Question: How serious does MA take money laundering?

[TeesMaarKhan]

I have been wondering lately how serious does MA take money laundering?

They certainly do their due diligence upon withdrawal's and take a nice long time to make sure all is in order but what about deposits?

Has Ma ever wondered to see where the source of some depositors income is coming from? Just because its from a bank doesn't make it an assurance? drug dealers have bank accounts, criminals have bank accounts, fraudsters have bank accounts.

I believe MA should randomly lock accounts and ask the owners to prove their ID & source of income they are depositing into the game. If they are legit and are able to prove it then accounts unlocked a green tick against their account and they carry on. Specially from Big depositors coming from corrupt countries that are known for their corruption and fraud.

This is something a fair few financial institutions do, such as banks as well as betting/gambling shops.

After all MA cold never be too careful, Just another security measure for the companies rep and security aswell as the investors?

Regards
Tees

 

[tekmaster82]

I smell a thread lock incoming...

 

[TeesMaarKhan]

I smell a thread lock incoming...

why a lock? Because you said so? its a genuine question and issue that could be at hand without MA even knowing. After all isn't it about sharing ideas and forwarding solutions to make EU a better place and about growth?

Regards
Tees

 

[tekmaster82]

It is a genuine question, I agree. One I am in fact interested in as well. I'm just the eternal pessimist.

 

[Korin Dante MDe]

Are we playing the "Thief police" game?

 

[Angela Draniie Cloud]

How serious does a real bank take it when you deposit 2k cash or 5k cash? They don't even ask in the U.S under 10k I believe. Same thing with withdrawing.

There's your answer. They don't actually care THAT much unless we're talking BIG amounts

 

[MrMayhem]

How serious does a real bank take it when you deposit 2k cash or 5k cash? They don't even ask in the U.S under 10k I believe. Same thing with withdrawing.

There's your answer. They don't actually care THAT much unless we're talking BIG amounts

And on top of that since EU "doesn´t" belong under any gambling license or is money operator like internet bank, they are not opted in to do know your customer checks.

 

[TeesMaarKhan]

How serious does a real bank take it when you deposit 2k cash or 5k cash? They don't even ask in the U.S under 10k I believe. Same thing with withdrawing.

There's your answer. They don't actually care THAT much unless we're talking BIG amounts

I ask as UK banks take it very serious at 2k and above cash, not sure about banks in Europe and MA being in Europe what's their stance on this?

 

[ChairmanEdgewise]

Isn't the bank the one responsible for a background check of where the money comes from, before being deposited into the account?

That way, its been checked before a transaction towards MA is made?

 

[ChairmanEdgewise]

From one bank, in Sweden;

Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) are prioritised focus areas within Swedbank. Financial institutions must be able to identify and understand risks of money-laundering and terrorist financing in order to apply preventive measures.

Given that criminals may use financial services in order to launder money to fund their criminal activities, proper Know-Your-Customer (KYC) practices are central. Knowledge of the customer helps us understand the general activities in which the customer would usually be expected to engage. As a bank, we are required to detect unusual and suspicious activities and to determine whether a specific customer is present on various sanctions lists.
Money-laundering and terrorism not only harm the whole society but can also damage the stability and reputation of the financial sector. It is obviously in the financial industry's and society's best interests that financial institutions take all reasonable measures to prevent money-laundering and terrorist financing.To detect money-laundering, Swedbank cooperates with a number of actors, including other banks, authorities and the police.
To ensure the effective establishment and implementation of a company culture that opposes money-laundering and terrorist financing, Swedbank has procedures such as the following in place:

• Swedbank has adopted a Policy on Anti-Money Laundering and Counter-Terrorist Financing that requires all parts of Swedbank Group to develop and implement effective programs to comply with applicable laws.
• Customer Due Diligence (CDD) includes, among other things, identifying the customer and verifying the customer’s identity on the basis of documents, data or information obtained from reliable and independent sources. We also need to understand the ownership and control structure of our customers.
• The Group performs daily screening of the customer base against financial sanctions and PEP¹ lists. All international payments are also screened in real time in regard to financial sanctions.
• The initiation or maintenance of a business relationship with a PEP¹ or other relevant high-risk customer needs to be approved by an authorised decision-maker.

¹Person in politically exposed position (PEP, from the term Politically Exposed Person). A person in a politically exposed position, and the family members and well-known colleagues of this person, through their position and influence, are considered to have a position which in itself constitutes a risk of being exploited for, among other things, bribery

 

[ChairmanEdgewise]

If you could walk into MA's office, with a bag full of money and deposit it into your entropia account, only to later withdraw it back to your online banking... that would be a different story hehe

 

[SamanthaFlynn]

I have been wondering lately how serious does MA take money laundering?

LOL

Why...did you knock off a bank recently??

 

[TheOneOmega]

After all MA cold never be too careful, Just another security measure for the companies rep and security aswell as the investors?

We actually could be too careful. Excessive security in a system characteristically leads to defects in both usability and privacy. There is always a need for balance and for domain-specific innovations oriented toward improving all three. Withdrawal is a good time to intervene for any required investigations because it minimizes disruption and unpredictability to the majority of Entropians (who are not associated with corruption/fraud), while also guaranteeing that all money cycled through the platform gets accounted for.

 

[Makitoki]

hold up am i the only one that had to sent in my ID and passport when i started withdrawing instead of depositing? and they wouldnt accept a email photocopy of my passport it had to be a certified copy of my passport from the state department...to be fair i only had to do that the first time i did a big withdrawal, havent had any other issues since and with all that info they have on me still 50 business days before i see funds in my bank account.