How to avoid the banking situation that happened in Lebanon in 2019

 You work so hard all your life and then you can't access your bank account? It happened in 2019, right before "covid" restrictions, in Lebanon.

To avoid a banking crisis similar to Lebanon's, countries should prioritize transparent financial regulations, maintain adequate foreign reserves, and ensure effective governance to prevent corruption and mismanagement.

Key Strategies to Prevent Banking Crises

Implementing robust measures can help avert banking crises like Lebanon's.

• Transparent Regulations — Establishing clear and enforceable financial regulations can prevent mismanagement and corruption.
• Adequate Reserves — Maintaining sufficient foreign currency reserves is crucial for stabilizing the banking sector.
• Effective Governance — Strong institutional frameworks and accountability mechanisms are essential to ensure ethical practices in banking.
• Crisis Management Plans — Developing comprehensive plans for economic downturns can mitigate the impact of financial crises.
• Public Awareness — Educating the public about financial literacy can foster a more informed banking environment.
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 Sources: 

Banking crisis in the making - 2023 article

Restructuring Lebanon's banking system, Nov 2025 

Navigating Lebanon’s Financial Collapse: Dollarization, Banking Dysfunction, and the Road to Recovery Nov 2024

Years into the Financial Collapse, Lebanon Still Awaits Justice - Jan 2026 article

Lebanon’s new banking reform laws and forensic audits mark a rare chance to pursue accountability for the financial collapse. Their success, however, depends on political will to expose corruption and enforce reform.

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All the talk about digital banking, cashless society, what is it all about?

From comments on Social Media:  

Wake up people 

 

In September 2025, the State Bank of Vietnam (SBV) deactivated and cleaned up over 86 million bank accounts (out of roughly 200 million total accounts) that lacked mandatory biometric authentication or were long inactive.

Key Details of the Action

• What Happened: The central bank suspended or terminated accounts that failed to complete facial recognition and identity re-verification under Project 06 and Circular 17/2024/TT-NHNN.

• Scale: Around 113 million personal accounts and 711,000 organizational accounts remained active.

• Fund Status: The action is an access restriction/deactivation rather than a permanent government seizure of cash. Account holders can theoretically regain access to their funds by completing in-person biometric verification with their respective commercial banks.

• Goal: Official statements cite cracking down on financial fraud, cybercrime, and moving toward a cashless economy.

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Investment accounts are generally not exempt from biometric identity verification requirements. Regulatory bodies like FINRA have implemented mandatory identity verification processes for investment advisers, which may include biometric methods to enhance security and compliance.

Identity Verification in Investment Accounts

Understanding the requirements for identity verification in investment accounts is crucial.

• Regulatory Requirements — FINRA has mandated identity verification for investment advisers, including biometric methods.
• Biometric Methods — These may include facial recognition or fingerprint scanning to confirm identity.
• Compliance Importance — Such measures are essential to combat fraud and ensure secure transactions.
• Periodic Assessments — Firms must conduct regular assessments to identify all account types requiring verification.
• Source: https://www.sec.gov/files/risk-alert-reg-s-id-120522.pdf 
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The digital euro is a proposed central bank digital currency (CBDC) issued by the European Central Bank, designed to serve as a digital form of public money for transactions in an increasingly digital economy.

Key Features of the Digital Euro

The digital euro aims to modernize payment systems in Europe.

• Definition — The digital euro is an electronic version of cash, making it the only form of central bank money directly available to the public in digital form.
• Accessibility — It would be available free of charge to everyone in the euro area for any digital payments, ensuring broad access.
• Complement to Cash — The digital euro would complement physical cash, which will remain widely available and usable.
• Security and Privacy — It is designed to be secure and private, similar to cash transactions

Discussion on Reddit board: https://www.reddit.com/r/Banking/comments/1csl00q/any_banks_that_dont_require_id_verification/ 

 

The drawback of digital id to consumers:

Digital IDs present several drawbacks, including privacy concerns, accessibility issues, and potential for misuse. These systems can lead to pervasive profiling and may exclude individuals without internet access or necessary identification documents.

Drawbacks of Digital IDs

Understanding the challenges of digital ID systems is crucial.

• Privacy concerns — Digital IDs can enable extensive surveillance and profiling, raising significant privacy issues.
• Accessibility issues — Individuals without internet access or mobile devices may be excluded from digital ID services.
• Data security risks — Centralized digital identity systems are vulnerable to data breaches and fraud.
• Dependence on technology — Relying on digital IDs can create barriers for those unfamiliar with technology.
• Potential for misuse — Digital IDs can be exploited for unauthorized surveillance or discrimination.

Sources: 

Action Required: FINRA Implementing Identity Verification for IARD Accounts with SSN Access  

On Reddit banking discussion board: Any banks that don't require ID verification?

 

Digital IDs Are More Dangerous Than You Think

Opinion: Digital identification systems are meant to aid the marginalized. Actually, they're ripe for abuse.

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