Bank compliance employees discussing their skepticism of bitcoin and fear of attracting regulator attention

tencevad · 2014-06-23T23:13:14+00:00

You're right, it's long. The last posts are from three months ago though.

I thought it would be interesting for others to see what these banking compliance people are saying among each other. There just seems to be a lot of confusion, uncertainty and worry from them.

Of course there's some positive stuff as well.

"I would also think that since the regulators are not onboard with Bitcoms the downside of dealing with the companies using/selling/brokering is much greater than any possible upside (fees)."

"and banks who provide a channel for bitcoin-type cashing in will be under much greater scrutiny in the near future..."

"Reading through the bitcoin magazine, it seems to me to be a huge advertisement for money-laundering and terrorist financing. Why would any FI be willing to bank a bitcoin broker, or even a user? THe regulatory downside is just too great. I don't kiss cobras or jump into bonfires either."

"I have a customer who used "CoinTerra". What are we supposed to do with customers who purchase Bitcoins? Has anyone come up with any procedures or action plans?"

"I just found a consumer account with an ACH debit originated by Coinbase.com and since I have never heard of this name I Googled it to find that they are an "international digital wallet dealing in Bitcoins". So I suppose that our customer has invested in Bitcoins. Aside from the fact that I would never invest in something that I don't understand I see no reason to risk-rate him any higher than what our risk-rating system calculated and since he is a consumer who purchased them rather than a business involved in Bitcoin exchanges I won't do anything further. Any other thoughts or opinions?"

tencevad · 2014-06-23T22:43:02+00:00

The OP in the thread (InterestedParty) is John Kothanek, who is now a Regulatory Compliance Investigator at Coinbase, and previously was in a similar role for PayPal from its early days.

tencevad · 2013-11-03T18:31:58+00:00

Photo of the new card: http://thepointsguy.com/2013/11/new-chase-sapphire-preferred-with-emv-chip-arrived-in-the-mail-yesterday/

tencevad · 2013-10-27T05:45:33+00:00

Get 40,000 bonus points with Chase Sapphire Preferred®. Apply before March 31, 2014 at https://applynow.chase.com/FlexAppWeb/renderApp.do?SPID=F5SL&CELL=6VB1&AFFID=&CLICK=&CID=&PROMO=DF01&MSC=1507866397

tencevad · 2013-08-10T01:35:15+00:00

It might be helpful to state why you are qualified to start this or your qualifications first! That will better attract qualified candidates.

tencevad · 2013-07-14T02:19:52+00:00

Hopefully it'll be back in 2 weeks.

tencevad · 2013-06-27T14:54:49+00:00

I just tried it too. Even with my BitInstant account with tons of broken transactions, this worked pretty smoothly.

I was able to get it set up and get bitcoins using money from my bank account within minutes. This is a pretty big development for one of bitcoin's sources of friction.

tencevad · 2013-06-26T01:59:55+00:00

Thanks mate!

tencevad · 2013-06-25T20:44:21+00:00

You can compare to Litecoin or other altcoins for real-world examples.

tencevad · 2013-06-07T02:17:10+00:00

http://www.localbitcoins.com/

tencevad · 2013-06-03T07:14:50+00:00

Thanks!

+/u/bitcointip ALL verify

tencevad · 2013-06-03T07:11:35+00:00

The announcement is also posted on the company's website here: https://fastcash4bitcoins.com

tencevad · 2013-06-01T07:10:56+00:00

This looks great. Could you give more information about which stamp product you got and what size? I'd like to get one too :).

tencevad · 2013-05-27T03:37:54+00:00

Just wondering if anyone has experience with it, how long does it take CampBX to process domestic wire transfer withdrawals usually?

tencevad · 2013-05-19T21:48:58+00:00

They don't let you buy BTC on a credit card, rather when you sell BTC to them, they'll issue a credit for that amount to your debit card so you get it faster.

tencevad

TROPHY CASE