I did not know that but the point largely still stands. Banks also have to do customer due diligence which is basically the same thing so they will have this in

I did not know that but the point largely still stands. Banks also have to do customer due diligence which is basically the same thing so they will have this info anyways. You can come up with an endless list of loopholes and then claim if only they were ended would AML laws be more effective. We’ve had 40 years of debates like this and there are always new excuses. The laundering techniques for drugs for instance now just look closer and closer to regular commercial activity (i.e. TBML) which makes it difficult for the government to understand what’s going on and ultimately prove at trial.