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How does removing excessive regulation help this scenario? In what you describe the difference would be that HSBC doesn't get fined and neither HSBC or Revolut
by lang_agnostic 1y ago
How does removing excessive regulation help this scenario?
In what you describe the difference would be that HSBC doesn't get fined and neither HSBC or Revolut does any check. How does that help?
- m101 1y agoThis scenario has happened because of the regulations that banks have to follow. They freeze accounts and check payments more frequently now given the extra scrutiny demanded of them.
- lmm 1y ago> In what you describe the difference would be that HSBC doesn't get fined and neither HSBC or Revolut does any check. How does that help? It would mean HSBC and Revolut would compete on a level playing field, and so would their customers, and ordinary businesspeople like OP wouldn't get randomly screwed. (And sure, maybe a little more "money laundering" would also happen. But at this point the anti-money-laundering-financial-industrial complex has done far more harm to society than money laundering ever did)
- m101 1y agoyes. there exists a culture of "safetyism" that burdens society with excessive costs relative to the benefits achieved. This is, of course, starting from the (dubious) assumption that the stated objective of the regulation is the true purpose, rather than safety merely serving as a convenient, secondary goal.