3 ms·

Fighting crime should not be a bank problem. Putting this burden on banks is a thing pretty unique to the US. Not sure why anyone would be surprised to find ou

• cromulent 2y ago
  It's not at all unique to the US. The EU has AML/KYC legislation, which pushes the burden down through the banks to the customer.
  • Aspos 2y ago
    Kind of true, yes, in theory, because FATF is largely controlled by the US and it enforced US-style rules to the rest of the world. However, on the practical level AML/KYC works differently outside of the US. Regulator would create well-defined criteria for banks to execute: To onboard a customer bank must do this and this, check that field against that record. In the US regulators just washed their hands and placed the burden on banks: banks must make all the "reasonable" efforts to "know" their customer and what is is deemed "reasonable" varies across banks, branches and even individual clerks.