I'd like to propose some changes to KYC/AML rules. Criminals have been known to use their ill gotten gains to eat at restaurants and shop in grocery stores. I guess criminal activity can work up an appetite. It is incumbent upon restaurants to ensure that the money their customers are paying has come from legitimate sources. All restaurants should ask for ID and a utility bill before serving customers. They also need to ask their customers for their employer information and annual income. Self employed customers can produce a business license or other such documentation to prove the legitimacy of their income. Grocery stores also need to comply with these rules but in addition, grocery stores should ask for social security numbers as well. Maybe then we can protect children and fight Al Qaeda ISIS.
Government AML regulations put the burden on financial institutions, not regular businesses. Many banks are choosing not to accept anonymous cash deposits into bank accounts... such as JP Morgan Chase, which now only allows people to deposit cash into their own account.
Any cash deposit or cash withdrawal of more than $10,000 is required to be reported to the Federal government.
Right sir, I think KYC and AML again drag us into classical financial system. The vision of Bitcoin creation is to provide freedom from present financial ecosystem. But instead we need a Blockchain based solution which is alternative present KYC system.
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