I am a certified Anti-Money Laundering agent. (AMLCA) - page 3.

jgarzik

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Activity: 1596

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Quote from: BTCINVESTOR on March 19, 2013, 11:23:48 AM

For purposes of regulation, it doesn't matter how the money gets to Japan. It must be monitored for money laundering activities. Dwolla will not be able to continue to escape this.

Recently, my one-person microbiz had to AML/KYC with Dwolla, to continue transferring to/from MtGox. Based on my experience and conversation with the Dwolla employee, it sounds like this is a special procedure for MtGox, that does not apply to most other dwolla users.

SgtSpike

legendary

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How long has FinCEN known about Bitcoin and been planning to regulate it?

BTCINVESTOR

full member

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Cryptographic money will be the bedrock in time.

Quote from: niko on March 19, 2013, 09:15:29 AM

Quote from: BTCINVESTOR on March 19, 2013, 12:52:42 AM

Doesn't matter if they are only "domestic". The definition of "Money Laundering" includes "erasing" or "obscuring" paper trail. If an institution can perform this action, regulatory hounds will follow. At least eventually. But remember, Dwolla is one of the favorite mechanisms to upload USD to Mt. Gox. That is fully international.

No. Dwolla sends USD to Mutum Sigillum, a U.S. entity. They are the ones doing the international transfer, at least until March 23 when coinlabs take over and keep it all "domestic" for U.S. clients.

For purposes of regulation, it doesn't matter how the money gets to Japan. It must be monitored for money laundering activities. Dwolla will not be able to continue to escape this.

ProfMac

legendary

Activity: 1246

Merit: 1002

Quote from: BTCINVESTOR on March 19, 2013, 11:14:21 AM

Quote from: adamluc on March 19, 2013, 07:25:22 AM

I think the new regulation will help adoption of bitcoin, and hence all users of bitcoin. By increasing regulation, it becomes more visible and more demand for bitcoin will result in higher bitcoin prices.

Well said.

It was inevitable that if Bitcoin were to become a serious player, it would have to play nicely (at least for a time) with some of the big money feeding mechanisms. This is a good thing in my opinion. Bitcoin is the real deal. It will always be decentralized, but a ton of legitimate folks want to get in on it and they don't want to feel that they have to buy them from some guy on the corner. Legal channels into Bitcoin can only strenthen it.

I agree. Aurum and Bitfloor have my identity papers. I am on the way to the bank to test a wire transfer.
I previously verified that an ACH will return money to my bank.

BTCINVESTOR

full member

Activity: 176

Merit: 101

Cryptographic money will be the bedrock in time.

Quote from: adamluc on March 19, 2013, 07:25:22 AM

I think the new regulation will help adoption of bitcoin, and hence all users of bitcoin. By increasing regulation, it becomes more visible and more demand for bitcoin will result in higher bitcoin prices.

Well said.

It was inevitable that if Bitcoin were to become a serious player, it would have to play nicely (at least for a time) with some of the big money feeding mechanisms. This is a good thing in my opinion. Bitcoin is the real deal. It will always be decentralized, but a ton of legitimate folks want to get in on it and they don't want to feel that they have to buy them from some guy on the corner. Legal channels into Bitcoin can only strenthen it.

BTCINVESTOR

full member

Activity: 176

Merit: 101

Cryptographic money will be the bedrock in time.

Quote from: Gator-hex on March 19, 2013, 06:51:53 AM

Quote

I am a certified Anti-Money Laundering agent. (AMLCA)

What does this mean? Are you a policeman?

No. Just a certified auditor.

You miss the point of bitcoin, it's goal is to replace national currencies, even if there were no exchanges, only Wall Street speculators would care.

I as well as you would like to see Bitcoin rise to prominence, but people have to have an acceptable way of buying in until it stands on its own feet. It must interface with accepted currency channels in the meantime.

SgtSpike

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DeathAndTaxes

donator

Activity: 1218

Merit: 1079

Gerald Davis

Quote from: TheJamesFund on March 19, 2013, 07:41:38 AM

So are you an private auditor for private sector or a federal agent?

Neither it is like being certified in using Microsoft word. It is a check the box type certification so a cash handling business can say their employees were trained. A couple hours of study (online courses available) and a multiple choice exam.

TheJamesFund

newbie

Activity: 51

Merit: 0

All so confusing

niko

hero member

Activity: 756

Merit: 501

There is more to Bitcoin than bitcoins.

Quote from: BTCINVESTOR on March 19, 2013, 12:52:42 AM

Doesn't matter if they are only "domestic". The definition of "Money Laundering" includes "erasing" or "obscuring" paper trail. If an institution can perform this action, regulatory hounds will follow. At least eventually. But remember, Dwolla is one of the favorite mechanisms to upload USD to Mt. Gox. That is fully international.

No. Dwolla sends USD to Mutum Sigillum, a U.S. entity. They are the ones doing the international transfer, at least until March 23 when coinlabs take over and keep it all "domestic" for U.S. clients.

RodeoX

legendary

Activity: 3066

Merit: 1147

The revolution will be monetized!

As these regulations roll out we (bitcoin peers) need to be vocal in shaping the law. The best way to express our will in the financial arena is with our money. Refuse to pay high fees, do not use systems that limit control of your BTC ; in short, preserve the financial freedom bitcoin can offer. It may even come to acts of civil disobedience.

If bitcoin goes mainstream, there will be huge efforts to take it from the hands of peers and make meta money off of it. The banks are very powerful and when one sees how they run right over governments, it is easy to see that you bitcoin peers are a tiny speck of dirt to them.
Satoshi gave you a tool, but you have to do the work. The real fight for bitcoin is about to begin. Let's work with regulators or the banks will decide the future of bitcoin.

Stephen Gornick

legendary

Activity: 2506

Merit: 1010

The general understanding is that a merchant selling goods and services and accepting bitcoin as payment is not an exchange or money transmitter.

Is this a safe assumption because:

Quote

FIN-2013-G001

An exchanger is a person engaged as a business in the exchange of virtual currency for real currency, funds, or other virtual currency

- http://www.fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html

and the mechant is not engaged in the exchange so therefore isn't an exchanger?

Or, is it because:

Quote

31 CFR § 1010.100(ff)(5)(ii)(F):

The term “money transmitter” shall not include a person that only:
(F) Accepts and transmits funds only integral to the sale of goods or the provision of services, other than money transmission services, by the person who is accepting and transmitting the funds.

TheJamesFund

newbie

Activity: 51

Merit: 0

Quote from: BTCINVESTOR on March 19, 2013, 05:39:51 AM

Quote from: marcus_of_augustus on March 19, 2013, 05:05:06 AM

Quote

I am a certified Anti-Money Laundering agent. (AMLCA)

What does this mean? Are you a policeman?

No. Just a certified auditor.

So are you an private auditor for private sector or a federal agent? From reading all your post(s) I do believe you are well knowledge based on AML regulations, but are you really an AGENT. It seems to be a conflict of interest working as an agent and then hording BTC. Maybe I am confused but if someone says "I am a certified AML agent" it would mean to me you are like the IRS and I would run far away from you.

Anyone here can explain this better...

I send money through Dwolla and deposit in to MTGOX, so then I buy bitcoins, sell them and put money back into bank to dwolla... so now I am on the radar for money laundering?

And last question, "buy all the BTC as I can" okay, then what? If I can't sell them and make money without having a red target on my forehead, wtf am I suppose to do?

adamluc

newbie

Activity: 9

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I think the new regulation will help adoption of bitcoin, and hence all users of bitcoin. By increasing regulation, it becomes more visible and more demand for bitcoin will result in higher bitcoin prices.

TransaDox

full member

Activity: 219

Merit: 102

I had my doubts originally, but it looks like MtGox offloading US and Canadian customers to Coinlab was a smart move.

Lethn

legendary

Activity: 1540

Merit: 1000

Please, them trying to regulate Bitcoin is going to be like them trying to regulate Bittorrent, these guys don't know a thing about computers, I'll have whatever they put up bypassed in five seconds and I have no hacking knowledge whatsoever.

Raoul Duke

legendary

Activity: 1358

Merit: 1002

So now they come with laws and regulations.
There goes the small guy.
Anyone who wants to stay in business will need deep pockets to "buy compliance" <-- This is what it's all about.

Gator-hex

hero member

Activity: 490

Merit: 500

Quote

I am a certified Anti-Money Laundering agent. (AMLCA)

What does this mean? Are you a policeman?

No. Just a certified auditor.

You miss the point of bitcoin, it's goal is to replace national currencies, even if there were no exchanges, only Wall Street speculators would care.

BTCINVESTOR

full member

Activity: 176

Merit: 101

Cryptographic money will be the bedrock in time.

Quote from: marcus_of_augustus on March 19, 2013, 05:05:06 AM

Quote

I am a certified Anti-Money Laundering agent. (AMLCA)

What does this mean? Are you a policeman?

No. Just a certified auditor.

Sage

hero member

Activity: 632

Merit: 500

The deep question is how do we prempt this now...

If exchanges are the Achilles heal, then lest get serious about creating a decentralized exchange BEFORE it becomes necessary.

Topic: I am a certified Anti-Money Laundering agent. (AMLCA) - page 3. (Read 9952 times)