Financial Data Mining in the USA


	Financial Data Mining in the USA

cheapogroovo

5-14-2008 11:33 AM

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data, data mining, privacy, government

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/4f3698c3-cc8c-44fe-97a8-c57a24cf47d6/3BFCBA78-8653-4DE6-A4B9-F2A01E80353E/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.sandersresearch.com/index.php?option=com_content&task=view&id=1356&Itemid=99999999" href="http://www.sandersresearch.com/index.php?option=com_content&task=view&id=1356&Itemid=99999999" style="font-size: 11px;">www.sandersresearch.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.sandersresearch.com/index.php?option=com_content&task=view&id=1356&Itemid=99999999">a vague law prohibiting “structuring” was enacted, in which it became illegal to structure transactions to avoid the $10,000 reporting requirement. This little understood law is a favorite tool of law enforcement because few Americans know that depositing or withdrawing a few thousand dollars in cash a few times a year may land them in prison. </blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.sandersresearch.com/index.php?option=com_content&task=view&id=1356&Itemid=99999999">a database called the Financial Crimes Enforcement Network (FinCEN) was established to monitor cash transactions in the USA.<A mce_href="http://www.sandersresearch.com/index.php?option=com_content&task=view&id=1356#ftnt01" href="http://www.sandersresearch.com/index.php?option=com_content&task=view&id=1356#ftnt01">[1]</A><A name="ref01" title="ref01" class=""></A> Banks must submit a report on persons who make a cash transaction of $10,000 or more. Drug lords learned of this, so they limited transactions to less than $10,000. As a result, laws were passed that require banks to also report “suspicious” or multiple cash transactions below $10,000. Since money was often laundered through casinos and money transfer companies like Western Union, they are required to submit reports to FinCEN too.</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/3BFCBA78-8653-4DE6-A4B9-F2A01E80353E/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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