The most important countries in the world are democracies. Even if the demos is occasionally influenced by poor arguments, the laws made are valid anyway. And the laws say (simplifying) that those who carry out money transfers have to take reasonable precautions against money laundering. Details vary, particularly wrt what's reasonable.

"Doing nothing" isn't reasonable though, and the people has decided. Calling the people's arguments puerile or useless makes no difference.

We don't generally speak in insults here.

just a description