The problem with KYC is the same as the problem with many laws: it’s an inconvenience for the good guys, and only stops the dumbest of the bad guys. It's not j

The problem with KYC is the same as the problem with many laws: it’s an inconvenience for the good guys, and only stops the dumbest of the bad guys. It's not just an inconvenience for the good guys. For community banks, the penalties for messing up are a much bigger deal than for an HSBC or a Bank of America. The problem isn't the stupidest of the bad guys. The problem are the still-stupid bad guys who have a modicum of ability. For smaller banks, who have to pick from borrowers who can't get a loan from the big banks, there are also marginal good guys who can get themselves into trouble, financial and/or legal. With more banks closing branches and allowing opening of accounts online, and an increasing number of online “KYC compliance solutions” with dubious security, this problem will only get worse IMO. Agreed. It's very difficult to solve and will be very important. Therefore, this is a possible opportunity?