tomatolord
Chief Petty Officer
- Joined
- Oct 1, 2004
- Messages
- 548
1st my thought is this...it is a mistake to think you are smart and your enemies are stupid
I was deep into banking for about a year and one of things that US banks were under a lot of pressure was the bank secrecy act. Really the opposite of what you think.
Basically reporting on large transaction and transactions outside the US. The banks were under heavy FED pressure to report and notify such events. Talk to any bank president and his #1 concern was not ID theft or being hacked by someone it was the FEDS and the BSA
The banking laws outside the US are dramatically so things have to be done totally different. In europe they have something called the BASL accords - sort of our Graham Leach bliley stuff.
These things state that not only do you have to keep private stuff private, but you have to have end to end transaction accountability.
You have to realize that the $$ that things cost today you cannot show up with just a bag of money, the bag would be too big! Plus large amounts of cash get stolen easily.
On the minus we all have to think up a new way of tracking the $$, good and bad.
On the good side the Times is also saying look every "covert" survelliance thing our govt does we will let you know about. Then let the people decide wether the actions are warranted.
Tomatolord
I was deep into banking for about a year and one of things that US banks were under a lot of pressure was the bank secrecy act. Really the opposite of what you think.
Basically reporting on large transaction and transactions outside the US. The banks were under heavy FED pressure to report and notify such events. Talk to any bank president and his #1 concern was not ID theft or being hacked by someone it was the FEDS and the BSA
The banking laws outside the US are dramatically so things have to be done totally different. In europe they have something called the BASL accords - sort of our Graham Leach bliley stuff.
These things state that not only do you have to keep private stuff private, but you have to have end to end transaction accountability.
You have to realize that the $$ that things cost today you cannot show up with just a bag of money, the bag would be too big! Plus large amounts of cash get stolen easily.
On the minus we all have to think up a new way of tracking the $$, good and bad.
On the good side the Times is also saying look every "covert" survelliance thing our govt does we will let you know about. Then let the people decide wether the actions are warranted.
Tomatolord
