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If you had any doubts that Know-Your-Customer laws were evil, here is one very good reason: personal data of 1 BILLION people just leaked. (cybernews.com)
submitted 6 months ago by to c/technology@lemmy.ml
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[–] 2 points 6 months ago (1 child)

I'm uninformed about this, but do KYC laws come into effect at some profit point or are they globally enforced. I don't see how any small businesses could possibly afford a 3rd party audit, or how that would even scale. I agree it's necessary, but logistically it seems problematic.

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  • [+] 2 points 6 months ago* (last edited 6 months ago) (1 child)
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  • [–] 1 point 6 months ago

    Ah, makes sense it would be targeted twards banking and financial businesses specifically. Better pinch point than some random commerce. In that case audits would be less problematic, though I'm not sure why outsourcing this data is even an option with the current rules. It's not like a business can be completely hands off in the acquisition or processing of that info.

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