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> And waste is the name of the game: worldwide KYC/AML budget estimated at $180bn while it apparently allows to seize... Drumroll... $15bn. 12x less than it cos
by anonzzzies 3y ago
> And waste is the name of the game: worldwide KYC/AML budget estimated at $180bn while it apparently allows to seize... Drumroll... $15bn. 12x less than it costs. All the while having employees (the KYC/AML team) working against the interest of the bank.
> All these KYC/AML people are the worst of the worst type of persons on this planet: those who "just comply" ("we're just doing our jobs, not our faut, it's the rules"). They let the bad guys through the net but make life super hard for the little guys.
Yep.. And the bad guys aren't hurt by it. I see it similar to the entire 'ban encryption because of the children' blabber; you might save some, maybe, for a little while, at the cost of something much worse. The real criminals are already long gone anyway.