The KYC/AML industry is another example of power & money moving from banks to exchanges. 1) Government enacts strict new regulations 2) Banks need help complying with new rules 3) Exchanges buy companies that provide this help
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KPMG estimates that US banks alone spend $25 billion per year on AML compliance. https://home.kpmg/xx/en/home/insights/2019/03/combating-financial-crime-fs.html …pic.twitter.com/AY7QOgTT31
