Welcome to Finextra. We use cookies to help us to deliver our services. We'll assume you're ok with this, but you may change your preferences at our Cookie Centre. Please read our Privacy Policy.
For Finextra's free daily newsletter, breaking news and flashes and weekly job board.
Clearly if the entire banking system ruled by the US driven data sharing and transaction reporting rules can't find billions freshly stashed by fleeing dictators - the whole effort is a joke. A joke on European and Asian banks that is.
It is also a completely unnecessary cost impost on banks and their customers. Are you all what we call 'mugs' in Australia? Since when should the dis-masters of the SS Financial Universe set the rules? Scammed and reamed.
Given that terrorism is on the downfall, mainly because the US efforts to foster it will be further exposed and limited, that excuse is simply lame. US foreign policy is being driven in a new direction and they are now just passengers. There is no reason for the rest of you to pay for the ride.
I'd suggest European banks man-up with their Asian counterparts and throw off their financial serfdom. They owe it to their customers and shareholders. That is of course based on the clear premise that all those silly rules are completely ineffectual and likely have a hidden purpose which probably doesn't consider your welfare at all.
Perhaps I will be proved wrong? Not so far.
Member since
19 Mar 2009
Location
Blog posts
6,204
Comments
6,342
19 Nov 2020 0 7 8
18 Oct 2020 0 1
13 Oct 2020 0 4 4
30 Sep 2020 0 3 1
This post is from a series of posts in the group:
A place to share stuff that isn't at all fintec related but is amusing, absurd or scary.
Justin Pike
19 Jan 0
Paul Christensen
Laurent Descout
Kristian T. Sørensen
19 Jan 0 3