About KYC.
From the standpoint of companies, KYC makes a lot of sense. They don't want to accept money that is (potentially) stolen, linked to money laundering by criminals, terrorism or other bad source of origin.
Plus, their owners are under direct or indirect threat of getting sued or having to serve jail time for not applying KYC.
From the standpoint of consumers however, KYC can be perceived as a disproportional measure- even a psychological humiliation ritual -, designed by bureaucrats, to attack the human right to transact freely and preserve privacy.
KYC policies can also be perceived as inherent evil. Because it is reversing the burden of proof, it intentionally makes everyone a criminal by default, unless one can proof otherwise.
KYC actively attacks human rights activists and whistle blowers from receiving funds so they can fight legal battles or survive when states go rogue.
Reality is, only 1-3% of global trade is linked to crime or money laundering, and in many cases it can directly or indirectly linked to corrupt states.
So, this leaves a sobering reality, that 97% of the global population must suffer, because of a few bad actors. This is in direct attack with the proportionality principle.
Why are we still pretending KYC protects consumers or that it is good practice?
KYC stifles innovation, it hinders the speed in which humans can transact.
KYC is based on fear instead of trust. Its even a business model.
KYC is anti human.
From the standpoint of the state, KYC makes totally sense. Because most states embraced the control system, instead of principles of a free society.
1984 bites, many business owners, including myself, are internally conflicted.
At the same time, nobody really seams to really care.
Problem is, all roads from KYC lead to tyranny because everyone can be controlled.
Fuck.
Good morning by the way.
GM. Great rant! The actual grey economy supposed to be 35% no?
There’s a more simplistic view. Look at the money laundering that was “discovered” in the Baltic states. I think it was Latvia if I remember. It was more than the fucking GDP of the nation. KYC is control and only control. Nothing more, nothing less. We should definitely never justify or argue. The numbers from that country make it clear as day. It’s control whilst those who can, launder what they want. Just like the Ukrainian numbers plates in Monaco on high end cars paid by Americans and Europeans. Scummerry!
/rant2 over
PV. Have a great day
Thank you, great addition
Pleasure. Was always agravated with this shot. Working offshore in multiple currencies and moving countries, the only banks that could actually provide a service for me were offshore banks. Actually had a great one in Gibraltar. Seriously as nits as it sounds for a bitcoiner, they were brilliant and provided excellent service. Then I get a phone call asking me to close the account. Really apologetic:
"You'll have 3 months sir. Unfortunately the sheer volume of compliance paperwork for EU CRS regulations means we went negative in a couple of months due to the additional staff and we've realised it's let go of non resident clients, or simply close the branch. We are very sorry for the inconvenience". One of the few times that the incinvenience comment sounded authentic. The KYC stuff needs to stop. It's a productivity killer.
GM
kyc IS the illicit activity
Good morning, quite a long one though 🫡
What is worse than KYC? KYC combined with government agencies 👌
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