PATRIOT Act Forces Banks to Install Money Laundering Software
“Governments across the world will have their eyes on bank customers,” he added. “Since the software can monitor so many accounts, so many transactions, all kinds of people will be scrutinized, even those who in theory are just regular people. By default, not just money laundering but anything that violates the law, like tax evasion, will be hard to hide.”
As a consequence of AML surveillance, even citizens with no criminal intent or ties will have to become more efficient law abiders, bank officials said. Small breaches of the law, or just indifference, will no longer go unnoticed.
“Chances are that most of the time the software will catch not a money launderer, who is always wary, but a regular person,” said one bank official who did not want to be named. “If you got a fat birthday gift from your brother who works in the Middle East, would you like to get calls from the bank or the government asking for an explanation? In theory, that can happen.”
I’d like your thoughts and opinions on this. Is this anything new to be worried about? I know I’m not a fan of PATRIOT. I feel my security is not getting any better than before 9/11; all the while, my privacy and liberty are being taken away. Or is this FUD bullshit?
marg said,
May 3, 2005 @ 10:32pm
i don’t like the feel of this. yea - need to worry about the bad stuff. but to muddle with the small things - takes away from enjoying the simple things in life. this program doesn’t seem to bad. i wouldn’t mind this, but if it went much further . . .
there are good intentions here, but for me - good intentions don’t always cut it.
aaron said,
May 6, 2005 @ 9:33am
I see it more as take a little freedom here and there for “security and terrorism” and pretty soon we’ll have lost all our liberties.
“Those willing to give up a little liberty for a little security deserve neither security nor liberty.” — Ben Franklin
” I would rather be exposed to the inconveniences attending too much liberty than to those attending too small a degree of it.” — Thomas Jefferson