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Posted on 02/13/2007 6:38:01 AM PST by kellynla
This means that any terrorist can get a bank account. Great.
Here is the way this issue was addressed according to an article on this subject in today's Wall Street Journal:
"Anti-money-laundering regulations passed in the wake of the Sept. 11, 2001, terror attacks put more pressure on banks to verify customers' identity and watch for suspicious transactions, but they don't require banks to ascertain whether account holders are in the U.S. legally. Most banks require a Social Security number or ITIN to open an account, but regulations also allow them to accept other government-issued forms of identification in some instances, including passport numbers, alien identification numbers or any government-issued document with photo showing nationality or place of residence."
It is called the Patriot act.
Of course this will cost legal people money, for all the defaults.
One important step in keeping track of undocumented residents. Also, it can assist in keeping track of money transfers and provide information on how much of a degree these folks support our economy.
NOTE: Saw commercial for PNC Bank's VISA card that pages you on your telephone every time your credit card is charged.
IMO that's a much cleaner way to address the unlawful use of somebody's credit card.
You're right, but I'd go even further, it is a huge national security risk. It's like these banks are saying "terrorists and drug dealers please, oh please bank with us, we want your blood money." DHS should shut this practice down, now.
Whatever they are they're not stupid. There's money to be made in this, a lot of money. As to those that go bad, well, heck, like that old circus saying goes: "Lose a little on the peanuts, make it up on the popcorn." IOW, their regular cc customer will pick up the slack.
Since I work at a bank I can tell you that we do allow people to open an account without a social. However, they do have to provide proof of address. If it's not on a state ID card then they have to bring a bill or insurance card. We also enforce them having to need two proper ID's. If they are foreign then they must provide a Consular ID.. the other ID is typically a Driver Licence or State ID card.
Makes one wonder how many of our politicians at the federal level are in bed with these criminals, murderers, and thugs.
Of course there have always been suspicions, but now....it looks as though there are a majority. Politics makes strange bedfellows.
i want one of these accounts.
This is all fine and dandy, but in order to actually do something about it ---
Does anyone have a list of banks that do NOT support these anti-american prectices? If I am going to switch banks, I want to make sure I'm not switching to a "lesser of two evils."
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