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HSBC limits some deposit withdrawals due to anti-money laundering legislation. Worldnews interprets it differently.

OP: Bank refuses to give customers their money, unless they tell it why they want it.
So the story is HSBC, a bank, imposed restrictions on "some" customers from withdrawing large amounts of cash unless they could provide reasons for why they were doing it. This is part of a preannounced scheme to improve their know your customer programme after some money laundering breaches in the past. There is a lot of anti-money laundering legislation (Proceeds of Crime Act 2002, Terrorism Act 2000, Money Laundering Regulations 2007 and Counter Terrorism Act 2008 - I recently had an exam on all of these, so appreciate how much there is) and so HSBC tightening their policies is no surprise. Nonetheless, these rules shouldn't really affect retail customers withdrawing relatively small amounts, and HSBC soon put out a statement adjusting their rules, as the article highlights.
However, following feedback, we are immediately updating guidance to our customer facing staff to reiterate that it is not mandatory for customers to provide documentary evidence for large cash withdrawals, and on its own, failure to show evidence is not a reason to refuse a withdrawal.
So a bank tightens up their anti-money laundering policy, makes it too strict which affects a few UK customers which it quickly corrects. Fairly mild in the scheme of things.
But this explanation is far too simple for /worldnews! Instead we get a 4000+ reply thread on redditors own views of the story.
Too bad you can't call the cops when a bank is stealing from you.
[+1170|-268]
So straight in with one of top rated comments right there, and straight into the arrest the banksters jerk.
If a bank refused to give me my money I would first make sure there were plenty of people in the lobby, then I would call the police, and if that didn't work I would call the local news.
[+261|-59]
If this situation happened to brave redditors, they wouldn't comply and give a reason for their deposit, but rather call the police and local news!
This is the bank hit with a 2 billion$ "fine" for money laundering. I wish every one of their customers would close their accounts and sink those bastards.
[+3728|-1216]
Wishing on a bank run, because those work out so well for the financial system and the global economy.
Fucking. Seriously.
Stop supporting banks who support drug cartels and terrorism.
I bet the drug cartels didn't get asked what their withdrawals were for.
Of course, we have to ask regular, law abiding customers what they're doing with their money to "protect" them.
Fucking ludicrous.
[+2168|-547]
So true HSBC missed some money laundering in the past and got caught out on it, but this isn't = actively supporting drug cartels and terrorism.
True story: A friend of mine started an e-cigarette business in the UK right in the early days of e-cigs. He started small but was making huge sums of money very quickly. Amounts like 100,000 GBP a week at one stage. HSBC froze his account, alerted the money laundering authorities and would not tell him why they had frozen his account.
[+1595|-362]
Anecdotal evidence time. A friend's business makes £100,000 a week (i.e. over £5m a year) from selling cigarettes. Given this is exactly the mechanism through which money is typically laundered, it's not really a surprise that HSBC caught on to it and the legislation makes it illegal to tell someone they're under investigation (unless you want up to 5 years jail time). Redditors are not impressed however:
That said, using a personal account like that for a business is a stupid idea. Banks are required to check for dodgy things (why they got fucked for money laundering), if they think you're still doing X job and you suddenly pulling in £100,000/week they're going to be curious.
[+86|-18]
First the exception, logic! +68, so a few upvotes, but this is nothing compared to:
Thank you, UK, for making the USA seem slightly less fucked up, relatively speaking, of course.
[+305|-71]
Sure.
This is seriously fucked-up. It's like something out of a dystopian sci-fi novel. The banks not only use my money after I deposit it with them, but now are acting like they own it, and I'll need to explain myself to them like a child asking mummy for pocket-money before they fork it over. What in the name of fuck is wrong with this world? These people need to be removed from the equation.
[+782|-153]
Obligatory 1984/dystopia/"these people need to be removed from the equation" comment. +629.
How. The fuck. Is this not a change of the terms and conditions under which your customers have an account? You literally added a condition that has to be met to withdraw money. What the cunting barnacles constitutes a change in the terms and conditions then?!
[+74|-12]
Obviously this redditor is a legal expert, calls out those "cunting barnacles". Negates the fact that all this was probably in your terms and agreements when you opened an account.
Yea... time to take all of your money out while you still can. They could simply refuse to give out peoples entire life savings. Scary.
[+209|-54]
Another 'get all your money out while you can' comment. Buy bitcoins instead, obviously.
the nerve !!
I really hope in the future bitcoin or some other cryptocoin takes over
[+70|-10]
And on that note!
And this is why alt currencies like bitcoin are gaining in popularity
[+269|-74]
And these are the very guys that can't see how a cryptocurrency such as bitcoin would ever work.
[+46|-7]
Time to put your money into Bitcoin and Litecoin!
[+32|-9]
Remember that time Bitcoin wouldn't let people move their money... Oh wait... Never happened!
[+14|-3]
So there we have it. This is my first post in this subreddit, but I thought from a relatively vague article that talks about a 'some' customers in the UK being affected by legislation that has been place for years, the amount of jerking is unbelievable. Very few people call this out, there are more mentions of 'bitcoin' than 'money laundering', and there were about 100 comments that varied on 'I'm closing my account'. Sensationalism? /worldnews people.
submitted by Polymatheia to circlebroke [link] [comments]

I've read the Getting started and I'm still completely lost; I don't know what guides to trust from YouTube and I just want to try mining.

I have an HD 7950, which I use in my gaming computer and I just want to test bitcoin mining to see whether it would be of any benefit to me.
I've read everything on the Getting Started page but there's really not any information on it, I've flicked through some YouTube videos but none of them look very reliable - the only one I know to be reliable is Barnacles', but it's a bit old now and the reason my interest was even roused was because of 'Ethereum' mining, which I understand is some sort of algorithm which has made GPUs competitive in bitcoin mining again, which is against what his whole video was about.
I just want a straightforward guide which is trustworthy and tells me how I can make some bitcoins and store them on my computer and then how to sell them. I used the Bitcoin profit calculator and it said I wouldn't make money, but I understand that that is based on the idea I'd be doing it solo without a mining pool.
I just need guidance, there is so little useful information out there.
submitted by Pyroven to Bitcoin [link] [comments]

What do you need to get started with bitcoin mining?

Hay guys! I have always thought the idea of bitcoin mining is cool(Ever since I watched a YouTube named Barnacles Nerdgasum start it)
I would really like to start mining and I am willing to invest some money into it, but I am not really sure where to start. Like what all do I need to do it?
Like I said, I am willing to invest some money in buying equipment, but I do want to make sure I make a return / profit from this as well.
submitted by MrMonteCristo to BitcoinMining [link] [comments]

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