The US forces their laws everywhere and it needs to end. Everywhere we go, the fintech industry is really fed up with the US AML rules which are just blackmail: if your bank does not comply, America will mess you up financially. Maybe a lot more should just pull out and make people realise others can play this game. But that needs a USD collapse, otherwise it cannot work and I don't see that happening soon.
AML and KYC are good things for almost everyone except criminals and the people who have to implement them.
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.
Most regulation has the unfortunate side effect of protecting incumbents. I'm pretty sure the solution to this is not removing the regulations!