>KEY COMPONENT - KYC (KNOW YOUR CUSTOMER - A FULL SPECTRUM CHINA STYLE CONTROL MECHENISM
Basel III 'Know Your Customer' is terrifying.
'Safeguarding' and 'protecting' customers? Preventing 'terrorism funding'? Those are always dangerous words/phrases. Those are always the excuses but its surveillance pure and simple, and woe betide you if you do anything out of the ordinary, or if you oppose something, or if they just don't like you.
The double standards are unbelievable.
'Contribute to the effort against financial crimes'.
The whole current central banking system is one massive financial crime upheld by multiple smaller financial crimes.
The only difference is when it's one of their own or themselves doing it, its sanctioned, anyone else/those they don't like, it's not.