The reality is what we see everywhere today– self-regulating, self-legislating executive agencies with nearly unlimited scope and authority.
These agencies can also conjure new rules out of thin air, all on their own, that have the same weight and effect as laws. In fact, regulations that there have been nearly 500 newly posted regulations or proposals just in the last week… and roughly 6,000 over the past 90-days. Truly amazing.
One of these new proposals has come from regulators at the Financial Crimes Enforcement Network (FinCEN).
As you’re probably aware, FinCEN is a bureau of the Treasury Department that oversees the ridiculous post-9/11 regulatory environment. There are many of regulations that have obliged bankers to nitpick every last detail of new customers’ lives when someone wants to open an account.
The net effect is that it’s more difficult to open any form of financial account, just about everywhere in the world. Naturally, they claim it’s all for the benefit of ‘fighting terrorism,’ but this is total nonsense.
For example, FinCEN wants all new customers to explicitly forecast what the monthly inflows and outflows will be when opening an account. Any deviation from this forecast will require the banker to submit a Suspicious Activity Report (SAR). What would be impossible to do,
Afterwards, they’ll push the same rules down the throats of every major banking jurisdiction around the world, making it much more difficult to open a bank account anywhere. The sheer volume of so many new regulations, and the velocity with which they are spawned, should be a reminder that the time to take action is now. Tomorrow may bring yet another stupid rule that will make it more difficult, or impossible, to do what you’ve been putting off today.
This cooperative partnership between the financial community and law enforcement allows disparate bits of information to be identified, centralized, and rapidly evaluated.
This web interface allows the person(s) designated in §314(a)(3)(A) to register and transmit information to FinCEN.