3 ms·
> foreign providers are under no such obligation What happens with foreign financial institutions which don't implement KYC or otherwise play nice? I'm really
by saxonww 3y ago
> foreign providers are under no such obligation
What happens with foreign financial institutions which don't implement KYC or otherwise play nice? I'm really asking; I remember when I was young that "swiss bank accounts" were famous for shielding account owners, but my understanding is that's no longer the case.
My first thought here was, what happens when the US decides that network providers doing business in the US must blackhole Hetzner or whatever because they aren't implementing KYC.
- costco 3y agoI mean, it's conceivable that could happen down the line but it would break most of the current Internet. Also the rule explicitly says its for US providers. However, the government really loves the extraterritorial enforcement angle as of late so I get the feeling they'll eventually try to apply it to foreign subsidiaries of US companies.
- justapassenger 3y agoIt’s typical native tech thinking that legal issues can be solved by technology. USA has a lot of experience how they can influence foreign providers by making it increasingly difficult for them to do business with any USA entities. It’s not bulletproof, but nothing is. As long as USA has dominant position in the world, their influence is huge.