-Caveat Lector-
At 09:03 AM 1/30/99 -0500, flw <[EMAIL PROTECTED]> wrote:
> -Caveat Lector-
>
>
>The federal government's latest proposed weapon in the war
>on drugs is the "know your customer" (KYC) rules, which were
>proposed by the Federal Deposit Insurance Corporation (FDIC)
>and other financial regulators in December, and are set to
>go into effect in April 2000 unless regulators change their
>minds or Congress intervenes. The KYC rules are being
>promoted as a way to fight money laundering, much of which
>is generated by the illicit drug trade.
>
>According to the FDIC's notice in the Federal Register, "the
>regulation would require each nonmember bank to develop a
Oh, wow! Talk about authoritarian!
Here is an organization (the FDIC) proposing to impose
its rules on NONMEMBERS!
>program designed to determine the identity of its customers;
>determine its customers' sources of funds; determine the
>normal and expected transactions of its customers; monitor
>account activity for transactions that are inconsistent with
>those normal and expected transactions; and report any
>transactions of its customers that are determined to be
>suspicious, in accordance with the FDIC's existing
>suspicious activity reporting regulation" (FR, Dec. 7, 1998,
>p. 67529-30). Critics have characterized the new banking
>surveillance system as "Big Brother Banking" that
>effectively deputizes bankers as law enforcement agents and
>informers.
>
This, of course, is fundamentally an imposition on the hated, despised,
powerless, but wealth producing middle class.
The welfare class do not have bank accounts. They buy their food
with food stamps, their housing with housing vouchers, and their drugs
with their general assistance checks cashed at the neighborhood liquor
store.
The plutocrats of the corruptocracy will simple charter their own
banks, monitor themselves, and report to the FDIC that they
are wonderful, model citizens.
DBC
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