Well, perhaps I dare, but don’t shoot me, perhaps a little read before I befall your prosecution.
So, this is where I tell you, I come from a legal background (not a lawyer, honest, no need to hate me and some are truly fab and amazing!). After twenty five years of being a Manager within the legal industry I finally retired last year, admittedly very early 🙂 so that I could invest more time in understanding, acceptance and utilisation of digital currency; so I guess I put my money where my mouth is and got pro-actively involved with the shaping of our digital currency World.
Do I miss it, NO, do I miss the monthly pay cheque, well honestly, yes, but my Bank Manager probably misses it more!!
So as many of you will already be very aware the Legal Industry and Financial Industry are Compliance Regulated and regardless of a practice’s size, are bound to ensure their Regulatory Compliance or face the consequences of any, on the spot investigation, which identifies a failure that breaches their Regulatory requirements.
Now, I had the pleasure of working at a wide range of large and International law firms, where Money Laundering and Compliance training was mandatory and a hot topic for all across the firm who were exposed or alerted to a potential breach in Compliance, and this included all Lawyers (including those sitting comfortably in the God’s), Secretaries, Accounting Staff, etc. with absolutely no exception with training kept fresh and up to date and of course, absolutely compliant to the Regulations.
The reason? Very simply, is that the bad guys will do and try anything to “clean” their money. Really, are you for real? Yes, sadly I am, and sometimes not from the initial outset of an instruction to a law firm. There is always a lot of focus when a new client is KYC’d (know your client through individual disclosure documents, meeting Compliance Regulations). However, such attempted regulatory breaches can occur at a far later stage, when the transaction is more progressed, when perhaps monetary deposits from a client are received into the firm’s client account BUT they do not arrive from the correct source that you would naturally expect them to be received from via the banking system.
Such instances, should they occur, require to be immediately red flagged, segregated and investigated by those designated with responsibility for the firm’s Money Laundering alerted, in order to immediately carry out investigation and provide satisfactory explanations (or not) before anything can proceed, thus directly stopping any “bad guy’s” in their tracks!
So simply put, the “bad guy’s” will do absolutely anything to try give their “dirty money” a 90 degree wash cycle clean, by any means, utilising any service, to achieve a bright white wash finish. Once clean, that is it, job done, all clean and fresh, legitimate and good to go.
Now, no-one within the eco-system cannot fail to be aware of the passionate feelings that are held by many within the sphere regarding KYC and the conundrum this generates. In order to fully appreciate the cross-section of feeling that is held, you have to appreciate the thinking around the ethos of how and why the digital currency world was created and thus evolve into the future; and boy, do passions run high!!!
I myself remain torn, I would never have appreciated how proactively, creatively and persistently the “bad guys” work to generate a bright white wash finish for their “dirty money”, had I not had my experience within the law, truthfully, perhaps, I would not even believed it, had it not been for this real time experience!!!
So, whilst not wishing to compromise on any of the ethos of digital currency, I face the conundrum of how to stop the “bad guys” creatively finding a target for their bright white wash requirements for their dirty notes.
So, I am really keen to hear from both sides of the argument, let me know your thoughts and aspiration for our digital currency World and the “bad guy” conundrum because please believe me, it is real!!