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.
It will be free for me if I can use your checks. Lol
maybe one of these days I will have a personal banker who cares. Lol
Oh I know you didn’t go there
Lol. Love you too
Nope done with you now
Screw the banks
This rule has been on books for many of years before Obama.It aint nothing new….
The cops may not show up to “relieve” you of your “criminal” money today, but it’s a glimpse into the future. They get you a little at a time, as shannon stated, incrementally. It was $10k, but I wouldnt be surprised to see it changed. In the end, they may not show up after every transaction, but they will have the info to do so if they so choose. The government wants to know your every move, and the bankers want your money in the bank! If you haven’t begun to see the pattern here, you probably never will. It’s amazing how many people don’t even believe that this policy exists. Wake up folks, because it’s true. There are some who would love to see cash eliminated altogether. If this were the case, they can track every purchase you make and make you pay tax on EVERYTHING, including private sales. It may look a long ways away, but the day will come, and before you know it you will have zero privacy at all!
I deposited $10,000 one day – my husband had just sold a car and a motorcycle. The bank demanded to know where the money came from and my occupation. Since I’m a stay at home mom they flagged it and told me that I should of had my husband deposit the money since he had a paying job. We didn’t have cops show up at the door, but I was told that we might be questioned. Tell me again that things like this aren’t being tracked.
Carol Thompson that’s because it was $10,000 – one penny below the threshold for the bank’s requirement (federal regulation) to file a CTR (currency transaction report ). Now, at your bank, you must’ve been dealing with an inexperienced bank employee. Sometimes they misunderstand the regulation and say things to customers because they themselves aren’t sure of how this all works. I can assure you that in my 30+ years of banking and dealing with examiners , they do not want banks filing “defensive SARs” (suspicious activity reports). Look it up on the internet. The exam manual for the Bank Secrecy Act is available for everyone to see.