So banks play Kabuki AML for the Feds with the MS folk while still MLing out the wazoo? I'm all for low cost entry barriers to keep out the reddit riff raff, but Chase 5/24 only keeps out the little mice, while the big rats win the limbo game by having the private bankers raise the bar above 5/24.
As for the statement "Also ML isn't the only criminal activity with credit cards and gift cards" you seem to be calling MS a criminal activity. Weez MS folk are offended and say that gaming LIBOR rates, illegally foreclosing on homes, redlining and money laundering are criminal activities, all of which have been condoned and undertaken by our esteemed banksters. And let us not forget that the same banksters enabled criminal Visa & M/C gift card activity by failing to chip and pin their credit cards. Now we have Kabuki credit card security which is a fraud in its own right.
Perhaps we need our own credit union dedicated to the MS folk, where we can take in unlimited money orders, pool the cash, KIVA loan the money abroad and best the banks' meager deposit interest rates. Should we later decide to go bankster evil, we can give United Mileage Plus points instead of interest and have any users dragged from the aircraft when they go to use the points to improve our breakage rate.
Originally Posted by
NoonRadar
You're looking at it from the point of what's most likely to be ML. Banks aren't gonna devote time and resources to play detective with us, a very small % of their customers who perform highly unusual activities (by comparison to most of their consumers) like regularly buying and liquidating thousands of dollars of VGCs > MOs/WMBP. The well run banks, like Chase, will put some low-cost & easy to implement barriers like 5/24 and have some other protocols for what they see as risky and/or not very profitable behaviors passed that. The other banks might struggle more or less based on their competence and business & risk models, but bottom line is they don't care to and have no reason to dedicate time and resources to verify that our MS activities are indeed safe for them and not at all illegal.
Also ML isn't the only criminal activity with credit cards and gift cards. Ask any store manager where we buy said Visa & M/C gift cards and they will tell you.