KYC and AML are in direct collision course with privacy laws

Have you ever heard of KYC & AML regulations?
KYC stands for "Know Your Customer", and AML for "Anti-Money Laundering", and both regulations aim to prevent criminals and terrorists from using the banking system.
The problem, of course, is that they require banks to collect and store very private personal data on their customers, and this mountain of data then makes a juicy target for hackers of all kinds.
What's more, these regulations seem to be in direct collision course …

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