The only thing that you are right about about is that it's a bunch of bullshit.
But the act has passed, so you can keep saying that companies outside banks aren't legally obligated to do kyc.
the fact is that they are Or at least will be by 2024.
And how te act will be implemented legally is yet to be seen. But if you read it it's formulated in a way that a government pretty much can make any company that pays someone to do KYC.
ANd that banks don't require kyc from someones customers is WRONG they have already been doing that in Europe for the past two years. We have accounts in Europe, USA and Aruba.
In real estate. last year we sold a house in Aruba to someone from the USA. everything was arranged. He had the money. 600000 dollar blocked by the central bank of aruba.
Because transactions of that amount require our company as seller of the house, to provide OUR bank
With source of wealth from the buyer.
Mind you the US buyer did NOT finance the house through an Arubian bank. He arranged that in the USA.
Still our bank by law was not allowed to clear the transfer unless we provided compliance info from the buyer.
Of course the buyer said fuck off , I'm not gonna give you that info!
But don't say just because in USA the laws are different, that in all other countries it has to be the same. Because it's NOT.
And i hope it won't pass over to the USA. but I'm pretty pessimistic about that