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In practice, KYC does little to stop any of that — but does do a lot to enable mass surveillance and oppression.
by zmgsabst 8d ago
In practice, KYC does little to stop any of that — but does do a lot to enable mass surveillance and oppression.
- HighGoldstein 8d ago> In practice, KYC does little to stop any of that Source? The fact that it's not infallible doesn't mean that it's ineffective.
- zmgsabst 8d agoThey route through all kinds of intermediaries that handle the banking by proxy — eg, as we saw in the Panama Papers and similar leaks. Reporting $600 in CashApp isn’t about stopping cartels, terrorists, etc; it’s about harassing sex workers and street dealers, profiling side businesses, etc.
- miohtama 8d agoHere is a good book on the topic of ineffectiveness of anti-money laundering: https://www.amazon.com/dp/B0DVLLL1X3?lv=shuf&channelId=500&plpRedirect=mhFallback https://www.amazon.com/dp/B0DVLLL1X3?lv=shuf&channelId=500&p... Podcast if you do not want to buy the book: https://www.bloomberg.com/news/videos/2026-09-08/odd-lots-why-money-launderers-love-100-bills-video https://www.bloomberg.com/news/videos/2026-09-08/odd-lots-wh...