Originally Posted by
MaxVO
I think this was meant for
AhmedRadhy. I have no shutdowns to report. Just wondered why this was blamed on Zelle, rather than business cycles, combo of deposit & CC accounts, profitability algo's or any other familiar culprits.
I also appreciate the explanation. But in most cases personal transfers are perfectly traceable and miniscule in size. Let's reserve the judgment on Zelle for now.
Attribution noted
Actually, there isn't any method to determine where Venmo gets its cash. As long as I have some bank or debit card account and put cash into it, I can use it to send money to anyone anywhere just using a phone # or email account. And once that money is sent by Venmo, it is gone.
Venmo doesn't care about your affairs with said bank. There is no responsibility to manage ML by Venmo. It would be the bank that is attached to the Venmo account that would bear that responsibility since Venmo is nothing more than a conduit for the cash.
But Zelle is the banks product, run by the banks. So the requirements for managing MLing is the banks
. So a bank that sees someone doing lots of cash activity on Zelle would be responsible for monitoring and reporting that activity, unlike Venmo who will point a finger at the questioned account's bank saying it's that organization that has to keep track of the cash flow....I'm just the pipeline moving the money from one person to another.
Hope this helps a little.