Is KYC a Big Deal or Not?

7 Reasons why you might want to be discrete

Photo by Kristina Flour on Unsplash

Know Your Customer (KYC) is an anti-money laundering guideline imposed by regulators on banks and financial institutions that aims to curtail anonymity and tax avoidance among users of these services.

While in principle this is a good thing (if you are an honest citizen, that is), in reality, it can be problematic due to privacy and security…