Having moved and changed job recently, I had to waste a ridiculous amount of time contacting all the banks and brokers where I have an account to notify them of the change in personal information.
The amount of BS I had to go through is unreal: send proof of ID (multiple documents), sometimes a proof of new address and details about workplace (including a mandatory office phone number, different from my own cellphone, because clearly every desk at offices has one...). Via snail mail, each and every time. Because apparently email or even fax is still not a thing to some people. And lord help you if you have the gall to move countries while wanting to keep a bank account in the previous one - bank may decide that they will kick you out.
I think the whole circus has gotten even worse in recent years, while we are still not living the utopia of no drug rings, white collar crime, fraud and embezzlement.
Have there been actual independent studies showing any positive impact of the AML/KYC measures? Or is it, as I suspect, something similar to airport security - a lot of pain for no gain.
Submitted April 01, 2019 at 07:12AM by kaworu1986 https://ift.tt/2uDWNvS
