Edan Yago has published an article that should interest most everyone involved in finances, including banking, investments, crypto-currencies, and even private investors. With a career in finance and crypto-currencies, he knows the subject well.
Yago suggests that Know-Your-Customer and Anti-Money-Laundering Laws are responsible for both good things and evil. His article focuses on evil side. He states that these laws are responsible for turning banking and financial institutions into an unofficial secret police. Further, he believes the result is this Big Brother surveillance causes one entire country, Somalia, to starve and that many innovative products and solutions never came to be because they did not fit, or could not afford, the current compliance regime.
He also asks:
“How many services died because they could not get banking? How many startups withered because they were forced to spend precious capital on lawyers, lawyers and more lawyers?
“How many fintech alternatives could not begin to operate because they could not get licensing? How many alternatives to banking would the poor, the young, all of us, have if financial companies were not forced to be an unofficial arm of law enforcement?”
This interesting article may be found at https://tinyurl.com/yca7oofn.
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Categories: Legal Affairs
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