The key thing to be aware of is that Anti Money Laundering (AML) rules require all financial institutions to Know Your Customer (KYC).
AML rules are uniform,
KYC involves collecting IDENTITY details of the PERSON and the BUSINESS so that organised crime can be stopped.
Investing in having your documentation prepared, will save you time and money in the long run as you seek to regionalise and (or) globalise your business. The cost of lost opportunity because you did not have the documentation prepared, is not something that you want to have to experience.
It's a good idea to avoid frustration.
The benefit of losing our privacy, is that businesses can also add PREFERENCES to IDENTITY tags in DATABASES that can later automate the kinds of help that people specifically want.
The positive outcome is that B2C and B2B connections will have intuitively helpful service. The downside is that if one of those databases gets hacked, our identities can be stolen.
Therefore services like CLOUDFARE are used to prevent data loss through hacking of these databases.
We think AML and KYC is a very useful function for providing service, but that rules around Government and Corporate use of this information should be regulated in such a way as to respect privacy.