Leslie R. Caldwell, former Assistant Attorney General for the Criminal Division of the DOJ, told a group of bankers while in office that they need to expand upon the ‘suspicious activity reports’ they are required to file on their customers by calling law enforcement directly on anyone withdrawing a large amount of cash, according to investor and financial blogger Simon Black.
Banks are already required to file ‘suspicious activity reports’ on their customers, with threats of fines and even jail time for directors if financial institutions don’t meet quotas.
But as investor and financial blogger Simon Black points out, last week, “A senior official from the Justice Department spoke to a group of bankers about the need for them to rat out their customers to the police.”
Assistant attorney general Leslie Caldwell gave a speech in which he urged banks to “alert law enforcement authorities about the problem” so that police can “seize the funds” or at least “initiate an investigation”.
As Black highlights, according to the handbook for the Federal Financial Institution Examination Council, such suspicious activity includes, “Transactions conducted or attempted by, at, or through the bank (or an affiliate) and aggregating $5,000 or more…”
Black provides a chilling scenario under which an attempt to withdraw your own money from your bank account could end with a home visit from the cops.
“As you pull into your driveway later there’s an unexpected surprise waiting for you: two police officers would like to have a word with you about your intended withdrawal earlier,” writes Black, who accuses banks of already operating as “unpaid government spies”.
“Do you need to withdraw cash to purchase a used car from a private seller? Or perhaps you are pulling out some emergency cash for a loved one,” writes Mac Slavo.
“Either one of these activities are now considered suspicious and if your cash withdrawal amounts to even a few thousand dollars your bank teller is under a legal requirement to alert officials about your suspected criminal activity. And before you argue that you can’t possibly be a suspect because you have done nothing wrong, consider that even being suspected of being a suspect is now enough to land you on a terrorist watchlist in America.”
The war on cash is intensifying as authorities attempt to crack down on one of the few remaining modes of anonymity.
Over in France, Finance Minister Michel Sapin hailed the introduction of measures set to come into force in September which will restrict French citizens from making cash payments over 1,000 euros.
The new regulations, introduced in the name of fighting terrorism, will also see cash deposits of over 10,000 euros during a single month reported to anti-fraud authorities.
Meanwhile, in the UK, HSBC is now interrogating its account holders on how they earn and spend their money as well as restricting large cash withdrawals for customers from £5000 upwards.
Back in America, purchasing Amtrak train tickets with cash is being treated as a suspicious activity as part of a number of behaviors that are “indicative of criminal activity”.
Banks are also making it harder for customers to withdraw and deposit cash, with Chase imposing new capital controls that mandate identification for cash deposits and ban cash being deposited into another person’s account.
Lottery winners, beware the Entitlement Pilice
Liberal FOOL FOOL FOOL FOOL FOOL FOOL, etc………..
Bitcoin
I’ve withdrawn that much without issue. the story doesn’t tell you the entire story. withdraw that money and the bank will ask you what it’s for, they wil only report large withdrawals if you are suspicious about it or give a suspicious answer and this is nothing new in the finance industry.
But if you walk up to the check-in desk at any Las Vegas hotel with a fist full of stolen credit cards, the clerk will just keep running cards until one goes through. They get a bounty for each stolen card they hold on to, but nothing’s reported to law enforcement.
The banks would see that as a run and shut down all banking activity…
I’m all for it, but that’s what would happen.
I withdrew $7500 from my credit union and was asked nothing.
Yep, I tried to deposit money for my mom that just had surgery at the teller and they wouldn’t let me. So I walked over to the ATM and deposited it while they watched. Wondering how long it’s gonna be before you can’t put cash in the ATM. It was like $50…
I did this last year. But seriously, if it’s over $5000, I’d personally just make two trips in two days to stay under the limit. I know that’s not feasible for everyone, but I’ll play their games. I only keep enough money in the bank to cover auto drafts (I only have two) and pay cash for the rest.
April Robedeau-Page I’d rather waste their time!!! And have fun at their expense while doing it!