Re:Dubai real estate data leak – Exposes criminals, official...
by vkou on Tuesday May 03, 2022 @05:06PM
(#31253598)
So, it's wasted double-digit minutes of my life, at most. It added one single step to the many tedious steps of onboarding.
> It will waste your time when you want to do anything like borrow especially for a mortgage,
The Augean amount of random bullshit you have to shovel when buying a home absolutely dwarfs the KYC compliance component of it. It's not a meaningful impediment to owning property.
> trying to transfer the stock shares directly instead of selling them first.
Transfer from where to where? One brokerage to another? What gain is there for me in doing that? Could you quantify roughly how much money I'm leaving on the table from not doing this? Where would this money come from?
> It will waste your time when want to invest in other things like a private equity fund or directly into someone else's company.
If I wanted to do that (Can't say that I do), and even if AML/KYC weren't a concern, accredited investor requirements (which I meet, FYI) would require me to jump through the exact same hoops to do that.
You're not making a convincing case for how AML/KYC is materially harming me. It's just one of a million procedural checkboxes that my counterparties ask me to meet, in order to lend me money, or take my money.
I've wasted an order of magnitude more of my life on hold with Comcast, than I have on this. If there's a vast conspiracy to keep me poor, AML/KYC is doing a piss-poor job of it.
> It will waste your time when you want to do anything like borrow especially for a mortgage,
The Augean amount of random bullshit you have to shovel when buying a home absolutely dwarfs the KYC compliance component of it. It's not a meaningful impediment to owning property.
> trying to transfer the stock shares directly instead of selling them first.
Transfer from where to where? One brokerage to another? What gain is there for me in doing that? Could you quantify roughly how much money I'm leaving on the table from not doing this? Where would this money come from?
> It will waste your time when want to invest in other things like a private equity fund or directly into someone else's company.
If I wanted to do that (Can't say that I do), and even if AML/KYC weren't a concern, accredited investor requirements (which I meet, FYI) would require me to jump through the exact same hoops to do that.
You're not making a convincing case for how AML/KYC is materially harming me. It's just one of a million procedural checkboxes that my counterparties ask me to meet, in order to lend me money, or take my money.
I've wasted an order of magnitude more of my life on hold with Comcast, than I have on this. If there's a vast conspiracy to keep me poor, AML/KYC is doing a piss-poor job of it.