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How EU anti-money laundering rules threaten financial privacy

cross-posted from : lemmy.zip/post/60423023

EU rules regarding anti-money laundering, counter-terrorist financing and sanctions law (AML/CFT) have increasingly shifted responsibilities to detect crime from public entities to companies . AML/CFT law requires “obliged entities”, like banks, to collect large amounts of financial and other personal data about their customers.
The way banks implement these rules in the EU has led to a systemic negative impact on human rights, often because of over-compliance, risk-aversion and weak accountability. This has been the case in the Netherlands where, among large number of human rights breaches by banks, Dutch ING Bank has even publicly apologised for discriminating against its customers based on profiling.

How EU anti-money laundering rules threaten financial privacy - European Digital Rights (EDRi)

Privacy First is drawing attention to the risks to financial privacy and fundament rights arising from the European Union’s anti-money laundering and counter-terrorist financing (AML/CFT) framework.

^{European Digital Rights (EDRi)}

#privacy

in reply to schizoidman

Matt

in reply to schizoidman • 3 weeks ago • •

FYI United States isn't in the Common Reporting System and FATCA applies only to Americans.

::: spoiler Not an financial advice
So if you want to, you can look up how to make an Delaware LLC if you're European and how to make a bank account for it and do it.
:::

Also just use plain old cash if you don't want to do this. There's nothing wrong with it.

U.S as a secrecy jurisdiction

^{Contributors to Wikimedia projects (Wikimedia Foundation, Inc.)}

This entry was edited (3 weeks ago)

in reply to Matt

JustEnoughDucks

in reply to Matt • 3 weeks ago • •

They are trying to get rid of cash here. Bancontact in the Benelux is literally trying to do away with all cash exchange.

They have paid ( I assume since it all happened within a few months across many banks)/caused hundreds of banks to simply not accept cash input anymore at their ATMs and take out their ATMs entirely and built entirely new Bancontact ATMs everywhere that don't accept any cash input, only output.

My girlfriend (cafe owner) has to drive 20 minutes to deposit cash income.

So essentially, they are trying to force businesses to not accept cash at all anymore if they make it inconvenient enough. Then everything flows through Pepol, and everything has to be paid via Bancontact and they will have a cut of literally everyone across multiple countries' income as profit doing nothing but bribing politicians and banks.