FATCA has nothing to do with KYC / AML provisions. It involves, simplified, reporting requirements of US account holders by foreign banks to the US authorities

FATCA has nothing to do with KYC / AML provisions. It involves, simplified, reporting requirements of US account holders by foreign banks to the US authorities. It's main purpose is to avoid tax dodging by US persons. I'm not arguing that it's a great law, since it's not. For example: it can make it extremely hard for US persons living abroad to open a bank account because foreign banks just don't want to bother with those onnerous reporting requirements. It has nothing, whatsoever, to do with KYC / AML provisions, which are very rightfully imposed on financial instituions. And yes, I work for one.