
Is the DOJ Forcing Banks to Terminate the Accounts of Porn Stars? - markmassie
https://news.vice.com/articles/is-the-doj-forcing-banks-to-terminate-the-accounts-of-porn-stars
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esbranson
For a discussion of the relevant law:

[http://dealbook.nytimes.com/2014/01/26/justice-dept-
inquiry-...](http://dealbook.nytimes.com/2014/01/26/justice-dept-inquiry-
takes-aim-at-banks-business-with-payday-lenders/)

[https://www.courthousenews.com/2014/01/09/64360.htm](https://www.courthousenews.com/2014/01/09/64360.htm)

[https://www.courthousenews.com/2014/01/09/USvFourOaks.pdf](https://www.courthousenews.com/2014/01/09/USvFourOaks.pdf)

> all banks in the United States [are] required by law to have an effective
> program in place to assure that the Bank understands the identities of its
> customers and the nature of their business activities

> [all banks in the United States are] required to have an effective
> compliance program to prevent illegal use of the banking system by the
> Bank's customers

> By conducting a meaningful "know-your-customer" analysis, [banks are]
> required to collect information sufficient for the Bank to determine whether
> a client pose a threat of criminal or other improper conduct.

> information required to be collected includes purpose of the account, actual
> and anticipated activity in the account, the nature of the client's
> business, the client's location, and the types of products and services the
> client intended to offer

> See generally Bank Secrecy Act, 31 U.S.C. § 5311 et seq.; USA Patriot Act, §
> 326, 31 U.S.C. § 5318; 31 C.F.R. § 1020 et seq.

[http://www.law.cornell.edu/cfr/text/31/chapter-X](http://www.law.cornell.edu/cfr/text/31/chapter-X)

The gist is that all banks (etc.) are required to spy on you. Which is why we
need Zerocoin (anonymous Bitcoin) or Zerocash.

[http://zerocoin.org/](http://zerocoin.org/)

------
mschuster91
Selling _tobacco_ now a high-risk activity? What fucking joke is this?

~~~
esbranson
> illegal sale of tobacco products on the Internet

> Financial institutions should implement policies and procedures that reduce
> the likelihood of establishing or maintaining a relationship with payment
> processors through which unscrupulous merchants can access customers'
> deposit accounts.

[http://www.fdic.gov/regulations/examinations/supervisory/ins...](http://www.fdic.gov/regulations/examinations/supervisory/insights/sisum11/managing.html)

Edit: illegal, Internet, unscrupulous merchants

~~~
mschuster91
I can see the risks linked with gambling, loans and pharma stuff (hello
Chinese Viagra fraudsters), but where's the risk in tobacco?

