More Victims of Money Laundering Regulations
In a comment on “Atlantis Resort (Bahamas) 50,000, Hacker,” Ian Grigg explains that the reason Bahamas Casinos collected 55,000 SSNs is that the various and sundry “anti-money laundering” regulations force them to, or be labeled “naughty.” Err, ‘non-compliant.’ How’s that for NewSpeak?
There’s a pretty large steamroller behind such rules and regulations, and the push to apply them ‘uniformly’ around the world. Such regulations though, have costs, as we see here. The regulators who write the rules, however, aren’t worried about identity theft, they’re worried about money laundering and ‘illicit‘ money flows.
The ever-expanding requirements to collect this data aren’t being matched by ever-expanding requirements to protect it, leading to an increase in the marginal value of stealing it. Remarkably, as that marginal value increases, we’re seeing an increase in theft and abuse.