20 February 2017
visit dh.com

US ready to give spy agencies full access to financial records - Reuters

14 March 2013  |  4090 views  |  0 Washington Capitol hill

The US government is drawing up plans that would give the country's spy agencies full access to a database containing details on all suspicious customer activity reported by banks, according to Reuters.

Under US law, banks that operate in the US have to file reports on suspicious activity on accounts, such as large money transfers to the Treasury's Financial Crimes Enforcement Network (FinCEN).

The FBI already has full access to the database to help it fight things such as money laundering, organised crime and terrorist financing. Currently though, other agencies, such as the CIA and National Security Agency, have to make case-by-case requests for access.

According to a Treasury document seen by Reuters, this is could be set to change, enabling the agencies to sift through raw data - banks file more than 15 million suspicious activity reports a year - looking for patterns.

The document, dated 4 March, shows that the plan is still in its early stages. It is not clear when it will be implemented.

US to let spy agencies scour Americans' finances - Reuters

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

HSBC compliance head quits at US hearing

HSBC compliance head quits at US hearing

18 July 2012  |  6146 views  |  0 comments
EC sets out terrorist financing tracking plan

EC sets out terrorist financing tracking plan

15 July 2011  |  7803 views  |  0 comments
RBS hit with £5.6m fine for sanctions screening failings

RBS hit with £5.6m fine for sanctions screening failings

03 August 2010  |  18594 views  |  1 comments

Related blogs

Create a blog about this story (membership required)
Visit contisgroup.comhttp://www.financialcrimerisk.fiserv.com/aml?r=finextra

Top topics

Most viewed Most shared
IBM and Visa join forces to turn billions of connected devices into points of saleIBM and Visa join forces to turn billions...
14757 views 11 comments | 50 tweets | 84 linkedin
Nesta launches £5 million Open API challengeNesta launches £5 million Open API ch...
10100 views comments | 21 tweets | 18 linkedin
Jaguar embeds payments into digital dashboardJaguar embeds payments into digital dashbo...
9606 views comments | 48 tweets | 56 linkedin
The fintech effect: Banks buy in to benefits of boosting financial well-beingThe fintech effect: Banks buy in to benefi...
8878 views comments | 15 tweets | 11 linkedin
Kevin the bot uses blockchain to offer insurance for P2P transactionsKevin the bot uses blockchain to offer ins...
7699 views comments | 16 tweets | 12 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job