Since my previous Bitcoin withdrawal transaction of 190k sats to Mr. Pika Chu was finally approved by Revolut, I thought I'd follow-up with them to express my concerns about their ability to validate the now required recipient information when withdrawing to an "unhosted wallet."
They sent me this official link that describes the legislation they follow:
The Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022
These Regulations amend the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692)...
If you read the relevant chapters 3 and 4, it's clear that service providers (Revolut) are not even expected to validate the information, how could they??
You might think that the FCA, who also has access to this information, will be able to rely on blockchain surveillance (BS) software to confirm the accuracy the data, but BS software are based on shaky heuristics that have led to the serious problem of innocent people being harassed by the State, as reported here:
https://mises.org/node/63712
If you find yourself in a such situation, you'll be considered guilty until you can prove your innocence. Good luck with that! As far as I'm concerned, I've stopped all my Bitcoin activity on Revolut.
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