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You can not create a bank that does not verify identity according to a myriad of KYC regulations. You'd be heavily fined and most likely jailed if you do. Not s
by smsm42 5y ago
You can not create a bank that does not verify identity according to a myriad of KYC regulations. You'd be heavily fined and most likely jailed if you do. Not sure about healthcare providers, probably if you're something like a massage therapist, there are no such requirements, but for a larger one there are probably regulations too.
- InitialLastName 5y agoI suspect that for healthcare providers, the ID requirement is driven more by insurance fraud prevention (including Medicare/Medicaid); i.e. the insurers require the providers to perform due diligence to ensure that the patient being treated is the patient who is covered. I don't know of any examples, but perhaps a provider who did not take insurance would be able to avoid the requirement.
- volta83 5y agoSo how do banks verify identity in the US ?
- smsm42 5y agoUsually they rely on government documents (driver licenses, passports, such kind of thing). Online banking has been a bit more lax but started having more KYC requirements recently. For an American though it's usually boils down to asking for SSN and driver license.