News and notes from around the interweb:
- United Airlines will again serve two alcoholic drinks at a time returning to a pre-pandemic policy.
United Inflight Service policy will be updated to return to the pre-pandemic standard of allowing flight attendants to serve customers two alcoholic beverages at once when requested, replacing the current one alcoholic beverage per customer policy.
Please follow SOPs to ensure customers don’t become intoxicated. This includes following the traffic light system, which helps to avoid safety threats and regulatory violations.
- 54 Vietnamese officials and business leaders, including a former deputy Prime Minister, received jail time up to life imprisonment for bribery in the approval of Covid-era rescue flights. (HT: @crucker)
- It’s time to scrap the current bank Know Your Customer/Anti-Money Laundering regime. They generate $300 billion in annual compliance costs while recovering just $3 billion per year in assets (1/10th of 1% of estimated criminal funds), and keep people out of the banking system while sacrificing privacy.
It’s time to scrap AML / KYC entirely.
The idea that politicians should know how citizens spend their money is a new and deeply flawed idea.
An entire generation has been fooled into thinking this is a necessary part of finance and the world continues to double down on an…
— Bruce Fenton (@brucefenton) July 25, 2023
- Singapore Airlines replaces Henriot Champagne with Piper-Heidsieck on regional flights
- The FAA wants you to know that they do not use ChatGPT
- Raccoon hops through Philadelphia airport baggage claim. Not the first time we’ve seen a raccoon at that airport oddly enough.
“Singapore Airlines replaces Henriot Champagne with Piper-Heidsieck on regional flights”
Meanwhile, Delta serves canned wine in Delta One domestically.
Delta does not and has not had a limit on how many servings of spirit they will serve in any cabin on international flights as long as it is spread out.
Dunn can you read?
While I agree the Know Your Customer stuff is totally unwarranted the ratio of costs to recovery proves nothing as the purpose is to keep the dirty money out of the system. Defenses that work have no apparent value because the bad guys pretty much don’t try them.
Smith
You struggle to recognize that United is just doing what Delta did all along?
I came here for the United drinks policy, but…KYC has $300B in compliance costs? Like >1% of GDP? Like 3,000,000 employees full time at $100k? Like 10,000 paid at Jamie Dimon levels of compensation?
@janine – that’s global compliance costs, so around 1/3 of 1% of global GDP, but there are some estimates of compliance costs that are higher
@gary…OK, I was hoping it was maybe it was over 30 years. Seems high even for globally.
Any industry that wants deregulation will overstate the costs– and the industry would be happier if they could turn a blind eye to shady dealings, because shady customers generate revenue.
And banks spend money on…cybersecurity, alarms, vaults, security guards, and so on. Those don’t generate any revenue! and what’s the savings on those? hard to calculate I’m sure (but I’d love to see the math on, say, cybersecurity IT cost/benefit vs, say, vaults or guards)
After the most recent diversion, perhaps United will stick to the one drink limit on the IAH-LAX route…