Customer (KYC) and Anti-Money Laundering (AML) technologies.
If you think of yourself as a criminal, then you probably realize the glory days of crypto may be past. But what if you don’t? Will you run afoul of KYC or AML?
First of all, it’s unlikely anybody cares about small transactions. After all, you can bring up to $10,000 in cash or cash equivalents across international borders or deposit such amounts into bank accounts, no questions asked (I’m referring to US regulations here, but many other countries have similar laws).
But if you’re Scarface or Walter White and have millions in cash to deposit, no on-the-level bank in the world will take your dough. And if you think selling off your stake via hundreds of small transactions is the answer? Sorry, that’s illegal as well (in the US, anyway), even though people advise just such an approach.
Read the entire article at https://dailyiconews.com/2019/04/18/crypto-investors-are-you-laundering-money/
None of the companies mentioned in this article are Intellyx customers. Jason Bloomberg neither owns, nor plans to own, any cryptocurrency or other cryptotoken, either long or short.
