Comment by hakfoo

Also, the banks have proven themselves fairly inept at it.

The problem is that KYC, being a cost centre with no upside other than "it's imposed on us by law", immediately turns into a box-checking exercise.

The industry will barf up some terrible "compliance in a box" solution, everyone will use it, it will eventually get databreached, and the people who brought us Bulletproof Hosting back in the Viagra Spam era will come back with Bulletproof Rack Full Of Quadros.