The idea that politicians should know how citizens spend their money is a new and deeply flawed idea.

An entire generation has been fooled into thinking this is a necessary part of finance and the world continues to double down on an unworkable system.

Only 30 years ago when I started my career as a stockbroker/ financial advisor I could call you on the phone and sell you MSFT or IBM stock and I did not need your DOB or your social security number.  You didn’t even need to have money in the account.

The 1990s to the post 9-11 Patriot Act (which was a horrible law) saw a radical increase in AML /KYC requirements.  These seem to get worse every year.

In my office when we were first required to take a drivers license, the older brokers were incredulous:  “What do you mean we need an ID for someone buying stocks?!?  What’s next, you need an ID to buy gas or groceries?”

Politics_And_Law

econ

Bessent Pressures Banks to Review Immigrant Accounts (TheRage, L0la)

denlillaapan

> It’s time to scrap AML / KYC entirely.
> 
> The idea that politicians should know how citizens spend their money is a new and deeply flawed idea.
> 
> An entire generation has been fooled into thinking this is a necessary part of finance and the world continues to double down on an unworkable system.
> 
> Only 30 years ago when I started my career as a stockbroker/ financial advisor I could call you on the phone and sell you MSFT or IBM stock and I did not need your DOB or your social security number.  You didn’t even need to have money in the account. 
> 
> The 1990s to the post 9-11 Patriot Act (which was a horrible law) saw a radical increase in AML /KYC requirements.  These seem to get worse every year. 
> 
> In my office when we were first required to take a drivers license, the older brokers were incredulous:  “What do you mean we need an ID for someone buying stocks?!?  What’s next, you need an ID to buy gas or groceries?”  
> 
> [...]

https://xcancel.com/brucefenton/status/1683835825988177923