I've worked in fintech for 30 years. I've never seen a product that was intentionally "only pretending to be compliant" with laws.

I've seen accidental non-compliance. I've seen what I would call negligent compliance, where a company attempted to be compliant but didn't meet full, correct compliance (one example I've seen is that a company assigned resources to compliance and forgot to increase resources as workload increased, causing them to be increasingly behind on compliance work), but I've never seen a company that just decided to pretend to be compliant knowing that they were not.