KYC is a form of mass psychosis where everyone thinks we're preventing bad actors from doing bad things but in fact we aren't

Co-Founder at sablier.com, and open-source developer. I have a broad range of interests, including longevity, epistemology, physics, and psychology.

How KYC is done today is in no way optimal. And the most sophisticated actors seem to get away. Although I do see the need for KYC and AML to stop bad actors. 

SSI, self sovereign identities, could be of good use here. That way users have control over their data, only sharing what is needed and with who they wish.