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A comment on 533M Facebook users' phone numbers and personal data have been leaked online. Parent comment

Re:533M Facebook users' phone numbers and personal data have... by bboreham on Sunday April 04, 2021 @03:22AM (#26687546)
Money-laundering rules make it illegal for banks not to know who the customer is. Also various anti-bribery and sanctions rules.
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Re:533M Facebook users' phone numbers and personal data have... by AnthonyMouse on Sunday April 04, 2021 @08:57PM (#26694304)
None of those rules are worth the cost. Identity theft, created by the concept of centralized identity, costs billions of dollars. Investigations of those other crimes are still possible without government-mandated privacy invasions by banks, and the privacy invasions are a huge cost in themselves.
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Re:533M Facebook users' phone numbers and personal data have... by bboreham on Wednesday April 07, 2021 @03:25AM (#26721440)
Maybe.

How would you feel if an investigation stalled when a bank said “we have no idea who these people are, or where the money went”?

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