[openssl-users] good riddance to PayPal

[Jakob Bohm]

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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