Earlier quoted context omitted.
More like, "some people try to commit fraud, so banks are required to implement AML/KYC processes to make the attack more difficult". Repeatedly asserting one is not dead is, if you think about it, more or less analogous to the documentation requirements for managing a large account at an investment bank. Is it the best solution? Likely not. But the problem is real and does demand a solution of some form.
This is a stupid take. Partly because of the use of acronyms for key terms, but also from the "constantly bothering a person is okay because it makes good security easier for us". There are plenty of good solutions that don't require you to heckle old ladies, and regular queries are generally bad security policy anyways. Regular boilerplate check-ins just breed complacency, after the 30th one do you think the person…
I thought that was clear enough in context. But: "Anti-Money Laundering" and "Know your Customer". They come up a lot in discussions here. Also, FWIW: if you're unclear about what someone meant, calling them stupid is a really terrible way to educate yourself.