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.
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.
