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We have similar problems in the UK. Lots of extra paperwork for small businesses and individuals, very little impact on big crime that was supposed to be the ta
by graemep 2mo ago
We have similar problems in the UK. Lots of extra paperwork for small businesses and individuals, very little impact on big crime that was supposed to be the target. Just opening a bank account can be a pain, and more so if you are living abroad (whether a citizen or not).
- pseudohadamard 2mo agoIt's pretty much everywhere after the US forced any banks with any business dealings in the US, which in practice is all of them because of how international banking networks operate, to sign up to all this crap as well. So you've got organisations like Amazon, a USD800 billion company, happily laundering their (absence of) tax payments overseas with no repercussions while Granny Smith has to fill out AML paperwork when she sells her crocheted tea cosies through an online shopping site.
- graemep 2mo agoThe UK has also been very keen on it itself. UK law is at least as bad as the requirements imposed by the US. A lot of other countries are better.
- Ferret7446 2mo agoThis is just all/most regulation in a nutshell. The cost of compliance is regressive, like how the process is the punishment in legal matters.