KYC is about not doing business with terrorists or other undesirables. Madoff wa...

		spinlock on Jan 8, 2014 \| parent \| context \| favorite \| on: JPMorgan Pays for Shorting Madoff Without Telling ... KYC is about not doing business with terrorists or other undesirables. Madoff was not one of those. He was running a ponzi scheme but was otherwise an upstanding citizen. No bank would have any reason not to do business with him due to KYC due diligence.