Summary
TLDR: The author argues that the current AML/KYC regulations are ineffective and costly, and should be replaced with a more efficient and technology-driven approach to combat money laundering and financial crimes.
Key Points
1. AML/KYC regulations are costly and time-consuming for businesses to comply with.
2. These regulations can be overly intrusive and infringe on individuals’ privacy rights.
3. There are alternative solutions, such as blockchain technology, that can provide better security and transparency without the need for AML/KYC measures.