Moving money around is a crime...why? It results in massive intrusiveness by government: full insight into everyone's finances, without evidence of a crime.
And, yes, this does get abused. Government is people, some of whom are evil, or out for revenge, or whatever. I had an acquaintance whose accounts were periodically frozen by the IRS, because he had pissed off the local office. He would get them unblocked, but only after weeks of missing mortgage payments and other bills.
As someone who sees the outcome of people losing everything to sophisticated scammers/ fraudsters and thieves and how little authorities are able to do, nah, the overreach is not in sight.
There are more criminals than abusive IRS agents. And usually when people tell me stories like that, there is more to it..
For a fucking Toyota Yaris. Bought by a retiree. Who’s going to be paying it through the banking system where they already have KYC, AML, and all of her financial history.
If that’s not overreach, I don’t know what is. And… who elected the people who came up with this? (That’s a rhetorical question)
Simple as that. Allow people to shift value in larger units without AML and the crooks will use that route.
The AML form will not be the most unpleasant part of buying a Yaris.