It is complete non-sense. Banks don’t have a good framework for detecting suspicious transactions. They also happen to not really care and rightfully so: it’s n

It is complete non-sense. Banks don’t have a good framework for detecting suspicious transactions. They also happen to not really care and rightfully so: it’s not their job and shouldn’t be their responsibility. What happens is that banks are trying to cover their ass and please regulators so they don’t get fined. Of course all regulation does is add complexity. You still have the most common way to launder money: know the top-banker and have connections inside the bank. With the right amount of money you can buy all the KYC you need. Which means all this regulations is either malicious or plain ignorant. I think it’s malicious.