Digital IDs cannot solve KYC fraud, ever. Users already sign up with data that is stolen from KYC databases, generated with AI, or sold to them by verified users. If a guy will sell me their verified Coinbase Pro account, you can bet your a** they’ll sell me the keys to their personal eyeball app. It does not matter how much “verification” you’ll attempt to slap onto this system, because the system *itself* does not work. KYC is a scam that *enables* financial crime at the cost of all of our privacy. Read: 31 Reasons Why AML Is Retarded in this week’s newsletter 👇
The Rage
Rage Weekly 022: 31 Reasons Why AML Is Retarded
Rage Weekly is a weekly linkdump bringing the best content on financial surveillance and beyond directly to your inbox. Subscribe for free or read ...
80% of cryptocurrency sent to Iran comes from "global exchanges," says TRM. Not "DeFi". Not "unhosted wallets." So how do Iranians circumvent compliance? By signing up with fake IDs. And where do you get a fake ID? From hacked KYC databases. AML is nonsense. image
Israel has destroyed all financial infrastructure in the Gaza Strip. Out of 94 ATMs, only two remain semi-functional – for two million people. Just as in its aggression against Lebanon, bombing banks was one of Israel's first orders of business. This is a WAR CRIME, increasingly normalized by media and governments in an unprecedented escalation in the fight against "terrorist financing". And now? We're now seeing this happen in Iran, with cyber attacks against banks and the Nobitex exchange by the Israeli front Predatory Sparrow. I don't care whose side you are on, financial infrastructure is *civilian infrastructure*, if you like it or not.
The Rage
The New Role Of Banks In War
Bombing banks and targeting financial infrastructure in cyber attacks is increasingly normalized in the fight against terrorist financing.
today is a good day to run a snowflake proxy 🩷
Snowflake
NEW in Tornado Cash: Custody Issue Not Important To Storm's Defense Every once in a while, a judge makes a decision that blows your mind by such epic proportions that you don’t even know how to caption it. Today, Judge Failla, overseeing the prosecution of Tornado Cash developer Roman Storm, effectively reinforced her September decision that it does not matter whether Tornado Cash took custody of customer funds – the developers could still be charged with licensing violations, **even though the Government is no longer arguing that Tornado Cash needed a license.** "The word license doesn’t apply here," […] “Theres no available license to move criminal proceeds, and the jury wont be instructed that there's any licensing issues at stake." Because of this, what senior FinCEN officials have had to say on this “isn’t exculpatory” (read: doesn’t matter): “You haven’t persuaded me that the custody issue is as important as you say.” Honestly at a loss for words for how someone could be sent to trial to face decades in prison when not even senior employees of the regulatory agency in charge seem to know how to interpret their own guidance. Crazytown, my guys. Full Story:
The Rage
Failla: Custody Issue Not Important To Storm's Defense
"You haven't persuaded me that the custody issue is as important as you say," judge Failla stated, opining that senior FinCEN employee's views were...
Pre-crime is here baby! After “we have closed your account because we suspect you have committed a crime,” here comes “we have closed your account because we suspect you may commit a crime in the future.” DARPA has announced plans to launch a pre-crime AML program that attempts to stop money laundering before it happens, and it’s just as bad as it sounds. This is the stuff that nightmares are made of.
The Rage
DARPA To Launch Pre-Crime AML Program
The Department of Defense is planning to launch a new AML program that wants to stop money laundering before it happens.