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Yeah. I had always thought these AML/KYC stuff were just governments/people in power expanding their arms into normal people's lives. I still think they mostly
by raincole 1y ago
Yeah. I had always thought these AML/KYC stuff were just governments/people in power expanding their arms into normal people's lives. I still think they mostly are, but after learning how much fraud is happening, I'm not sure what a better solution would look like.
- dcow 1y agoStrong digital credentialing—something the web has been surprisingly allergic to.
- rcbdev 1y agoIf you actually stop and consider the culture and ethos surrounding the advent and spreading of the Internet, it's not surprising at all.
- tgsovlerkhgsel 1y agoBecause we've seen that as soon as it exists, it quickly becomes required for ridiculous things that shouldn't require any kind of authentication, either by data-hungry companies that want to better exploit their users, or by control-hungry governments. Until that is solved, I'd argue that the benefits are not worth the costs.
- raincole 1y agoUh... it existed in South Korea at some point. And what happened next was exactly what everyone predicted: mass privacy data breach.
- lotsofpulp 1y ago>I'm not sure what a better solution would look like Federal government provided electronic money accounts and transfer systems, along with federal government provided identity verification APIs, where the fraud requires defrauding the government. Basically, a government utility. They do it with passports, why not with digital travel? Obviously, this has to go hand in hand with constitutional inalienable rights to protect people's access to electronic money accounts and identity verification.
- jimnotgym 1y agoKYC is just box ticking by the bank, so they can claim to the government that they did try to stop money laundering.