alt Hacker NewsKYC and AML are the most blatant attempts at subverting due process I’ve ever seen.
Instead of the government actually trying to catch money laundering, they just make 3rd parties like banks and payment processors judge, jury, executioner. Effectively giving them the power to decide who can do business. And if they decide you can’t, you have no recourse. If the government didn’t give this power to private companies, they would have to prove in court that you are doing something unsavory. And to people saying KYC/AML works, sure. HSBC was laundering billions and these guys know how to get around KYC. You’re just screwing over common people at this point and giving banks and financial institutions power to skirt due process.
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> the most blatant attempts at subverting due process
This seems so clear to me; KYC is an end run around the constitution.
But how do we stop it? If we legislate "no KYC" then what is my recourse when an imposter empties my accounts? You'd want it to be at least allowed.
But if we allow industry to require KYC "we will only deposit your pay to a verified bank account" then you may end up with de facto KYC if not de jure. But if you tell businesses they may not require it, it enables other kinds of fraud.
Legislation does not constrain people who will to do evil.
"Effectively giving them the power to decide who can do business." well it's giving the government the power to decide who can do business. The banks and merchants already had that power, but now they have additional legal risk of doing business with whoever the govt doesn't like.
Ever since 2020, I've seen more stores that won't take cash, and refuse to go there on principle even if I was going to pay with card anyway.