The KYC/AML Treadmill: Are We Actually Catching Anyone, or Just Annoying Everyone?

Alright, folks in the "Economic Indicators" room, I know we're usually focused on the big numbers – CPI, NFP, all that jazz. But I want to pivot slightly to another set of numbers that's been consistently on my mind, specifically in the fintech space: the sheer volume of KYC/AML checks. It feels like every week there's a new layer, a new form, a new 'enhanced due diligence' requirement thrown at us, particularly if you're dealing with anything remotely cross-border or, heaven forbid, crypto. My question, half serious, half exasperated, is this: are these increasingly stringent and often redundant processes actually making a significant dent in illicit financial activity? Or are we primarily just creating a mountain of administrative overhead, pushing legitimate users through hoops, and making life easier for those who are really determined to skirt the rules by just finding less compliant jurisdictions or more elaborate workarounds? It feels like we're constantly patching holes in a sieve with ever-finer mesh, while the truly determined just bring a bigger bucket. Interested to hear if anyone in ops, compliance, or even just the trading trenches has a less cynical take on the practical effectiveness versus the operational drag of the current regulatory climate. The overhead is getting substantial, and I'm genuinely curious about the ROI on all this vigilance.