Hello schizo,
Here is some dull reading that explains in depth what I wrote in my post from a U.S. Gov website:
http://www.occ.treas.gov/moneylaundering2002.pdf
Below are quotes from these rules from the U.S. Government that are given to bankers and brokers. They should give you more depth about my last post. These are the things they are requiring banks and brokers to do to satisfy Uncle Sam:
âThe USA PATRIOT Act addresses several aspects of due diligence at account opening.
⢠Verification of Identification - Prescribes minimum standards that financial institutions must follow to verify the identity of both foreign and domestic customers at account opening. Financial institutions must consult U.S. government-provided lists of known or suspected terrorists or terrorist organizations and keep records of the information used to verify each customerâs identity. â
âAll U.S. persons and entities, including banks, federal branches and agencies, international banking facilities, and overseas branches, offices and subsidiaries of U.S. banks must comply with the laws and OFAC-issued regulations. In general, these regulations:
⢠Require blocking of accounts and other assets of specified countries, entities, and persons.
⢠Prohibit unlicensed trade and financial transactions with specified countries, entities, and persons.
âHigh-Risk Products and Services
Wire Transfer/International Correspondent Banking -Money launderers have become more creative in their use of wire transfer systems, particularly relating to correspondent bank accounts. Correspondent accounts are accounts banks maintain with each other to facilitate transactions for themselves and their customers. Although these accounts were developed and are used primarily for legitimate purposes, international correspondent bank accounts may pose increased risk of illicit activities.â
âMoney Laundering Red Flags
Customers Who Provide Insufficient or Suspicious Information
⢠A customer uses unusual or suspicious identification documents that cannot be readily verified.
⢠A business is reluctant, when establishing a new account, to provide complete information about the nature and purpose of its business, anticipated account activity, prior banking relationships, names of its officers and directors, or information on its business location.
⢠A customerâs home/business telephone is disconnected.
⢠The customerâs background differs from that which would be expected based on his or her business activities.
⢠A customer makes frequent or large transactions and has no record of past or present employment experience. â Like a Trader!!
Then the meat of it; many traders set up wire transfers. Here is what they monitor:
âCertain Funds Transfer Activities
⢠Wire transfer activity to/from a financial secrecy haven, or high-risk geographic location without an apparent business reason, or when it is inconsistent with the customerâs business or history.
⢠Many small, incoming wire transfers of funds received, or deposits made using checks and money orders. Almost immediately, all or most are wired to another city or country in a manner inconsistent with the customerâs business or history.
⢠Large incoming wire transfers on behalf of a foreign client with little or no explicit reason.
⢠Wire activity that is unexplained, repetitive, or shows unusual patterns.
⢠Payments or receipts with no apparent links to legitimate contracts, goods, or services.â
These definitions can fit any one of us. No one is excluded from Big Brothers eyes!!
Quote from schizo:
In all fairness, that was probably the right thing to do following 9/11. But how many cases involving money laundering that are directly tied to terrorism did the Homelanders busted so far? None, as far as I recall. Better yet, how many terrorists have they apprehended? Not many. Who are the majority of those that got rounded up? Mostly Hispanics.
This is eerily similar to the way we conducted the wars for the last 7 years. It all started with Al Quaeda and Osama bin Laden, but we end up replacing a dictator and building nations, not to mention losing lives. Just what the hell is our priority?
Bush didn't know what the hell he was doing and, sorry to say, Obama ain't much wiser. Those two bozos are wasting money and lives on things that have no connection to 9/11. I say go after Osama bin Laden and get the fuck out of Afghanistan, for crying out loud!
