SNET: [Fwd: [FP] "Anti-government groups" fighting "anti-money laundering" regulation]
Vladimir Z. Nuri
vznuri at netcom.com
Sun Dec 20 15:08:05 PST 1998
From: Lynford Theobald <telnet12 at burgoyne.com>
Subject: SNET: [Fwd: [FP] "Anti-government groups" fighting "anti-money laundering" regulation]
Date: Sat, 19 Dec 1998 08:10:04 -0700
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Subject: [FP] "Anti-government groups" fighting "anti-money laundering" regulation
Date: Thu, 10 Dec 1998 21:33:32 -0600
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SCAN THIS NEWS
12/10/98
----------------------
New anti-money laundering rules spark big protest on bank privacy
5.26 p.m. ET (2226 GMT) December 10, 1998
By Marcy Gordon,=A0Associated Press
WASHINGTON (AP) =97 Federal regulators are being deluged with thousands o=
f
e-mail messages from citizens furious about new anti-money laundering rul=
es
that they view as an invasion of privacy.
As a visible symbol of the federal government with a plaque in every bank
branch, the Federal Deposit Insurance Corp. has become a magnet for
consumers' anger over the proposed rules.
But regulators at other federal banking agencies also reported Thursday t=
hey
had received many protesting e-mails, letters and telephone calls =97 som=
e of
them apparently instigated by anti-government groups.
The ire is directed at the proposed regulations, called "Know Your
Customer'' rules, that would require banks to verify their customers'
identities and know where their money comes from. Banks also would have t=
o
determine customers' normal pattern of transactions and report any
"suspicious'' transactions to law enforcement authorities.
The proposal, published Monday in the Federal Register, is designed to
combat money laundering techniques used by drug traffickers and other
criminals to hide illegal profits. Laundering includes the use of wire
transfers and bank drafts as well as "smurfing,'' the practice of breakin=
g
down transactions into smaller amounts that don't have to be reported und=
er
banking laws.
The torrent of e-mail, first reported in The Wall Street Journal Thursday=
,
came as the 90-day public comment period opened for the proposal.
It reflects growing anxiety among consumers about banks' use of personal
financial data =97 a concern that prompted a top federal regulator to war=
n the
banking industry this spring that it needs to protect customers' privacy.
Someone from Texas wrote, "I am appalled at even the suggestion of such a=
n
intrusion into our personal lives by the federal government.''
In another message, a Florida doctor told the regulators: "Next you'll ...
be implanting (an electronic) chip in newborns at birth so they can be
scanned as they walk in any banks as an adult.''
FDIC spokesman David Barr said the agency had received a staggering 2,700
e-mails and letters opposing the proposal.
At least some of the angry messages appear to have been inspired by
anti-government groups claiming the proposed rules are part of a federal
conspiracy aimed at limiting people's constitutional rights, according to
the Journal and people close to the situation.
Regulators and banking industry officials, who worked together on the new
rules, have taken pains to reassure consumers that their privacy would be
protected under the changes.
"Because of privacy concerns, it is the ... expectation that banks would
obtain only that information that is necessary to comply with the rule, a=
nd
would limit the use of this information to that purpose,'' the Office of =
the
Comptroller of the Currency, which regulates nationally chartered banks,
said in a statement.
John Byrne, senior counsel of the American Bankers Association, said, "Jo=
e
Q. Citizen needs to recognize that there's nothing for him or her to worr=
y
about.''
comments at foxnews.com
=A9 1998, News America Digital Publishing, Inc. d/b/a Fox News Online.
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Subject: NID:"KYC" Feds being deluged with Email protest
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