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.
They don’t want any of us to have anything.. can’t control the people of we can take care of ourselves. …
Mark Soderberg this is what I was talking about.
If everybody is so alarmed about this, then a campaign for Cash LIves Matter could be started. Everybody can demand to be paid in a paper check, go cash the check at the bank it is drawn on, and pay everything in cash. Don’t use checking accounts or credit cards at all. Do all transactions in cash. Not only will it so overload the banks, the DOJ, PD, and others, it will save everyone bank fees and interest costs on credit cards. Everyone might find it a bit more time consuming to drive to their insurance agent and pay the premieum, and the mortgage company to pay the mortgage, or the landlords office to pay the rent, and the utility companies to pay for the monthly bill, It might help to eliminate all credit also, then they can’t track expenses. Pay cash for our cars (no car loan), pay cash for our house (no mortgage), etc. It will save everybody a lot of paper work and interest. No need for a bank account.
If I recall correctly, it is a SAR at $5000 (within 24 hrs) and a mandatory report at $10000+
And God help you if you run a bitcoin mine or a payday loan shop.
Govt. tyranny of the highest order.
Meanwhile, at gun stores…the Feds do NOTHING when people with criminal records fail the federal background check during an attempted gun purchase.
Greg is correct. Our credit union is the same. It protects the customer and the bank. It is aggravating though. One year on Mother’s Day, I went to purchase a bigger tv at Best Buy and my debit card was rejected. After dealing with the snotty salesperson, I had to withdraw the money from the bank manually and return to the store. The bank explained this prevents someone from stealing your card and going on a spending spree.
Credit card companies do something similar. They watch where you spend and how much so they can determine if you are under duress.
Anthony McCall you don’t have a clue what you just said when you oh I see wait a minute you’re a dumbass trucker that knows it all yep that’s what it is don’t worry about it it explains it all one day you going to pull your credit card or your debit card and you’re going to have no money you can see where did my money go because your bank what the smart enough to know that your pattern of your spending that’s right your spending habits you have a pattern and you do it everyday you believe it or not yeah my mom to change my diaper when I was a baby I’m a big boy today wonder doesn’t put up with s*** like you you’re probably that truck and that too lazy to get out of his truck so you got s*** crawling out of that and I’ve seen this too lazy to wipe his own$#%&!@*blow me Fatboy you have a freaking clue what you just said this is why I hate the internet
The government watches all money, even money sent by Western Union type places. My husband was working out of town a few years back and our daughter and I were out of town and our car broke down. Alternator. We had to stay in a hotel a few extra days because you can only send so much money this way in a week.