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Money-laundering rules make it illegal for banks not to know who the customer is. Also various anti-bribery and sanctions rules.
by bboreham 6y ago
Money-laundering rules make it illegal for banks not to know who the customer is.
Also various anti-bribery and sanctions rules.
- AnthonyMouse 6y agoNone of those rules are worth the cost. Identity theft, created by the concept of centralized identity, costs billions of dollars. Investigations of those other crimes are still possible without government-mandated privacy invasions by banks, and the privacy invasions are a huge cost in themselves.
- bboreham 5y agoMaybe. How would you feel if an investigation stalled when a bank said “we have no idea who these people are, or where the money went”?