Comment by AnthonyMouse
1 year ago
You seem to be conceding the point that they would be forced to invade the privacy of their US customers in addition to just foreign ones.
1 year ago
You seem to be conceding the point that they would be forced to invade the privacy of their US customers in addition to just foreign ones.
True, I guess I wouldn't call it invading privacy, that's sounds a bit overwrought to me. Then banks invade my privacy, the DMV invades my privacy, etc. There's always tradeoffs, I respect people's concern about them, and I wish there was a gentler to say it.
> Then banks invade my privacy, the DMV invades my privacy, etc.
That is a reasonable and factually accurate statement.
> There's always tradeoffs, I respect people's concern about them, and I wish there was a gentler to say it.
The tradeoff here is astonishingly bad. Studies have shown that AML/KYC have an effectiveness of less than a fraction of one percent. They continue to proliferate because their largest costs fall on the users rather than the companies, so they're the thing that large corporations suggest as a "solution" when they're being pressured to do something. Because people have the perception that it will do some good, even though that perception is inaccurate.
In reality what they do is provide a means to satisfy "something must be done" in a way that dumps the costs on marginalized users instead of politicians and corporations.
I had to look up what "effective" means in this context, found a couple crypto blogs using it as a talking point citing a 2011 UN study, the study says less than <1% of money laundering proceeds are confiscated worldwide, nothing about the laws. Money laundering is defined as an estimate of any money from illegal activity, including tax evasion.
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Yeah like me. I will not be able to use the internet anymore, litterally.