KYC is only to prevent banking fraud, i.e. money laundering. The SEC is the Securities and Exchange Comission, who govern banking, the trade of financial securi

KYC is only to prevent banking fraud, i.e. money laundering. The SEC is the Securities and Exchange Comission, who govern banking, the trade of financial securities (stocks, bonds), etc. These data brokers do not handle your money, and therefore do not need to "know their customers", i.e. have no legally mandated right to ask for your identification, at least according to this statute. For one, I think it's super weird that they need a government issued document to know who I am, but are perfectly happy to sell my data, marketed as accurate, to third parties.