Is the implication then that if I sell lemonade out on the street and you give me cash for one that my funds should be seized because I don't know the provenance of the cash?
If the transaction value at your lemonade stand exceeds €10,000, then in the EU, you are required to verify the identity of the beneficial owner of the funds, thanks to AML5.
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Reminds me of all the US cops just seizing cash and forcing a lawsuit for it to be returned.
However, it's an inherent risk with crypto if the law requires all your income to be explicable. i.e.
It's not clear if he knew who his counterparties were? (natural persons, not accounts)
I see the comment thread is going to be people just assuming guilt or innocence based on a cursory reading of this, which is going to be a mess.
Is the implication then that if I sell lemonade out on the street and you give me cash for one that my funds should be seized because I don't know the provenance of the cash?
If the transaction value at your lemonade stand exceeds €10,000, then in the EU, you are required to verify the identity of the beneficial owner of the funds, thanks to AML5.