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Banks can't decide these things on a whim. They are heavily regulated.
by nightski 4y ago
Banks can't decide these things on a whim. They are heavily regulated.
- dan-robertson 4y agoRegulators don’t just invent rules randomly. Banks are in regular communication with regulators about what (they think) the right rules should be.
- digital_voodoo 4y agoRegulator here, previously in the industry. I'm utterly appalled at how much 'useless'(1) info banks require to provide a service as simple as opening an account. neither the Rgulator/Supervisor nor AML bodies require them to collect so much before providing so little. Most of the time, regulation = proportionality. (1) unless they do data mining, but that's another story.