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.
This article is wrong. The author doesn’t even know the name of the report for large deposit reporting.
this is just FUCKING STUPID … flat out
CONTROL !
Police will never investigate this. US Treasury is the agency responsible for this so those gentlemen visiting you would be Secret Service agents. Based on that big gaff in this article, it calls into question the rest of it. I recently made a very large cash deposit (perfectly legal), it went on the list because of the size of it. If you are overly questioned by your bank, then they really don’t know you and maybe you need to find a new bank.
Local cops couldn’t care less and wouldn’t do a damn thing. This is a fed thing.
Equating Feds with cops is kinda a joke. Local cops deal with the real shiet that comes with the day to day interaction of people who are hurt or broken. Most Feds are paper pushers or revenue collectors. Most local & state law enforcement snicker behind their back. Just ask an FBI agent if he can write a traffic ticket. Usually pisses them off, and it’s kinda funny….
It’s the first step toward a cashless society. You’ve all heard the story on how to trap a pig in the woods. This is just one side of the fence, you’ll howl about it for awhile, then get used it , then it will be ok.. It’s all for the common good you know……………..
I worked for the bank for 20 years. At no time did we ever call or file paperwork for a $5000 withdraw. There is paperwork for amts. Of 10,000 or larger and that has been going on for at least 15 years or more. This is a very wrong and I’ll researched article. No police are coming to your door. Just ask the tellers at your bank or the manager. They will tell you the process and provide any info you request. Take a breath people really.
Banks are going down anyways….pull your cash and let them sink.
You can’t fix stupid
what? ID to deposit cash into my own account? or even my husbands account?