3 ms·

Let’s be real here, the only thing these banks would do is impose more draconian KYC/AML on customers to cover their ass. Whatever it takes to tick that box.

by verroq 6y ago

CryptoPunk 6y ago
Exactly: this is the warrantless mass-surveillance approach to combatting crime. But add a few buzz words about big banks, CEOs with hefty salaries not being held accountable, and drug cartels, and suddenly everyone's for it. And it's overt surveillance, where privacy is blatantly criminalized, rather than the type of covert mass-surveillance we're accustomed to hearing about, where a 3 letter agency secretly deprives you of your privacy, showing you enough respect to not demand that you knowingly give it up. So-called anti-money laundering laws are a complete and utter violation of democratic principles, namely privacy and due process, and create the kind of surveillance apparatus that puts the populace under the complete control of the state.
- bitcoinbutter 6y ago
  You're guilty until proven innocent on nearly every regulated financial service platform. Prepare to explain with evidence how you got the money, why it's being sent, and who it's being sent to, at a moment's notice. Otherwise expect to be separated from your balance on said platform indefinitely.
  - CryptoPunk 6y ago
    Exactly. Money is treated differently than every other medium. As soon as you use it, traditional democratic principles are ignored, and the population is largely okay with that. The public support for this kind of double standard translates to: "we support you being secure in your rights, unless you want to do something meaningful, like send, receive or possess economic value". As long as these broad invasions of AML laws into privacy are in place, the West's support for the principles of liberal democracy looks superficial.

3 ms·

Let’s be real here, the only thing these banks would do is impose more draconian KYC/AML on customers to cover their ass. Whatever it takes to tick that box.

by verroq 6y ago

Let’s be real here, the only thing these banks would do is impose more draconian KYC/AML on customers to cover their ass. Whatever it takes to tick that box.

CryptoPunk 6y ago
Exactly: this is the warrantless mass-surveillance approach to combatting crime. But add a few buzz words about big banks, CEOs with hefty salaries not being held accountable, and drug cartels, and suddenly everyone's for it. And it's overt surveillance, where privacy is blatantly criminalized, rather than the type of covert mass-surveillance we're accustomed to hearing about, where a 3 letter agency secretly deprives you of your privacy, showing you enough respect to not demand that you knowingly give it up. So-called anti-money laundering laws are a complete and utter violation of democratic principles, namely privacy and due process, and create the kind of surveillance apparatus that puts the populace under the complete control of the state.
- bitcoinbutter 6y ago
  You're guilty until proven innocent on nearly every regulated financial service platform. Prepare to explain with evidence how you got the money, why it's being sent, and who it's being sent to, at a moment's notice. Otherwise expect to be separated from your balance on said platform indefinitely.
  - CryptoPunk 6y ago
    Exactly. Money is treated differently than every other medium. As soon as you use it, traditional democratic principles are ignored, and the population is largely okay with that. The public support for this kind of double standard translates to: "we support you being secure in your rights, unless you want to do something meaningful, like send, receive or possess economic value". As long as these broad invasions of AML laws into privacy are in place, the West's support for the principles of liberal democracy looks superficial.