-Caveat Lector-
Help defeat this Police State nonsense. Don't let them turn your
bank clerk into your personal Money Cop. "Hmm. This check is rather
large for you, isn't it Ms Jones?" "I'm afraid this must be reported."
flw
Rep. Ron Paul to Introduce Financial Privacy Legislation
to Block Intrusive "Know Your Customer" Banking Rules
-
Scott Ehlers, Drug Policy Foundation, http://www.dpf.org
The federal government's latest proposed weapon in the war
on drugs is the "know your customer" (KYC) rules, which were
proposed by the Federal Deposit Insurance Corporation (FDIC)
and other financial regulators in December, and are set to
go into effect in April 2000 unless regulators change their
minds or Congress intervenes. The KYC rules are being
promoted as a way to fight money laundering, much of which
is generated by the illicit drug trade.
According to the FDIC's notice in the Federal Register, "the
regulation would require each nonmember bank to develop a
program designed to determine the identity of its customers;
determine its customers' sources of funds; determine the
normal and expected transactions of its customers; monitor
account activity for transactions that are inconsistent with
those normal and expected transactions; and report any
transactions of its customers that are determined to be
suspicious, in accordance with the FDIC's existing
suspicious activity reporting regulation" (FR, Dec. 7, 1998,
p. 67529-30). Critics have characterized the new banking
surveillance system as "Big Brother Banking" that
effectively deputizes bankers as law enforcement agents and
informers.
One critic is Rep. Ron Paul (R-TX), who devoted his Nov.`30
weekly column to the issue; Rep. Paul's article, "Privacy
Busters: Big Bank is Watching" is available online at
<http://www.house.gov/paul/tst/tst98/tst113098.htm>. Also
see Wired Online's story by Decan McCullaugh at
<http://www.wired.com/news/news/politics/story/17404.html>.
Dr. Paul is on the House Banking Committee, and will soon be
introducing three pieces of legislation designed to block
implementation of the KYC rules and protect Americans'
financial privacy. Under his "Know Your Customer Sunset
Act," the KYC rules would cease to be effective upon
passage. His "Bank Secrecy Sunset Act" would repeal the
Bank Secrecy Act one year after passage. Finally, his
"FinCEN Public Accountability Act" would allow citizens to
have access to their records that are kept by the Financial
Crimes Enforcement Network, which is part of the Treasury
Department. Dr. Paul believes that, if citizens can see
their FBI files and can correct their credit records, they
should also be able to do the same with their FinCEN
records.
The FDIC and other federal regulators are taking public
comments on the KYC rules until March 8. A summary and text
of the rules can be viewed online at
<http://www.bankinfo.com/compliance/newkyc.html>.
Comments can be sent to the following:
Board of Governors of the Federal Reserve System
Jennifer J. Johnson, Secretary
Attention: Docket # R-1019
Board of Governors of the Federal Reserve System
20th and Constitution Avenue, NW
Washington, DC 20551
Federal Deposit Insurance Corporation (FDIC)
Robert E. Feldman, Executive Secretary
Attention: Comments/OES
RIN 3064-AC19
Federal Deposit Insurance Corporation
550 17th Street, NW
Washington, DC 20429
Fax: (202) 898-3838
e-mail: [EMAIL PROTECTED]
http://WWW.FDIC.GOV/banknews/know.html
Office of Comptroller of the Currency (OCC)
Communications Office
Attention: Docket # 98-15
250 E Street, SW
Washington, DC 20219
Fax: (202) 874-5274
email: [EMAIL PROTECTED]
http://www.occ.treas.gov/ftp/regs/98-55a.txt
Office of Thrift Supervision (OTS)
Manager, Dissemination Branch
Records Management and Information Policy
1700 G Street, NW
Washington, DC 20552
Attention: Docket # 98-114
Fax: 202-906-7755
email: [EMAIL PROTECTED] (include one's
name and telephone number)
http://www.ots.treas.gov/docs/73062.html
On other financial privacy issues generally:
Financial Crime Enforcement Network (FinCEN)
Mr. William Baity, Acting Director
Financial Crime Enforcement Network
2070 Chain Bridge Road, Suite 200
Vienna, VA 22182
http://www.treas.gov/fincen/
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