[jpc0]

> The relationship was established decades ago and they accept money and direct deposit still with no KYC.

Having just gone through the annual KYC checks required by my bank/s I don't think this opinion stands universally.

Can also confirm to open an account I need to provide a live selfie and verifiable government ID.

[lII1lIlI11ll]

> Having just gone through the annual KYC checks required by my bank/s I don't think this opinion stands universally.

What is the "annual KYC check"? Your bank is afraid you became someone else during the year or what?

[rockskon]

Asinine requirement by whatever risk management firm they use. A selfie provides nothing in terms of lasting security while simultaneously adding permanent risk.

[roysting]

Have you ever considered that it’s a front? You may think that store that never has customers is just run incompetent business people, but in reality the real objective is not the one you believe it to be, and it’s actually great if you were to refuse understanding that.

[rockskon]

I've found that framing topics like this as primarily a pretext for different motives is a sure-fire way to be ignored by people you may want to convince.

As always, the goal in convincing others is to take someone from their current understanding and bring them closer to yours. You can't get there if you don't start the topic at their current understanding of it.

[jpc0]

Exept they do actually do facial rec against the government database, to my knowledge anyways.

This is a requirement for two different banks I have, very likely for the rest as well.

Doing the live selfie route I don't need to provide tons of other documents.

For banks without the live selfies I need police certified docs for ID and address.

And the big thing for KYC every year is proof of current residence.