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Comment by coliveira | Hacker News Reader

No, Azure is not gonna save you. The problem is that the US is a country in legal disarray, and they also pretend that their laws should be applied everywhere in the world. I feel that any US company can become a liability anywhere in the world. The Chinese are now feeling this better than anyone else, but the Europeans will also reach the same conclusion.

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The US forces their laws everywhere and it needs to end. Everywhere we go, the fintech industry is really fed up with the US AML rules which are just blackmail: if your bank does not comply, America will mess you up financially. Maybe a lot more should just pull out and make people realise others can play this game. But that needs a USD collapse, otherwise it cannot work and I don't see that happening soon.

AML and KYC are good things for almost everyone except criminals and the people who have to implement them.

Agree, and for the people who implement them -- yes, it's hard, it's annoying but presumably a well-paid job. And for the (somewhat established or well-financed) companies it's also a bit of a welcome moat I guess.

Most regulation has the unfortunate side effect of protecting incumbents. I'm pretty sure the solution to this is not removing the regulations!

and the people who have to open a bank account and get some ai denying them even they never did anything. or having their account blocked because something triggered and then have to fax over 10 documents to prove stuff the bank already has known always as the person has been with the bank for the past 40 years etc.

sure, theoretically kyc and aml are good, the implementations all suck.

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