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.
Greg it’s none of their business what you do with your own money.I guess you have someone change your diaper for you.
It used to be $10000 but several years ago it went to $5000 so that has been in effect for around ten yrs so don’t get your panties in a knot just use a small local bank and they usually help you sidestep the nonsence
It’s worse than you think you now have to file a 1099 if you pay out over $600 to someone like truck repairs or they do work for you
You must have been dealing with WellsFargo they charge you to breath the air in their bank. They talked me into ope ing a savings account for my granddaughter about six months later I checked to see how much was in it there should have been around $300 in it but they only showed $19 come to find out they charged a maintenance fee and had been putting the money in someone else’s account never saw a dime back so I closed that out
What next?
Cash your check at the bank that’s named on your check.
I think it is wrong. People who want to deal in cash aren’t all criminals. I think they need much more than that to seek probable cause.
Government is out of control.
Government can kiss my assignment. If I want to withdraw 10 grand it’s my business. The feds and banks are crooks. The states and the population in whole have let the checks and balance system go to hell. Our political system is full of megalomaniacs.
Even the checks I cashed at the bank the check was from. They still reported it. Told me anything over $5,000. They told me a b.s. story about watching for $ possibly spent on terrorism.????