> I don't recall the reason, wether it was fraud or terrorism. Interesting question to procrastinate with :) Apparently it was both, it started with measures t

> I don't recall the reason, wether it was fraud or terrorism. Interesting question to procrastinate with :) Apparently it was both, it started with measures to prevent money laundering by the mafia, with the Federal Deposit Insurance Act of 1950[0]. The current regulations are a result of 9/11 and came as part of the Patriot Act[1]. [0] = https://authenteq.com/the-evolution-of-kyc-part-2/ https://authenteq.com/the-evolution-of-kyc-part-2/ [1] = https://en.wikipedia.org/wiki/Know_your_customer#Laws_by_country https://en.wikipedia.org/wiki/Know_your_customer#Laws_by_cou...