3 ms·

It's not WU's fault. If it were up to them, they would let you transfer your money to whoever, and take their (massive) cut. It's the KYC (CIP) and AML laws.

It's not WU's fault. If it were up to them, they would let you transfer your money to whoever, and take their (massive) cut. It's the KYC (CIP) and AML laws. https://en.wikipedia.org/wiki/Know_your_customer https://en.wikipedia.org/wiki/Know_your_customer https://en.wikipedia.org/wiki/Customer_Identification_Program https://en.wikipedia.org/wiki/Customer_Identification_Progra... https://en.wikipedia.org/wiki/Money_laundering#Anti-money_laundering_measures_by_region https://en.wikipedia.org/wiki/Money_laundering#Anti-money_la...

AnthonyMouse 10y ago
Whether it's their fault or not, they're still going to lose legitimate business because of it.
- dmix 10y ago
  But think of the money laundering it's stopping! > The Economist estimated the annual costs of anti-money laundering efforts in Europe and North America at US$5 billion in 2003, an increase from US$700 million in 2000. > There is no precise measurement of the costs of regulation balanced against the harms associated with money laundering, and given the evaluation problems involved in assessing such an issue, it is unlikely that the effectiveness of terror finance and money laundering laws could be determined with any degree of accuracy. > One commentator wrote that "[w]ithout facts, [anti-money laundering] legislation has been driven on rhetoric, driving by ill-guided activism responding to the need to be "seen to be doing something" rather than by an objective understanding of its effects on predicate crime. The social panic approach is justified by the language used—we talk of the battle against terrorism or the war on drugs". https://en.wikipedia.org/wiki/Money_laundering https://en.wikipedia.org/wiki/Money_laundering I'm curious if the drug war ended how much utility it would provide...

3 ms·

It's not WU's fault. If it were up to them, they would let you transfer your money to whoever, and take their (massive) cut. It's the KYC (CIP) and AML laws.

by olegkikin 10y ago

AnthonyMouse 10y ago
Whether it's their fault or not, they're still going to lose legitimate business because of it.
- dmix 10y ago
  But think of the money laundering it's stopping! > The Economist estimated the annual costs of anti-money laundering efforts in Europe and North America at US$5 billion in 2003, an increase from US$700 million in 2000. > There is no precise measurement of the costs of regulation balanced against the harms associated with money laundering, and given the evaluation problems involved in assessing such an issue, it is unlikely that the effectiveness of terror finance and money laundering laws could be determined with any degree of accuracy. > One commentator wrote that "[w]ithout facts, [anti-money laundering] legislation has been driven on rhetoric, driving by ill-guided activism responding to the need to be "seen to be doing something" rather than by an objective understanding of its effects on predicate crime. The social panic approach is justified by the language used—we talk of the battle against terrorism or the war on drugs". https://en.wikipedia.org/wiki/Money_laundering https://en.wikipedia.org/wiki/Money_laundering I'm curious if the drug war ended how much utility it would provide...