Europe's AML regulations come at a cost.

Financial institutions, crypto asset managers, and even sports clubs are facing complex due diligence processes, requiring them to verify customer identities, assets, and transaction patterns.

With the Financial Action Task Force (FATF) Travel Rule and equivalents of the Foreign Corrupt Practices Act in play, data collection, sharing, and monitoring has become invasive.

Many feel this extensive scrutiny spells the end of financial privacy.

Stringent scrutiny has hampered the financial institutions' agility in a fast-evolving market and deterred potential new entrants from contributing to the financial ecosystem.

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