Fed, US Treasury Mull Expanding Bank Recordkeeping Rules

Dow Jones News Service (excerpt) ^ | June 16, 2006 | Campion Walsh

[HAL9000]

Excerpt -

WASHINGTON -(Dow Jones)- The Federal Reserve and the U.S. Treasury Department are considering a major expansion of rules that financial-services providers keep detailed records of financial transactions and confirm customer identities.

The Fed and Treasury's Financial Crimes Enforcement Network, known as FinCEN, gave advance notice Friday that they are considering lowering - or eliminating altogether - the current $3,000 threshold below which banks and other financial- services providers don't have to keep special records on transactions.

In a public notice, the federal agencies said this change could help with " combating terrorism, money laundering and other illicit activity." Criminals have become "increasingly sophisticated in their use of funds transfers and transmittals of funds," they said.

~ snip ~

[Hop A Long Cassidy]

I wonder if this tracking would soon apply to medical purchases and other controlled substances like vitamins and any organic vegetables outlawed by the FDA.

This FinCen tracking is getting crazy. It drives the bad guys out of the system and lets other agencies use it for purposes far beyond the original intent. And, we Republicans brought it on ourselves. Why can't we go back to the 'ol court order to go after terrorists?

[P-40]

And, we Republicans brought it on ourselves.

I haven't looked at it in detail, but from what I have read so far it sound like they are acting on some of the recommendations in the 9/11 Commission Report.

[Extremely Extreme Extremist]

Here we go again, more gubmint meddling in people's financial data under the guise of national security.

[MeneMeneTekelUpharsin]

More and more oppressive government. It just makes life harder for law-abiding citizens and barely slows down the bad guys, who use a lot of cash-only transactions anyway. Why not try and hang some bad guys for heinous crimes? That would STOP some of the evil activity. Oops ... that's too easy.

[LucyT]

F.D.A. Imposes Long-Delayed Rule to Require Tracking of Prescription Drugs
NY Times ^ | June 10, 2006 | BARNABY J. FEDER

Long-delayed federal rules requiring most wholesalers to be able to track prescription drugs from factory floor to pharmacy door will finally take effect in December, the Food and Drug Administration said yesterday.

The regulations, stemming from a 1988 law intended to combat counterfeiting by verifying a drug's pedigree, were originally drafted in 1999.

http://www.freerepublic.com/focus/f-news/1647594/posts

[roverman2K6]

Agreed, this is just like gun control, only the Innocent suffer, bad guys do not put money in banks. Maybe they should find out how Illegal aliens/invaders can buy home with no background check. Thats where all the drug money is going, helping to fuel the Housing speculation fiasco that is getting ready to tank. I would sell now while you can, PHX is done already, people are panicking, crooks are already out and now that they have laundered the cash they are doing the same thing to the Energy sectors

[Still Thinking]

funds transfers and transmittals of funds

Gee, both of those, eh?

[theymakemesick]

"Agreed, this is just like gun control, only the Innocent suffer, bad guys do not put money in banks."

If they really want to catch bad guys they need to put activity monitors on refrigerator/freezers. No telling how many congresscrooks have $100k stuffed in their freezers.

Cheers

[DC Bound]

There was a Texas senator, (Gramm?) who said something after 911, roughly, that we should win this war by changing the way our enemy lives, not the way we live. If we had the sand to go after the state sponsors of terrorism, we wouldn't have to be gumming up our economy and expanding our government. Guess that's why we're not doing it.

[razorback-bert]

This is going to raise ATM fees.

[NonValueAdded]

"Know your customer" rearing its ugly head again?

[sheana]

the recommendation by an international group of financial authorities known as the Financial Action Task Force. That group, which encourages international cooperation to fight money laundering and terrorist financing, has recommended setting a threshold of no more than $1,000 above which transactions require recordkeeping of basic information about fund transmittors.


So we have an "international group" that tells our treasury and Fed what to do and they say......okay?
This is BS, just more rules and tracking for honest American citizens under the guise of "fighting terrorism". We are already waaaaaaaaay down the slippery slope people.

[Tolerance Sucks Rocks]

Oh, for Pete's sake! How is looking at every little diddly-shit transaction made by ordinary Americans going to help us catch terrorists and drug dealers??? I just cannot understand the surveillance-minded.

[Tolerance Sucks Rocks]

PING!

Might as well just stuff it all in a mattress! Sheesh!

[Tolerance Sucks Rocks]

That group, which encourages international cooperation to fight money laundering and terrorist financing, has recommended setting a threshold of no more than $1,000 above which transactions require recordkeeping of basic information about fund transmittors.

So now the Feds are going to implement a recommendation that forces banks to track my company for direct-depositing my paychecks (virtually always above 1000 after taxes)?

[Truth-The Anti Spin]

Man this is ugly.. goooo big govt!