Are there any research into how much of estimated amount of money laundering the banks actually uncover with their insane KYC policies? Probably hard to get specific numbers but there must be some research into this?
AML/CFT laws make you less safe. Not more.
In 2022, 78% of European banks experienced a data breach. Yet AML/CFT laws continue to attempt to mandate increasing amounts of data collection, from IP Addresses to social media activities. This data is routinely targeted, exploited, and sold on dark markets.
In honor of gigabrain takes like "We NeEd SuRrVeiLlAnCe To FiGhT CrImE", this Rage Weekly I compiled a list of 40+ recent data breaches involving the leak of personal data – just in case anyone tries to tell you that increased surveillance leads to an increase in security.
Full list 👉 https://www.therage.co/rage-weekly-data-breach-special/
Discussion
I'm sure I read somewhere that it was ridiculously low
Me too, just don't know where I read it
There's some links here
https://primal.net/e/note1e0h4ysn5nlp0y0m58w5umux44qjqm23zz88pnykgh2tz85ku8htq90zwp3
Rough estimate is 2-5% of global GDP, of which 99% goes unconfiscated in the EU – don't know about US but I expect those are similar numbers https://www.europarl.europa.eu/RegData/etudes/BRIE/2021/698862/EPRS_BRI(2021)698862_EN.pdf
lol, how can anyone justify the KYC policies with such low results?