Comment by yourapostasy

> ...an AML form that needs filling in if the sales go through...If that’s not overreach, I don’t know what is.

Absent a complete dismantling of AML oversight (and I do have empathy for those free market purists who want to wholesale toss out KYC and AML, but for now in practice we have to deal with what are on the books), these are difficult use cases to address. These kinds of edicts don’t usually say, “any retirees buying even economy cars must fill this out”, it is usually broadly applied like, “all car dealerships must do this for all transactions no exceptions”. And these laws are often a lagging reaction to various sham transactions uncovered as a result of crime busts.

Once you start weaving “reasonable” exceptions to address the overreach, the scammers start to come up with sham transactions that fit the exceptions filter. It’s a pretty fascinating problem.

There are many who would still object to a system where your mother doesn’t fill out a form. Instead her banking app pings her to confirm that she is purchasing a Yaris from the dealership (looking at the other comments here, it seems anonymous large transactions scattered through many people with otherwise clean records are a common laundering pattern, so metadata on the nature of the transactions might be one way to counter that kind of structuring, but alas that’s overreach for many), and uses her financial history in the background as the AML controls rails.

I’d love to see AML professionals participate in this thread to help us learn what they’re really facing. Assuming we have to put up with it for the time being, might as well design and make its implementation as low friction for lawful people as possible.