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Feds: Banks Should Call Police if Customer Withdraws More Than $5k in Cash
"A senior official from the Justice Department spoke to a group of bankers about the need for them to rat out their customers to the police," said investor and financial blogger Simon Black.
Banks are already required to file a "Suspicious Activity Report" (SAR) should they suspect an unusual activity. But now the feds are saying these suspicious reports are not enough.
"[W]e encourage those institutions to consider whether to take more action: specifically, to alert law enforcement authorities about the problem, who may be able to seize the funds, initiate an investigation, or take other proactive steps," the official told Black.
So, how do these institutions know when to take action?
Florida Cops are Taking Tons of People's Property!
The Justice Department has been advocating for bank tellers across the US to call police on their customers who withdraw $5,000 or more in cash.
Banks are already required to file a "Suspicious Activity Report" (SAR) should they suspect an unusual activity. But now the feds are saying these suspicious reports are not enough.
"[W]e encourage those institutions to consider whether to take more action: specifically, to alert law enforcement authorities about the problem, who may be able to seize the funds, initiate an investigation, or take other proactive steps," the official told Black.
So, how do these institutions know when to take action?
{All you have to do is be a bigoted, hateful, spiteful or envious teller --the Feds will help you mask all of your psychological problems under a facade of 'concern for public safety'!}
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