Banks find AML "ineffective", propose access to social media
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Re: Banks find AML "ineffective", propose access to social media
#2When large corporations like banks say they want "access to social media," what they mean is they would love to get their hands on something like this:
https://en.wikipedia.org/wiki/Social_Credit_System
...but they want it to be controlled by large corporations instead of a government.
Re: Banks find AML "ineffective", propose access to social media
#3When large corporations like banks say they want "access to social media," what they mean is they would love to get their hands on something like this: https://en.wikipedia.org/wiki/Social_Credit_System ...but they want it to be controlled by large corporations instead of a government.
Like LinkedIn, when you create a new bank account and plan to deposit funds it's often checked.
Re: Banks find AML "ineffective", propose access to social media
#4Presumably if you do not have social media, you will be weeded out of the banking system like the terrorist you are?
Re: Banks find AML "ineffective", propose access to social media
#5When large corporations like banks say they want "access to social media," what they mean is they would love to get their hands on something like this: https://en.wikipedia.org/wiki/Social_Credit_System ...but they want it to be controlled by large corporations instead of a government.
Indeed I’d be surprised something like this doesn’t already exist. This article almost reads like a press release for the product that has been developed. What it needs is an air of legitimacy, hence the appeal to a public-private partnership.
Re: Banks find AML "ineffective", propose access to social media
#6I'm sure this will be downvoted as a low quality HN comment, but honestly the only valid response here is: lol fuck off
Re: Banks find AML "ineffective", propose access to social media
#7When large corporations like banks say they want "access to social media," what they mean is they would love to get their hands on something like this: https://en.wikipedia.org/wiki/Social_Credit_System ...but they want it to be controlled by large corporations instead of a government.
That link basically say a unified Social Credit system doesn't actually exist as imagined and the heavily covered Zhima Credit system basically just didn't even work.
Though I'm sure there's no shortage of AI snake-oil vendors who promise banks the world over that they can do it but it "just needs more data to train on, 6 months tops, trust me bro".
Re: Banks find AML "ineffective", propose access to social media
#8For sure, this would lead to marginalised and vulnerable groups being denied access to the banking system.
Re: Banks find AML "ineffective", propose access to social media
#9How is this different from China's social credit score?
Re: Banks find AML "ineffective", propose access to social media
#10Banks find AML "Ineffective" because the premise is erroneous. KYC is a sham because bankers don't actually know their customers and checking that you have a valid ID before you can open an account has no value. Criminals, or their straw men, have a valid ID.
To detect crime you need detectives to investigate crimes. The transaction record by itself means nothing because the banks have no way to know what any of the transactions are actually paying for. But if you independently know that someone is buying cocaine or selling state secrets then you don't need their financial records to arrest them.
Digging into anybody's Facebook isn't going to change that because posting about your criminal activities on a public forum is already how dumb criminals get arrested. This is nothing but a data grab by the banks.