- From: Manu Sporny <msporny@digitalbazaar.com>
- Date: Fri, 12 Dec 2014 10:51:11 -0500
- To: Web Payments <public-webpayments@w3.org>
On 12/11/2014 10:29 PM, Goss, Brian C., M.D. wrote: > I bet dollars to donuts it's AML > (http://www.finra.org/industry/issues/aml/). Which I think is also > why Wikipedia collect private info on all bitcoin donators...not > because /they /need it, but to prove the money clean before they got > it. +1, that's my guess as well. This is why the regulatory aspect of what we're doing here is so important. There are many regulatory rules that are required when receiving, storing, and transmitting money on behalf of others. The rules change from country to country, and even state to state (as in the US): http://www.fincen.gov/financial_institutions/msb/msbrequirements.html This is why this group has been arguing to put regulatory hooks into the standards / source code. The whole regulatory reporting / enforcement process is archaic and in need of a refresh (and the regulators that we've spoken to really like this idea): https://web-payments.org/specs/FCGS/use-cases/2014-11-29/#real-time-regulatory-reporting -- manu -- Manu Sporny (skype: msporny, twitter: manusporny, G+: +Manu Sporny) Founder/CEO - Digital Bazaar, Inc. blog: High-Stakes Credentials and Web Login http://manu.sporny.org/2014/identity-credentials/
Received on Friday, 12 December 2014 15:51:38 UTC