These decisions reek of ignorance. Banking is not as frictionless as people seem to think. Many law abiding people have issues opening bank accounts, maybe they

These decisions reek of ignorance. Banking is not as frictionless as people seem to think. Many law abiding people have issues opening bank accounts, maybe they're immigrants, maybe their name fuzzy matches someone on the ofac list, maybe their bank decided that that last $10000 payment was unusual for this customer and blocked their account and started asking for documents that they might not have in a timely manner, like utility bill (but you're living with a friend), or a credit card statement (but banks won't approve of one for you because you have no way to be grandfathered in), or you have your money on SVB and it blew up and you had to withdraw/borrow cash to make payroll (transferring would take too long and might fail). There is so much mindless automation that thinks it's correct, and so many banking industry employees that can only tell you "well, the system said...", that I fear this will break many people's lives. Also remember that people really do live very different lives that are perfectly legal, that's what freedom is. This is deciding to make conformity into the law. Finally, my greatest fear is that this (and many distopian policies I've seen recently from Europe and the US) is creating the justification that many authoritarian regimes (esp. in Africa) have always hoped for to irreversibly break democracy and throw human rights out the window. I know we should be able to solve our own issues, but...we haven't, and this will realistically make it almost impossible to do now.