Free dirty chat pay with paypal
KYC is simply identifying your customers That's the minimum, but it's certainly not all there is to it.Know Your Customer really means know your customer.The actual requirements of federal law are often (intentionally) formulated on such a high level that in practice, the banking regulator does end up specifying the actual rules.Say, for example, a federal law requires that banks "take reasonable measures to impede money laundering".And as such, they clearly have too much power, and there needs to be some anti-discriminatory financial regulation to stop business-hostile practices like this from being lobbied and put in place. They need to ensure that none of their client use financial services to commit crimes or launder the proceeds of a crime, under the penalty of heavy (up to multi billions) fines. I am pretty sure this is what is forcing paypal to do this.And also why I wish good luck to startups who think they will disrupt this massively over regulated industry.
Effectively, this means that you have to look through all possible shell companies until you arrive at a natural person.I worked for a financial services related startup for a while and was involved in implementing KYC/AML protections and AFAIK there isn't any relation between this and those laws.KYC is simply identifying your customers (nothing related to what they are doing) e.g. AML has to do with financial instruments passing through a business' account from customer (a) to customer (b) (in some cases (a) and (b) being the same individual).Given they are processing subscriptions here it seems far more likely that this is somehow related to RIAA/MPAA, or at least a fear of said groups.It's not about onboarding/general KYC since this isn't about end users.
I don't know if you want to advertise lack of enforcement so loudly.