Does AML Even Work?

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 5 September 2022

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, Chainalysis and FTX US. Today on “Long Reads Sunday,” NLW reads and discusses David Z. Morris’ “The Perverse Impacts of the Anti-Money-Laundering System.” - Nexo is a security-first platform where you can buy, exchange and borrow against your crypto. The company ensures the safety of your funds by employing five key fundamentals including real-time auditing and recently increased $775 million insurance on custodial assets. Learn more at nexo.io. - Chainalysis is the blockchain data platform. We provide data, software, services and research to government agencies, exchanges, financial institutions and insurance and cybersecurity companies. Our data powers investigation, compliance and market intelligence software that has been used to solve some of the world’s most high-profile criminal cases. For more information, visit www.chainalysis.com. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - I.D.E.A.S. 2022 by CoinDesk facilitates capital flow and market growth by connecting the digital economy with traditional finance through the presenter’s mainstage, capital allocation meeting rooms and sponsor expo floor. Use code BREAKDOWN20 for 20% off the General Pass. Learn more and register at coindesk.com/ideas. - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsors today is “Razor Red” by Sam Barsh and “The Life We Had” by Moments. Image credit: Abu Hanifah/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.2	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:14.8	The breakdown is sponsored by nexo.io, chain aliasis, and FtX, and produced and distributed by CoinDesk.
0:22.8	What's going on, guys? It is Sunday, September 4th, and that means it's time for Long Read Sunday.
0:29.1	Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it,
0:32.9	give it a rating, give it a review, or if you want to dive deeper into the conversation,
0:36.5	come join us on the breakers discord. You can find a link in the show notes or go to bit.ly slash breakdown pod.
0:42.4	Also a disclosure as always. In addition to them being a sponsor of the show, I also work with
0:46.9	FTX. All right. Well, this week was Sin Week on CoinDesk where various journalists from the company as well as guest authors explored
0:55.9	all sorts of different dimensions of crypto as it was used for things that some people find
1:01.0	sinful or immoral or things that are technically illegal depending on your jurisdiction.
1:06.4	And of course, in crypto, crime has been a long-term narrative driver.
1:12.2	For a long time, in fact, I think it was the biggest fud that crypto is just for criminals. This is a message you still see repeated
1:17.4	with a straight face despite the fact that it has grown to a trillion-dollar global industry.
1:22.3	Anyways, the piece that I've chosen to read today comes directly at a key question. The KYC AML Bank Secrecy Act
1:30.5	regime shapes so much of the discourse around not just crypto and not just finance, but around
1:36.5	privacy and surveillance. Almost all regulatory conversations have some aspect of asking,
1:42.6	how can we innovate while still supporting this
1:44.9	BSA-K-Y-C infrastructure? A question that I don't think it's asked enough is, are these programs
1:51.3	actually successful at their stated goals? And I think that's a question worth asking. Not in an
1:56.9	antagonistic, I know the answer and it's no sort of way, but because any philosophy
2:02.4	or regime needs to ultimately live or die based on evidence, these tools of financial
	...

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