Under the Patriot Act, if you open a bank account or have a safe deposit box, you now have to answer ridiculous, prying questions to determine if you are laundering money. I guess the government thinks they will catch a lot of crooks with questionnaires.
The government is worried about money laundering when they have their own massive money laundering scheme going on.
Getting back to the populace, what happened to the 4th amendment and why are we allowing this?
Ordinary citizens are now treated like potential criminals and are being asked questions about their other accounts, the source of their funds, their tax status and so on.
The government won’t catch money launderers with this wasteful bureaucratic paperwork that no one will ever look at unless they want to go after you for some other reason or another. It’s a supreme waste of money for the financial institutions that they will pass down to us.
The questions being asked by banks and other financial institutions follow.
Banks, savings associations, credit unions, brokerages and mutual funds are expected to comply with the provisions as of Oct. 1.
Background checking Here is what is required when a new account is opened:
A. The institution must verify the identity of any person seeking to open an account by obtaining customer identification that includes:
- Date of birth
- Identification number — a taxpayer identification number for American citizens or a government-issued document for noncitizens
B. The institution must maintain records of the information used to verify the person’s identity.
Originally, the regulations required financial institutions to keep a photocopy of whatever document was used for identification. That rule has been changed; they will only have to keep a written record of the document.
C. Determine whether the person appears on any lists of known or suspected terrorists or terrorist organizations provided to the financial institution by any government agency.
Those provisions may seem fairly harmless, but Boston-based Dalbar, a financial industry consulting firm, says institutions have the ability to ask much more intrusive questions should they decide it’s necessary.
For instance, Dalbar says institutions could include questions about:
- Other accounts with links to the customer
- Nature of the customer’s business and occupation
- Name and address of employer
- Customer’s wealth
- Source of customer’s income
- Customer’s tax status
- Source of customer’s funds used to open account
- Customer’s investment objective
As it turns out, most of the banks/financial institutions are including all the suggested questions, probably out of fear.
Years ago people didn’t trust banks and often kept their money under their mattresses. Maybe it’s time to consider going back to the practice. The banks don’t pay interest enough to make it worth losing personal rights.