European AML5

[nakisama]

Regulations, regulations, regulations.

The european union is good for the liberty it gives to its citizens for travel, work and live in other countries integrated in the same union but those working in the commission really come up with quite some stuff that I consider just another burden to justify their salaries....

As of this year a new Anti-money Laundering legislation is in place.

A summary here:

shorturl.at/grFS9

Basically, with the goal of pushing for electronic financial transactions, citizens are required to have a "2-factor validation" before a transaction is finally validated. I understand the measure but in some cases banks are not even allowing a simple low amount transfer go through without this 2factor validation.

User should be allowed to set their own rules with the liability being taken by the same user if finally something goes wrong...

I fed up of having to carry with me a physical token (yes, this still exist...) or an old bank generated matrix card.....

[LeGaulois]

This is not caused by the AML5 but the 'Payment Services Directive 2' in Europe (PSD2) which started in 2007 or 2008

 

Basically, with the goal of pushing for electronic financial transactions, citizens are required to have a "2-factor validation" before a transaction is finally validated.

Are you European? Because the thing is the 2FA verification exists since 2008, it's not something new. It's for payments online via debit card, it's called 3D secure https://en.wikipedia.org/wiki/3-D_Secure
It doesn't exist paying a POS or using ATMs of course

This is also concerning the bank transfers, to add a payee and to authorize the payment.  A security...
My bank doesn't send me a code, I need to use private keys that I'm the only one to own (not even my bank). But again this isn't something new in Europe

By the way, I don't click on shorten links posted in this forum, no way.