|
|
|
Auto Loan: New & used auto loans & refinancing
Credit Card: Secured & unsecured credit card offers
Credit Report: Order a free credit report copy online
Debt Relief: Counseling, consolidation & settlement
New Home Loan: Multiple new home loan rate quotes
Mortgage Refi: Refinance or get a mortgage equity loan
Personal Loan: Good or bad credit personal loan approval
|
Bank Account Transaction Reporting
Banks report more suspicious account activities to the federal government.
The USA Patriot Act has increased the types of financial information that is reported to the federal government. But the government doesn't necessarily release data concerning any reviews it may conduct of your bank account.
Each year, banks and other financial institutions report hundreds of thousands of suspicious account activities to the federal government, and without the knowledge of the account holder.
Last year, 689,414 'suspicious activity reports' were filed with the Treasury's Financial Crimes Enforcement Network. In just the first five months of this year, already 435,167 reports have been filed, indicating that last year's total number will easily be doubled.
The increased number of reports is a result of the Patriot Act, which expanded the responsibility of banks to report suspicious transactions.
Banks which fail to report transactions later surface as illegal, face millions of dollars in fines. Riggs Bank was fined $16 million for failing to report suspicious transactions in some foreign accounts, including those of former Chilean dictator Augusto Pinochet.
Your bank won't tell you if your account has been reported, because law prohibits the disclosure.
What typically encourages a bank to report an account as suspicious, is an uncharacteristically large deposit by a customer.
Under Section 314(a) of the Patriot Act, the government can also query financial institutions to see if specific individuals have opened an account or made a transaction recently. The government must then show probable cause to obtain more information about those accounts.
Visit Credit Federal for a free checking account.
 Share this Financial Article with a Friend - click here
Webmasters: Free Financial Content for Your Website!
Multiple ways to use our financial content:
1) You can use our RSS Feeds for automatic insertion and updates
2) You can simply link to this article
3) You can copy/paste the HTML code below (do not remove any links).
|
Personal loan and credit card resource serving millions of good and bad credit U.S. consumers.