Comment by TacticalCoder

Of course it is scary. This is totalitarianism plain and simple. Secret laws. Secret rules. All these do exist (not necessarily only for SARs, where the law is not necessarily secret) when they definitely should not.

The excuse "(but) This is very much the law." isn't much of an excuse.

Last I checked the numbers estimated that, worldwide, KYC/AML costs on business where more than $180 bn while only $12 bn of funds were frozen. And frozen do not mean confiscated: a part of these are unfrozen and rightfully returned to their owners.

So that whole totalitarian, dystopian, system is a gigantic net loss.

And for what? To please bureaucrats who can do nothing else but push papers, create laws and rules and put ever more burden on everybody else.

But the worse of it all is that it gives a perfectly valid excuse for banks to debank anyone they don't like: seen that they don't need to justify anything they can just say "we're sorry we cannot say anything".

Wait, no, that's not the worst of it all. In several countries in the EU like France and Belgium the local IRSes do basically run ads explaining how you can denounce your neighbor.

I've heard a number floating in floating (devs in charge of these systems do talk): 25% of all the self-employed people have had at least one SAR.

On my LinkedIn I see people proudly posting 3rd-reich stuff like "The previous chief compliance officer said there were weeks where they had zero SAR". Basically implying that the previous dude was not filling enough reports and that he was so happy to get the job so that he could run those numbers up.

Burn that entire system. Just burn it to the ground.

There is no moral justification to freezing the bank accounts of truckers in Canada.

I don't care that "this is the law". Laws should be about justice.

This has absolutely nothing to do with being just.