All KYC (Know Your Customer) and AML (Anti-Money Laundering) laws and regulations should be ABOLISHED.
Financial privacy is extremely important to both individuals and businesses, and these laws and regulations burden individuals, businesses, and financial service providers with onerous regulations that they must comply with, creating massive inefficient bureaucracy, stifling economic growth, and creating great risk of unwelcome disclosure of personal, business, and financial information when these vast stores of data are inevitably breached.
Furthermore, these laws and regulations do very little to detect or prevent the very thing that they intend to; fraud and abuse. In a nutshell, these laws and regulation cause extreme burden for negligible benefit.