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> As I understand it, before these Know Your Customer rules came into place, I could have walked into a bank and open an account with simply a signature card -
by realityking 4y ago
> As I understand it, before these Know Your Customer rules came into place, I could have walked into a bank and open an account with simply a signature card - how do you beat that simplicity?
Of course that is a lot simpler but these regulations do exist for a reason. The status quo when opening a bank account online is the weird “hold your ID card to your forehead” dance. This proposal would be a clear improvement.
> The document I linked to was "to work or study in Sweden", which is the "I hold this German degree" scenario you described.
The document you linked describes a process with either 0 or very little force of law. (It might for government employment). Yes, an employer might like it when you translate your foreign credentials into the domestic Swedish system. But it’s in no way required.
- dalke 4y ago> This proposal would be a clear improvement It's honestly hard for me to judge. I don't know what it's like to be, say, a Swede moving to Spain and wanting to open a local bank account. Still, the marketing scenario is that an EU citizen will be able to open a bank account "in seconds", with seemingly no consideration for how a digital wallet may be able to fulfill those existing regulations. > But it’s in no way required. Which means the scenario doesn't describe a big need, right? If this were a solution to real problems, I would expect more substantial scenarios, not something that makes me doubt they've thought seriously about the problems. I'm still curious if "citizenship" will be stored in the wallet, and who get to decide if "Palestine" is an allowed term.