Unless you are a federal prosecutor, law enforcement officer, or bank executive that has actively worked on a Bank Secrecy Act case, I don't think you can authoritatively state that this sort of cowboy-style, "Move Fast and Break Things" way of blitz-scaling revenues while downscaling customer service favored by companies such as Stripe has ANYTHING to do with the Bank Secrecy Act.
If anything, I would bet that regulators would be concerned about the fact that companies such as Stripe have triggered a race to the bottom whereby underwriting has become an after-the-fact exercise that can severely damage and/or kill a high-growth SME. The old way, where you filled out a ton of paperwork, provided every bit of information possible about you and your business, and then went back and forth with a human to get approval, was a much more stable way to business. But alas, when you've got former bank governors on your payroll and political mega-PAC donors on your cap table, people don't scrutinize very much.
I am indeed more than qualified to “authoritatively state this”. Even by the ridiculous standards you’ve outlined. And I would be more than happy to take that bet.
So you’re stating that you have been involved in a situation in which a merchant account was frozen due to circumstances involving the Bank Secrecy Act? I just want to be completely certain that this is the assertion?
If anything, I would bet that regulators would be concerned about the fact that companies such as Stripe have triggered a race to the bottom whereby underwriting has become an after-the-fact exercise that can severely damage and/or kill a high-growth SME. The old way, where you filled out a ton of paperwork, provided every bit of information possible about you and your business, and then went back and forth with a human to get approval, was a much more stable way to business. But alas, when you've got former bank governors on your payroll and political mega-PAC donors on your cap table, people don't scrutinize very much.