4 ms·
Perhaps the free government accounts could be exempted from that red tape, and be capped to a maximum turnover amount such that it isn't attractive to money lau
by piaste 3y ago
Perhaps the free government accounts could be exempted from that red tape, and be capped to a maximum turnover amount such that it isn't attractive to money launderers. Once your turnover exceeds that cap, you have to "upgrade" to a regular account with all the KYC stuff.
- Maxion 3y agoYep, that'd be the solution. The issue comes with the fact that these regulations are based on the "guidelines" set by FATF - which is a political organization and they make really idiotic decisions. To some extent I believe the larger financial institutions lobby for these regulations in order for them to not have to serve low income customers.