It is higly regulated, because they can. Transfering money takes 2 working days when you transfer from or to a business account, because 9/11. Just before that date, they already had the direct payment between people in place. The US cried wolf and obviously the banks are not complaining.
Getting a credit gets harder. Not because people earl less, but because there are more rules. And why? Because it is possible. No other reason. Well, the reason is mostly money laundering and yes there will obviously be more money maundering, because they catch more people, because they get better at it.
More drugs? Not in Europe.
That said, it is extremely easy to move money from one account to another. I do it all the time. Just when it is more than 10.000EUR you will have to do it twice or take some extra time, because that is the tresh hold for the bank to start a separate investigation. They do not like to do that, so they just do not allow it by standard, but will when you ask them.
The restrictiveness in the banking workd I seer (in Belgium) is mostly to protect the individual from taking so much credit he can't pay anymore, so to protect them from themselves or an extention from what already existed. e.g. the definition of what is illegal. e.g. legal money for illegal activities is now illegal. That did not used to be the case.