Banks Profiling Customers!

Know Your Customer
The Federal Deposit Insurance Corporation (FDIC), Board of Governors of the Federal Reserve System, Office of the Comptroller of the Currency, and Office of Thrift Supervision proposed a change to banking regulations in 1998 that would ensure banks and savings institutions have policies and procedures in place for screening transactions. Known as "Know Your Customer" programs, the federal regulatory agencies claimed they were trying to thwart money launderers and drug dealers. But what this law would do is turn every bank teller into a government informer and everyone with a bank account into a criminal suspect.

Students of Bible prophecy recognize this as another incremental step toward the fulfillment of the prophecy found in the book of Revelation which reveals that the antichrist will be able to track and control all financial transactions.

He also forced everyone, small and great, rich and poor, free and slave, to receive a mark of his right hand or on his forehead, so that no one could buy or sell unless he had the mark, which is the name of the beast or the number of his name. [Revelation 13:16-17]

The scripture says that NO MAN will be able to buy or sell anything unless he has the mark.

According to the 1998 proposed regulation (12 CFR 326), "the regulation would require each nonmember bank to develop a 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.

By requiring insured nonmember banks to determine the identity of their customers, as well as to obtain knowledge regarding the legitimate activities of their customers, the proposed regulation will reduce the likelihood that insured nonmember banks will become unwitting participants in illicit activities conducted or attempted by their customers."

Following a hugh outpouring of negative public opinion by way of over 250,000 letters, e-mail messages, and faxes the FDIC received concerning "Know Your Customer," the head of the FDIC later announced that "the public has spoken very loudly and clearly." Chairwoman Donna Tanoue said that she will urge the FDIC's board to drop the controversial rule at their next meeting.

Indeed, at that meeting, the Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency, Office of Thrift Supervision, and the Board of Governors of the Federal Reserve (the "Agencies") officially voted to withdraw their proposed Know Your Customer rule.

Even with the withdrawal of the FDIC regulation, it turns out the Bank Secrecy Act compliance manual of the Federal Reserve mandates banks to implement a Know Your Customer program.

"While the unanimous vote by the Senate and the likely withdrawal of the "Know Your Customer" proposal at the FDIC are developments worth cheering about, they will represent nothing more than temporary victories for freedom and constitutional rights. The government will be back. There will be new attempts to find out how you are spending the small amount of money your "public servants" permit you to keep. When you least expect it, they will be back in your pocket and snooping in your private affairs once again." - Joseph Farah, World Net Daily

Indeed... they did come back with renewed fervor in 2001 thanks to the 9/11 false flag attack. And, they came back with an expanded list of targets... it wasn't only money launderers and drug dealers, but now was to prevent identity theft and terrorist financing. The USA PATRIOT Act of 2001 requires financial institutions to implement a customer identification program to verify the identities of customers and verifying that the customer is not on any list of known fraudsters, terrorists or money launderers, such as the Office of Foreign Assets Control's Specially Designated Nationals list.

Beyond name matching, banks are now also using specialised transaction monitoring software to compare transactions of a customer against their recorded profile, history on the customers account(s) and with peers.


Conspiracy Goes Mainstream: CNBC's Big Brother, Big BusinessConspiracy Goes Mainstream
You should beware of any financial transaction you do -- especially depositing money in your bank or withdrawing money from your bank. With your bank reporting your financial transactions to federal enforcement agencies, will you be prepared to explain to federal agents why you conducted that particular financial transaction?

In a free society, the government has no business asking where you get your money or how you spend it -- and politicians have no right to force your bank to monitor your account.

Big Brother Is Monitoring Us by Databases, The Phyllis Schlafly Report, Sept. 1998




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