And if you don’t collect that data, criminals and scammers will use free access to banking system to fund their scams and crimes. Letting people drive cars will obviously lead to accidents and deaths, that’s not a reason to outright ban people from driving. Just like risk of data branches is not a reason to outright call KYC evil.
I certainly don’t call that evil. There are many laws that exist solely to help law enforcement, they aren’t automatically evil.
You’re just confirming what I’ve written: Problems are companies who nickel-and-dime on security. And yes, we need punishments for data breaches. This has nothing to do with KYC laws being evil. It’s just OP being a money launderer.
Criminals also have great time with knives, or rope, or crowbars. Not reason to say all those things are evil. Problems are companies who nickel-and-dime on security.
Nothing evil in preventing funding of criminals. GTFO with this sensational subject line.
PS. To clarify, because there is some confusion, I’m referring to OP using post title starting with: ‘If you had any doubts that Know-Your-Customer laws were evil,’
I have no issues with the article. I have issue with the post which calls KYC laws evil. That’s what sensational (though maybe a different word would fit better).
PS. Oh, I see. You came from the recent cross-post at Australia. Observe that poster there used an objective title giving straight numbers. OP here used a completely different title.