[openssl-users] good riddance to PayPal

[Bear Giles]

Is it possible to set up two accounts, one US and one non-US, and then just
transfer funds between them? It would be more work than setting up a single
account but would eliminate a single point of failure risk.

Bear

On Fri, May 6, 2016 at 8:29 AM, Jakob Bohm <jb-openssl at wisemo.com> wrote:

> On 06/05/2016 15:26, Steve Marquess wrote:
>
>> On 05/06/2016 09:14 AM, Jakob Bohm wrote:
>>
>>> On 06/05/2016 13:45, Salz, Rich wrote:
>>>
>>>> Consider having the non-U.S. person do the account setup too.
>>>>>
>>>>> Banks are as scared of US jurisdiction as crypto engineers.
>>>>>
>>>> Yeah, we've done that.  Even to the point where one of the team was
>>>> going to get on a plane to fly to the Isle of Mann.
>>>>
>>>> It's amazingly painful and difficult and so far not productive.
>>>>
>>>> If folks want to give OpenSSL money, mail a check or cash.
>>>>
>>> I was thinking of the more simple solution of setting up
>>> the account in the same non-US bank where the team member
>>> does his other business.  Lots of this tends to get easier
>>> when the person is an existing customer and the bank is
>>> nearby.
>>>
>>> Each non-US team member presumably has at least one existing
>>> bank relationship and presumably knowledge and/or easy access
>>> to information on how to set up an independent legal entity
>>> in his/her own country.
>>>
>> Personal bank accounts, yes. But, we don't want to entangle OpenSSL
>> funds with any team members personal finances. Those funds need to be
>> held by an independent OpenSSL legal entity (of which there are already
>> several). Also keep in mind that most of my colleagues are hardcore
>> geeks best suited to wrangling OpenSSL code. I try to handle as many
>> paperwork hassles as possible to free them for that more important
>> activity.
>>
> I was trying to say that retail banks can be very helpful
> when an existing personal account holder wants to set up a
> business account with themselves as a signatory (but not
> owner).  Especially if the legal entity (new or existing)
> is also within their jurisdiction.
>
> Things like checking if the person is who his says he is,
> checking if the initial deposit is from a suspect source
> etc. become much simpler when the bank recognizes the
> person as someone they have worked with for years and the
> initial money source as an account that was the
> correspondent with past checks or other traceable
> transfers to/from that known person (all according to the
> banks own records).
>
> Throw in the prospect of earning transaction fees on an
> associated Merchant account, and motivation can grow
> further.
>
> Enjoy
>
> Jakob
> --
> Jakob Bohm, CIO, Partner, WiseMo A/S.  https://www.wisemo.com
> Transformervej 29, 2860 Søborg, Denmark.  Direct +45 31 13 16 10
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