3 ms·

This isn’t new technology by any stretch of the imagination. Banks have been required to do some version of this since the 70s. I wouldn’t buy this excuse com

This isn’t new technology by any stretch of the imagination. Banks have been required to do some version of this since the 70s. I wouldn’t buy this excuse coming from the management and technology clusterfuck that is Wells Fargo and I certainly wouldn’t buy it from Google.

judge2020 7y ago
Yet there has never been a global bank that supports verifying identities in almost every country.
- elliekelly 7y ago
  Every bank in the US supports verifying identities in every country whether or not they have global operations. Your friendly neighborhood credit union can verify foreign identities. The only exception might be for individuals/entities in places like North Korea or Syria where it doesn’t make sense to bother with individual verification because their location alone prohibits an account.
- dx034 7y ago
  Of course, all global banks need to verify business identification from pretty much any country worldwide. It's a manual process with large specialists teams but it's possible.
lonelappde 7y ago
And when a new KYC regulation rolls out, the banks take a couple of years to prep and deploy it.
- tialaramex 7y ago
  Yup. The account with my good bank is about 25 years old. Some time in the 2010s they sent me a letter. Basic thrust was: You have six months to provide us with documents to meet current KYC regulations or ask for more time, and if you ask for more time we'll give you another six months, and then finally we'll just cut you a cheque and close the account because we don't want to do business with you if you can't meet those regulations. And they were clearly sending these out in waves, I wouldn't be surprised if the project took 3-5 years from "Oops, we aren't doing enough KYC and our parent bank just got hit with another multi-billion dollar fine" to completion.

3 ms·

This isn’t new technology by any stretch of the imagination. Banks have been required to do some version of this since the 70s. I wouldn’t buy this excuse com

by elliekelly 7y ago

judge2020 7y ago
Yet there has never been a global bank that supports verifying identities in almost every country.
- elliekelly 7y ago
  Every bank in the US supports verifying identities in every country whether or not they have global operations. Your friendly neighborhood credit union can verify foreign identities. The only exception might be for individuals/entities in places like North Korea or Syria where it doesn’t make sense to bother with individual verification because their location alone prohibits an account.
- dx034 7y ago
  Of course, all global banks need to verify business identification from pretty much any country worldwide. It's a manual process with large specialists teams but it's possible.
lonelappde 7y ago
And when a new KYC regulation rolls out, the banks take a couple of years to prep and deploy it.
- tialaramex 7y ago
  Yup. The account with my good bank is about 25 years old. Some time in the 2010s they sent me a letter. Basic thrust was: You have six months to provide us with documents to meet current KYC regulations or ask for more time, and if you ask for more time we'll give you another six months, and then finally we'll just cut you a cheque and close the account because we don't want to do business with you if you can't meet those regulations. And they were clearly sending these out in waves, I wouldn't be surprised if the project took 3-5 years from "Oops, we aren't doing enough KYC and our parent bank just got hit with another multi-billion dollar fine" to completion.