36 sats \ 0 replies \ @Krv 29 Jan
KYC has no other goals than trying to make it harder to avoid or evade taxes, and control all monetary rails. Everything else is a cover story. KYC works for these real goals, not their stated ones.
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Preaching to the choir here, it was wrong then (when it started) it is wrong now. I doubt it prevents crime, it perpetuates it.
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One rule designed to flag suspicious activity was disabled by the bank because it created too many alerts
That's the result of creating laws that are too broad and vague, laws which put legitimate, everyday transactions under excessive scrutiny. These laws are designed to be ignored, because they're designed to be applied to anyone the state decides it wants to label a criminal.
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