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by ExoticPearTree
787 days ago
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> KYC is in no way any kind of problem that needs to be fixed, it's a necessary and Actually Good feature of any sufficiently broad financial system. I disagree with this because it breaks the notion of innocent until proven guilty that is the cornerstone of a fair justice system. If the bank has any suspicions about where you get your bags of money that you deposit daily, they can inform the police and the police, without questioning you about where you get your money from, must prove that you are doing something illegal. KYC and all other legislation of the same kind put the burden of proof on you to prove you're a good citizen. And this is wrong on so many levels. |
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KYC is about establishing identity, not establishing innocence or guilt or goodness or badness. You don't get to participate in society anonymously. That's a feature, not a bug.