As if to add further financial insult to an already injured and consolidating industry, the leading adult trade publications in Southern California, AVN and XBIZ, reported in late April that JPMorgan Chase is sending letters to performers terminating their bank accounts. According to VICE News, word is "surfacing that shows the US Department of Justice may be strong-arming banks into banning porn stars" as part of Operation Choke Point
Not to get political but this goes back to 9/11. As part of efforts to prevent terrorists to launder money to sleeper cells, the AML regulation was created. It was amended in 2008 (I think) to cover anyone using financial institutions to launder funds from illegal activities. Not sure why pornstars are being targeted by the bank in question but it has decided to target pornstars under their AML program but it suggests that they have done their risk assessment and decided to include pornstars. Risk assessments are subjective and will differ from institutions. One bank may think it creates reputational risk for them to have a pornstar as a client while another would think it doesn't.
Remember its people like me that run these programs. My bank does not think its risky to do business with pornstars.
Posted By: sublimewon
This change we were promised looks an awful lot like the same old fascist dance. Imagine that.
No truth to this whatsoever. Just hysterical Internet bullshit. Completely false.
Posted By: creolepeppa
As if to add further financial insult to an already injured and consolidating industry, the leading adult trade publications in Southern California, AVN and XBIZ, reported in late April that JPMorgan Chase is sending letters to performers terminating their bank accounts. According to VICE News, word is "surfacing that shows the US Department of Justice may be strong-arming banks into banning porn stars" as part of Operation Choke Point.
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