You would normally think so, but they (the banks) likely have a different viewpoint. They could either, for deposits into accounts in the bank:
1) slow down every deposit by an order of magnitude or more in order to perform careful identity verification, when the vast majority are correct and honest
or
2) expend effort, afterward, cleaning up, the very few that are doing something illegal using the records they keep on what happened, and the fact that they can simply reverse the transactions when they do find something amiss.
For them, the cost of #2 is likely still lower than the costs of #1.
Now, the situation is different if you go in with a check and try to negotiate it for cash in hand right then and there. They will do the full identity verification at that time, massively slowing down your one-time action of converting a check into US Dollars in your pocket. This of course makes sense, there is no way to reverse a transaction that involves handing someone a stack of fifty dollar bills that they stick in their pocket. But in this case, just the one individual that did need to be triple checked before the action completed had their time extended by the verification process.
1) slow down every deposit by an order of magnitude or more in order to perform careful identity verification, when the vast majority are correct and honest
or
2) expend effort, afterward, cleaning up, the very few that are doing something illegal using the records they keep on what happened, and the fact that they can simply reverse the transactions when they do find something amiss.
For them, the cost of #2 is likely still lower than the costs of #1.
Now, the situation is different if you go in with a check and try to negotiate it for cash in hand right then and there. They will do the full identity verification at that time, massively slowing down your one-time action of converting a check into US Dollars in your pocket. This of course makes sense, there is no way to reverse a transaction that involves handing someone a stack of fifty dollar bills that they stick in their pocket. But in this case, just the one individual that did need to be triple checked before the action completed had their time extended by the verification process.