Freedom from financial shackles? Homeland Security will save you!

Pay off your credit cards? Try to break free of debt slavery? Well, prepare to have Homeland Security freeze your bank accounts, your credit cards, and access to your funds. Know Your Customer has been around for a while in some shape or form, and it has always sucked.

According to this report, provided by Treasury Department’s Financial Crimes Enforcement Network (FinCEN) as of June 30, 2005, over 2.6 million Suspicious Activity Report forms (SARs) have been filed with FinCEN. The volume of Suspicious Activity Report filings in the first six months of 2005 increased 45% over those filed in the same period in 2004. And the U.S. Treasury Department admits themselves that this is a problem:

“FinCEN indicates that some of this increase is warranted, while some may be attributed to ‘defensive filing’ by financial institutions, in which SARs are filed on nonsuspicious transactions out of concern about regulatory and criminal scrutiny. Such defensive filing dilutes the value of the information in the BSA* database.” *Bank Secrecy Act

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