Fergie's Tech Blog

U.S. May Want More Bank Data

Richard B. Schmitt writes in The Los Angeles Times:

The Bush administration is considering requiring U.S. banks, for the first time, to inform the government of all their customers' international wire transfers, regardless of possible terrorist ties, a Treasury Department official said Tuesday.

Such mandatory reporting would mark a major expansion of the government's efforts to comb financial data to fight terrorism and other international crimes. Depending on how the program is structured, it could mean that banks would be forced to turn over data on millions of transactions that they are now required to keep secret.

posted by Fergie @ 7/12/2006 11:14:00 AM