there are plenty of pointless poorly thought out protocols that have nothing to do with speculation of customer deposits
but do increase operating costs unnecessarily
but do increase operating costs unnecessarily
Such as some random reports banks are required to file to FinCEN. Just creates an infinite loop of paper nobody ever evaluates.
Some mandatory personnel a regulator requires, yet cannot realistic do their adversarial job in an at-will employment world.
There’s more.
FinCEN reports aren't related to bank failures, they're related to money laundering and other financial crimes. FinCEN means "Financial Crimes Enforcement Network." Banks file these reports because a number of financial crimes require the use of bank services.
And most agency personnel would outcompete you in an adversarial at-will employment world. They work for the government, for less pay, because they want to, not because they need to.
Yes the internal auditor of the government released reports of failed government policies, how did you read anything else
We're talking about bank regulations, not every failed government policy. It appears you're just trying to move the goal posts.
These are random documents sent to the government when some transactions over a certain dollar amount are done, ostensibly to help prevent money laundering, in practice just waste everyone’s time.
The Government Accountability Office has reported on this for 30 years. GAO reports are full of other examples too.
And don't most banking systems automatically generate a CTR based on the transaction ledger? It's not like a teller is filling out a form and faxing it.
Getting to that point took a very long time.
But its not that much more efficient on the FinCEN side.
The HSBC thing is also another example of how the rest of AML/KYC is not the best implementation. It is only as strong as its weakest link, while burdening all links in this fairly pointless exercise of whitelisting transactions, instead of tackling the actual regressive behaviors that are illegal.