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they are already public service-ing through KYC and SAR (suspicious activity report) I have brutal firsthand experience of how compliance cripples commerce (si
by pas 3y ago
they are already public service-ing through KYC and SAR (suspicious activity report)
I have brutal firsthand experience of how compliance cripples commerce (simple wire transfer between EU member states 2 months of oops wait a bit compliance).
- snotrockets 3y agoNo, the public service is having a banking system. KYC and SAR are part of the costs we ask the banks to pay for getting the almost-literal license to print money. Just like we can require them to use people's correct name.
- pas 3y agopardon my irony. what I wanted to point out is that the public service thing the current retail banking system does is surveillance, and it's very effective at it.