The other context which the authors and all the human rights groups who complain about this stuff ignore is that strict application of the AML laws results in m

The other context which the authors and all the human rights groups who complain about this stuff ignore is that strict application of the AML laws results in mass derisking and the wholesale exclusion of entire industries and even countries from the financial system because banks do not want to risk the fines. Several major Caribbean banks are constantly on the verge of losing correspondent relationships despite doing basically everything the FATF asked that they could afford. Non banks ATMs (which aren’t even considered MSBs), check cashers and a whole host of other businesses are de facto excluded from major US banks right now. I think the desire to “do something” about Russia has made any sort of cost benefit analysis go right out the window.