KYX/AML is about control, not fraud.

Effective AML

The biggest problem with AML

Huge market for AML, no market for effective AML.

this guy wrote an amazing paper about how ineffective KYC/AML is around the world. Now he's turned it into a business. Lot's of places require KYC for prepaid, because otherwise "terrorists" win or something. Genuflect to the USA Patriotic Act first please.