When working with money, the rich are also more likely to hit the countless rules and limitations the banking regulations impose on us "for our own good".
Just like as a programmer I am going mental when encountering absurd and ineffective account password rules lets say (one special char, one upper case, one non-letter, etc) while a lay person would just sigh and comply.
exactly, on the other side of this, the rich person should have learned how to get better banking service that doesn't encumber them with these fund movement limitations
most “anti money laundering” or “security” stuff is actually just that one bank’s poor and inaccurate implementation of a law. most of it is just company policy and nothing related to the law.
with electronic funds, the entire banking system relies on assuming that the prior and next bank has already done the checks necessary
because the law only creates a firewall of reporting at the deposit and withdrawal of physical notes (its same across europe, across us, and elsewhere)
this has nothing to do with "better banking systems".
There are laws in italy and there are very specific amounts you can use per month before controls have to be triggered.
60k transactions, abroad are 12 times what you can transfer without declaring exactly what is the money from, where is it from. Especially when sending and receiving money to african countries.
Tax evasion and laundering are high in italy and banks easily deny you their services if they smell something.
Just like as a programmer I am going mental when encountering absurd and ineffective account password rules lets say (one special char, one upper case, one non-letter, etc) while a lay person would just sigh and comply.