Originally, regulatory bodies and texts were designed to protect clients from bank abuses.
So how come the vast majority of customers feel that they are imposed constraints limiting their freedom of benefiting from their own money?
Current applying texts are the result of anti-tax-evasion policies imposed by governments, anti-terrorism multinational measures, anti-money laundering measures, aversion for cash-payments, and global distrust between banks, especially for cross-border transfers.
The outcome is a litany of hurdles imposed by your bank every time you wish to do anything else than just paying for day-to-day spendings.
And not only for individual clients!
We, at TAL, have experimented a laughable situation: one of our French banks has refused a wire transfer to the FINMA, the Swiss Bern-based regulation body, because they did not know why we were working with the FINMA!
How can we still believe that all these constraints are for protecting us and for the greater good?