Outcomes science, meet profoundly ineffective #AML movement. https://nitter.gq/t.co/Zkv7zG7v4G and https://nitter.gq/t.co/M7coWwfTqk (in hiatus)
Joined October 2010
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AML/CFT, KYC, profoundly ineffective:
Summary
effectiveaml.org/aml-laws-cr…
AML ineffective
1 doi.org/10.1080/25741292.202…
2 doi.org/10.1108/JFC-08-2017-…
AML "effectiveness" ratings fail
3 doi.org/10.1108/JMLC-07-2017…
#AML fails to use own data
4 dx.doi.org/10.1108/JMLC-01-2…
5 dx.doi.org/10.1108/JMLC-01-2…
fyi @stephanlivera , as you said, KYC, honeypot for scammers. Irony alert, a measure supposedly *against* crime, while not so good for that as it turns out, seemingly ideal *for* crime.
Ron Pol, PhD (Away) retweeted
You should start to look at actual data. KYC/AML is nothing more than regulatory headcount bingo. I consulted banks in this subject, it’s actually really bad.
AML/CFT, KYC, profoundly ineffective:
Summary
effectiveaml.org/aml-laws-cr…
AML ineffective
1 doi.org/10.1080/25741292.202…
2 doi.org/10.1108/JFC-08-2017-…
AML "effectiveness" ratings fail
3 doi.org/10.1108/JMLC-07-2017…
#AML fails to use own data
4 dx.doi.org/10.1108/JMLC-01-2…
5 dx.doi.org/10.1108/JMLC-01-2…
Ron Pol, PhD (Away) retweeted
Even before my work updating and extending it all, the UN weighed into the global monstrosity of profoundly ineffective AML/KYC laws👇- long before unthinking, unimaginative regulators uninterested in policy effectiveness decided to apply the whole seething mess to crypto.
Ron Pol, PhD (Away) retweeted
Even if so, unthinkingly applying AML to #bitcoin will negate inclusion. Financial exclusion is a feature, not a bug, of the current AML regime.
Ron Pol, PhD (Away) retweeted
Perfectly fair and reasonable. It has after all been 32 years since a rigorous process to evaluate the effectiveness of AML/KYC laws was not implemented, and counting.
Ron Pol, PhD (Away) retweeted
My indepth work on AML/KYC effectiveness does not ascribe intent, assumes good faith until proven o/wise. But profoundly ineffective laws & immense harm, frequently demonstrated & repeatedly ignored suggest may be alternative motives (mass surveillance, foreign policy tool, etc)
Ron Pol, PhD (Away) retweeted
Hey @ronaldpol - if KYC and AML is so ineffective - what do you think is the real reason behind it?
Good intentions to prevent fraud gone awry through heavy handed implementation, or something more sinister?
tandfonline.com/doi/full/10.…
Ron Pol, PhD (Away) retweeted
There’s a reasonable argument that AML/KYC is a manufactured complexity helping two global cartels make trillions, ie Organized Crime & Organized Compliance. But only one cartel recognizes the reality. The other is locked in a soporific state of (immensely profitable) denial.
Gun control, and what politics is really about. A reminder @TheDailyShow @iamjohnoliver m.youtube.com/watch?v=TYbY45…
"The anti-money laundering movement, a global leader in moralizing do-goodery, deeply unreflective of its impact and harm, offers endless opportunity for similar japes."
“Truth misspoke”, a new word game inspired by US president. Does it work in your industry? Here's an example from the parallel universe of AML groupthink.
effectiveaml.org/truth-missp…
1
Ron Pol, PhD (Away) retweeted
“Truth misspoke”, a new word game inspired by US president. Does it work in your industry? Here's an example from the parallel universe of AML groupthink.
effectiveaml.org/truth-missp…
“Truth misspoke”, a new word game inspired by US president. Does it work in your industry? Here's an example from the parallel universe of AML groupthink.
effectiveaml.org/truth-missp…
Ron Pol, PhD (Away) retweeted
Then there’s the security theater of AML/KYC regulations, massively increased since 9/11, that make us think we’re fighting crime & terrorism, yet scores research studies illustrate illusory impact, immense costs and harms. effectiveaml.org/aml-laws-cr…
Ron Pol, PhD (Away) retweeted
Fun fact. KYC can even help criminals launder proceeds of crime. effectiveaml.org/when-id-and…
Ron Pol, PhD (Away) retweeted
Cryptocurrency founders and firms can look forward to joining banks. They too will be penalized for breaching AML/KYC rules with no material demonstrable impact on crime, with no need for prosecutors to bother with any evidence of any laundering or crime.