Critics Call for Abolishment of AML and KYC Laws, Including Bank Secrecy Act, Citing Financial Freedom Concerns

A growing chorus of voices is calling for the abolition of Anti-Money Laundering (AML) laws and Know Your Customer (KYC) regulations, asserting that these frameworks undermine individual financial freedom and privacy. Critics argue that the Bank Secrecy Act and the broader AML regime disproportionately benefit the banking class while infringing on personal liberties. Some advocates for change describe AML laws as discriminatory, suggesting they target 'people we don't like.' Additionally, there are claims that the Bank Secrecy Act and the Patriot Act are unconstitutional and un-American, with calls for their repeal. The debate highlights a significant tension between regulatory frameworks aimed at financial security and the principles of personal freedom and privacy.