Comment Re:Meg, Carly (Score 4, Informative) 237
Example: PayPal lets you open an account with minimal information, and lets you send money to that account no limits.
Now suppose you're a European citizen. The second you receive more than 2500 euros in your account, they're going to lock it and ask you to provide extra information to prove who you are.
They do this *after* they let you open the account, and *after* the money is in said account.
Then, if you can't or won't provide the information they ask (passport, proof of address), they'll lock your account with your funds in it. They'll only allow you to get the funds after 180 days, and you must initiate the process, or they'll just keep the money.
A bank would never be allowed to do such a thing. They'd have to verify who you were *before* they gave you an account, and they would never be allowed to lock your funds for half a year _after_ you received said funds. Unless you were part of a criminal investigation, of course.