this is the problem with these regulations. i think know your customer is a good idea and the banks should be collecting this information but they shouldn't be

this is the problem with these regulations. i think know your customer is a good idea and the banks should be collecting this information but they shouldn't be responsible for making the decision. this should be a legal process run by the state. what you are seeing is what happens when due process is bypassed. if every bank follows the rules in a similar way and there is a good chance they do because they are acting in a way that is mandated by law then you can be effectively locked out of the banking system. you are being punished even though you have not been convicted of any crime by a court of law. i don't know what the solution is because the current implementation is quite efficient. but it does mean more innocent people are going to get burned.