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!