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Know your customer is BS. It's just an excuse to invade your privacy and ask you personal questions.
by hartator 7y ago
Know your customer is BS. It's just an excuse to invade your privacy and ask you personal questions.
- javert 7y agoThat's not true. People who don't do KYC to their customers go to prison. KYC exists for the same reason the drug war exists: People believe in paternalism and want to feel that there is some greater power that is in control. And there are people with guns and throw-you-in-prison capability who are happy to make it so.
- dymk 7y agoAnd all efforts to curb money laundering, and all AML compliance laws are just to invade your personal privacy and nothing more too, right?
- gonational 7y agoYes. The worst way to try to catch or curb money launderers is to create some kind of monetary system in which they will take no part. Gold will not cease to exist because of a corporate “cryptocurrency”? As long as there are any fungible value stores in existence, there will be money laundering.