>> February 24, 2020
>> Blog Post #30
KYC rules have been around for a while. You probably feel that you have more or less always known them, if you are under 40 years old. But KYC is pretty much a product of the 21st century. And a few recent decades of the internet have turned it into a FAT set of data.
Names, birthdays, addresses, social security numbers, etc.…. the amount of data collected on an increasingly large population is staggering.
The fact that some companies have specialized in this field has created champions, corporations that collect highly personal data of millions of individuals.
I am pretty sure that a lot of processes could be conducted without KYC, as I personally fail to believe that AML/KYC laws do any good at all and that the rhetoric of it being useful to fight against terrorism is nothing more than a lie.
But this data is of great interest to thieves and having it all handled and protected by centralized companies is a recipe for disaster when they are breached, and they all end up being breached….
These breaches are getting bigger and bigger. The organizations behind the attacks are often state sponsored as we just learned in the Equifax breach.
This will not end well. It is time people started looking at KYC / AML regulations as a major attack vector against innocent individuals.