At least where I am (in Sweden) that would require scaling back the amount of paperwork banks feel they need to “KYB”. Opening a bank account today requires about the same amount of paperwork as a loan application 20 years ago. You have to submit a business plan with a SWAT analysis. I kid you not.
That's shocking! I guess regulators haven't loosened up in Sweden. Curious how a business plan is relevant for opening a bank? (loans make sense ie feasibility/risk to repay etc.).