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KYC and AML: Beyond the Acronyms
- lifeisstillgood 4y agoThe thing that strikes me is the amount of "it's understood" that exists not just in financial regulation but ... everywhere. And this works ... as long as you are more or less happy with the status quo. If you are part of an underclass where it is understood that you should not get a bank account or mortgage then that sucks. (cf Dalit in India twenty years ago, Blacks in USA 60 years ago). And to me this underscores why "culture wars" matter - so much of our life is based around this common social "understanding" - from finance to health to policing - and if you are on the wrong side of that understanding then there are no laws to change, no regulators to show failed to follow their own guidelines. You need to change the "understanding", chnage the culture. Culture wars are not fought over trivia like e.g. pronouns, they are fought over social exclusion, access to health finance etc. I have understood that far longer than I could express it. Edit: A quick explanation for posting this - It's a patio11 post promoted on Matt Levine newsletter - I simply submitted the link because it's faster than searching ... Anyway I came to opine and chew gum ...