Unpopular Opinion: KYC is an ineffective means to catch cash laundering and crime, and creates an ethical hazard of all the info of harmless folks caught within the dragnet. That knowledge might be stolen and used in opposition to harmless folks. The paradigm creates extra crime than it stops.
— Bob McElrath (@BobMcElrath) October 24, 2019
See the right evaluation of this information is that AML/CTF and KYC do not work. They are going to by no means work as a result of they attempt to management the *device* not the *legal act*. It is not the cash that’s illicit, it is the usage of that cash to commit crimes.
— Andreas (@aantonop) September 21, 2020