Daily Dashboard

U.S. Asks Banks for International Transfer Data

FINANCIAL PRIVACY—U.S.

September 28, 2010

U.S. authorities yesterday signaled their intention to monitor almost all bank transactions to and from the U.S., a move that is eliciting privacy concerns, the Associated Press reports. The Treasury Department's Financial Crimes Enforcement Network has asked banks to report international transactions of $1,000 or more to help detect international crimes, the report states, to take effect in 2012 if passed. Currently, only transactions of $10,000 or more are reported. Marc Rotenberg, director of the Electronic Privacy Information Center said the plan is likely to renew a long-going battle between U.S. and European governments over the disclosure of financial transactions, as evidenced by recent SWIFT negotiations. "It is a tremendous overreach by the U.S. government," Rotenberg said.
Full Story