As someone working in the financial industry, I can confirm that KYC requirements imposed by the EU are kind of nuts for every financial institution. Not only because (to some extent) they harm privacy beyond any reasonable suspicion that someone can commit money laundering, but the fact just mentioned creates a very dangerous way of thinking. Basically, European policymakers are telling financial institutions: “operate as if all your clients are fraudsters, even if there’s no reasonable proof of this fact”. I find this deeply disturbing, and borderline disgusting to be honest.

That is very shallow analysis and poor reasoning. For better reasoning make a counterfactual analysis.

What happens in the case of not doing an intervention? Perhaps not doing an intervention increases criminal liquidity flow 1000x and it's still net positive to make an intervention?

KYC/AML only benefits the King's friends (Exchanges with lobby) and the State itself

Realizing I accidentally posted the Worldwide chart...yeah that's really REALLY bad too

Here's the EU specific one though https://substackcdn.com/image/fetch/w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F59b7f890-a67f-4bbe-baab-ce6f0f5dce2b_2039x1006.png

"They wanna know what you think, wanna know what you do, and they don't think you know, but I know that you do"

I find it amazing that KYC/AML proponents never seem to feel the need to show evidence that it works, and perhaps more so the fact that everyday plebs don't demand that evidence.

The reason for these "regulations" are just marketing lies. The truth is they want control. I dont beleive that stopping criminals is even the goal. Thing is, the biggest criminals are the governments and their corporate overlords.

3 simple reasons:

Devils advocate: What are the second order effects of the criminal activity? Some of that confiscated money could have funded additional Hamas attacks, for example. Or get North Korea to a nuclear warhead faster etc etc. The proponents of AML probably don't consider this chart to be an indictment on their performance.

crazy, the grift is real

Bravo :) applause for the great work

They don't deserve to be bitcoiners either, enemies of the human race

you got that ALL wrong buddy

AML KYC is not aimed to stop criminal money,

Its all about knowing who is allowed to keep running dark money and who is not..

Like the Epstein client list.. No one got caugth

I believe Saifedean frames it in these terms: Essentially, when you observe how much harsher the sanctions are for threatening the State compared to those for individuals threatening each other, you realize that their claim of wielding "legitimate violence" is actually a means to protect themselves from resistance to their organized theft, rather than to safeguard citizens.

This is particularly true in the predominantly socialist countries of Western Europe. Here, people occupying empty houses (at least in France) are often justified by law, because "they need a roof." Meanwhile, dangerous criminals, rapists, and murderers are released quickly and roam the streets freely. On the other hand, there are laws that prohibit and penalize drawing parallels between taxes and theft. Encouraging tax evasion, money laundering, and tax fraud are punished more severely than crimes committed by pedophiles and murderers etc....