Bad for Business: How KYC/AML Makes Everyone a “Terrorist” | WHAT REALLY HAPPENED

Bad for Business: How KYC/AML Makes Everyone a “Terrorist”

By Graham Smith

Two reports from risk solutions group Lexisnexis assert that anti-money laundering (AML) and know your customer (KYC) policies can negatively affect a business’s bottom line and customer service significantly. A recent trip to the local post office for a money order certainly had a negative effect on my own experience, thanks to the same regulations, which make paying customers feel like they are suspected terrorists just for doing business.

Everyone’s a Suspect

A recent visit to my local post office here in Japan, to get a simple USD money order for a passport, opened my eyes to just how far the KYC/AML freight train has already progressed...

Comments

SHARE THIS ARTICLE WITH YOUR SOCIAL MEDIA