of known terrorist suspects). Such information may also be required by other money service businesses such as currency exchanges. All having the effect of the financial institution acting as agent to and for the US Government.
Fingerprints are not a requirement of the Patriot Act, and they are certainly not required by all financial institutions – so if your bank insists on this procedure, you may wish to take your business elsewhere.
Cash Transactions
Cash transactions are certainly not prohibited, but they bring more government scrutiny, and they are now more inconvenient for certain vendors to process. If you deposit, withdraw, or make a purchase involving more than ,000 in cash in one day, the other agency involved has to file a Currency Transaction Report (CTR) with the IRS that reports details such as your name, address, and taxpayer identification number. If you purchase over ,000 of traveler’s checks, money orders, or cashier’s checks, such a transaction will also be reported to the IRS via a Monetary Instrument Log (MIL). And should you engage in any activity that indicates you may be engaged in money laundering or otherwise violating the law, your transaction may even trigger your being put on the no fly list and on the Suspicious Activity Report (SAR). The SAR will be filed without your knowledge – it is, in fact, against the law for you to be informed of the SAR as your knowledge would compromise the subsequent investigation.
If you want the Patriot Act to be repealed you should immediately write your Congressperson and express your concerns, if you and millions of others don’t America’s leadership in freedom and many of our own basic freedoms and liberties will be a thing of the past.
America’s leading authority on Venture Capital/Equity Funding. A trustee on some of the nations largest trade Union funds. A noted Author, Lecturer, Educator, Emergency Manager, Counter-Terrorist, War on Drugs and War on Terrorist Specialist, Business Consultant, Newspaper Publisher. Radio News caster. Labor Law generalist, Teamster Union Business Agent, General Organizer, Union Rank and File Member Grievances Representative, NLRB Union Representative, Union Contract Negotiator, Workers Compensation Appeals Board Hearing Representative. Investigative Reporter for print, electronic and on-line News Agencies.
Pages: 1 2 3