Bank's reporting to the government after 9/11

[Smokezilla]

I already knew about this activity as I work for a bank, but I didn't realize the sheer numbers of reports going to the government via SAR's. Thought some of you fellas might find this interesting reading. If not, my bad!:action-sm

http://articles.moneycentral.msn.com/Banking/FinancialPrivacy/WhyYourBankThinksYoureATerrorist.aspx

[abudabit]

The IRS was getting banking info pre-9/11 - as well as all major purchases such as cars, student loans, houses, etc. Looking for anyone spending well outside of thier means.

[Smokezilla]

The IRS was getting banking info pre-9/11 - as well as all major purchases such as cars, student loans, houses, etc. Looking for anyone spending well outside of thier means.

Pre-9/11, the IRS was doing a lot of monitoring but it was being done to prevent money laundering my drug dealers. I won't go into the particulars, but these reports were focused on cash transactions over a certain amount. (I won't go into amounts/situations, etc. as it could be misconstrued as assisting someone in avoiding the reports and that is a crime punishable by law!) Before 9/11 went down, the reporting penalties weren't nearly so severe. SAR's were done primarily whenever a bank thought you may have been intentionally structuring your financial transactions to stay "under the radar" of the IRS. Now, if the bank doesn't catch-on and report you, they can be persued and/or fined and the bank personnel can potentially be held PERSONALLY liable for non-reporting if sufficient evidence is found.

"Big Brother" isn't starting to seem like science fiction anymore.

The saddest part of all this is that the cost of all this extra reporting is being paid by the people. Any financial institution is going to pass along this cost burden to their customers. Think about it.

[abudabit]

Well since they were using the financial data pre 9/11 to look for criminal activity (not just drug dealing), I don't see what has changed post 9/11. The only difference is now they are also focusing on terrorists. If you were a criminal pre 9/11 you were just as in danger.

Most financial liberty was lost in the pursuit of taxes and sheltered assets, anything after that is insignificant.

[MJMANDALAY]

I was *told* about a decade ago to try and keep cash transactions under $5000, cause of the watchfull "eyes". And at least 72hrs apart for anything close to that. Over $10000 you would have to fill out a form. And "gifting" limits are now at $12000 per person now but there is a max amount then you pay taxes. Just work within the system that they have created, there's really no other choice.

[THE FEZ MAN]

"Big Brother" isn't starting to seem like science fiction anymore.



iv e been saying that for years........... but im the paranoid loonie jack ass with the tinfoil wrapped around my head


the eventual goal of our government is for the "citizens" ie "taxpayers" to be part of a cashless socitety. so they can track our every move and collect there un earnd dime.

[abudabit]

All I'm saying is that big brother was watching out for us when they started requiring all $3000 purchases of certain items to be reported to the IRS.

[BIV]

I already knew about this activity as I work for a bank, but I didn't realize the sheer numbers of reports going to the government via SAR's.
SARS?
http://www.cnn.com/SPECIALS/2003/sars/images/top.sars.kids.afp.jpg

[Smokezilla]

I saw "V for Vendetta" just a couple of days ago and it really started to make me think about this kind of shit. I understand the need to monitor this shit in some way/shape/form/fashion, but we're going "nazi" in some instances, aren't we? Maybe I'm just "losing it". . .:icon_conf

Nice post, BIV! I didn't even catch that one before! :-)