[ddon]

totally agree.. once my account on Revolut was blocked, without explaining why, and was kept locked for 6-7 months. during these months they asked all sorts of documents, and then they closed the account and the rest of the money which was on that account were sent to some strangers :) and again, without any explanations. now, copies of my documents are sitting somewhere on their servers waiting to be hacked and distributed to criminals, who will use them to pass through KYC :)

[malux85]

I had a similar experience as a false positive for fraud, it was enormously frustrating and time consuming to clear my name, often having to be very adversarial and threaten legal action to the companies, before they finally cleared me for what turned out to be a mistake on their end.

[bouncycastle]

Yeah, getting your details hacked is the scariest part. With these documents, criminals can breeze through any other KYC in an instant, pretending to be you.

Another thing with KYC is they are above all privacy laws, including GDPR. For example, services are not allowed to delete your private account details even if you close your account, for 5 years or more. Also, as an account holder, you are not allowed to know who your KYC details were shared with the government / law enforcement, and why. You are not even allowed to view the warrant (should there be one).