posted on Apr, 10 2005 @ 05:25 PM
The Feds already have access to domestic bank records--and any financial transaction, including deposits, withdrawals, securities
purchases/sales--even casino payouts. All financial transactions greater than $10,000 have been reported to the IRS for years via Currency
Transaction Reports--and suspicious activity was in turn reported to various Federal Agencies.
This information has been turned over to the FBI for terror investigations and for data mining purposes--it is not protected in any way, shape or
As part of the anti-money-laundering provisions in the Patriot Act, brokerage firms and banks had to monitor international (and all) accounts more
closely as they would also be held liable if these accounts were found to be guilty of terrorist acts--which would entail losing their license,
tremendous fines, and jail for the boards and people responsible.
Although firms have collectively invested BILLIONS of dollars in the monitoring technology necessary to comply with this rule--and they are complying
for fear of being put out of business in case of a slip-up, the government feels that this isn't enough. This rule is a slap in the face because it
requires additional technology and investment to comply.