Aug 1, 2019
5 mins read

Why banks should not be responsible for KYC and anti-money-laundering

Preventing criminals from opening bank accounts and laundering money is obviously a highly desirable goal. The first line of defense in pursuing this goal today lies with banks – known as KYC (Know Your Customer, the verification of identity) and AML (Anti-Money-Laundering checks). This is because governments have conveniently outsourced this task to banks, dangling gigantic fines above them as an incentive. For several reasons, however, this is a mistake. Here is why.

This is a guest post by our good friend Tobias Baer. We hope that you will enjoy it!

Hristo Borisov
KYC And Anti-Money Laundering

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