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> Are you similarly against KYC rules when it comes to people trying to exchange scrap bundles of copper wire they "found lying around" into cash? I'm against
by lmm 3y ago
> Are you similarly against KYC rules when it comes to people trying to exchange scrap bundles of copper wire they "found lying around" into cash?
I'm against them if they're opaquely administered by private entities, yes. That's guaranteed to be abused. The problem isn't having rules, the problem is having no due process and no oversight or recourse.
- Terr_ 3y agoIt seems to me you don't want less-legislation as much as different-legislation. In a "hands off" scenario where the only only factor for companies becomes "avoid losing a civil lawsuit for Failing To Do Enough to stop a criminal you assisted", they will still create an opaque system with no due-process/oversight/recourse. They will do that by default, because it's cheaper.
- lmm 3y ago> In a "hands off" scenario where the only only factor for companies becomes "avoid losing a civil lawsuit for Failing To Do Enough to stop a criminal you assisted", they will still create an opaque system with no due-process/oversight/recourse. They will do that by default, because it's cheaper. I can understand the theoretical argument that they would. But in reality they didn't prior to the (relatively) recent AML laws, and other entities not subject to those laws largely don't.