Monday, June 9, 2014

Treasury Sharing Bank Data on Americans with NSA

The U.S. Treasury Department said it provides nation’s intelligence agencies access to some reports that banks file on suspicious or large money moves by customers, including information about Americans, reports Bloomberg.

The Treasury, saying it was responding to a public records request, released the protocol at the end of last week, describing how it provides some information in bulk to the National Counterterrorism Center. The document, partially redacted, also sets conditions for searching the database.

The 2010 memorandum of understanding between the Treasury’s Financial Crimes Enforcement Network and the NCTC requires intelligence agencies to make “best efforts” to tap information valuable only to specific cases and immediately destroy data obtained in error.

“Financial data can be some of the most relevant as to how people are connected,” NCTC Director Matthew Olsen said in an interview with Bloomberg. “That’s why it’s vital that we have access” to the FinCEN database, he said.

While his unit also looks at travel patterns, phone records and other pertinent data when investigating potential international terrorist activity, tracking the money is key, he said.

“Financial connections are the most binding between people,” he said. “When we can find connections based on money, it’s not a smoking-gun piece, but it helps with analysis.”

U.S. banks file more than 15 million currency-transaction reports each year, spurred by movements of $10,000 or more into or out of an account, according to FinCEN. Financial institutions -- including banks, brokerages, money-transfer businesses and casinos -- also file more than 1.5 million suspicious-activity reports annually.



  1. The thing that pisses me off about the $10K figure is that if you purposely break up the transaction over a couple of days and your bank is filled with douchebags they can report you for trying to break up the transaction(on a completely subjective basis) which is against the law....unbelievable.

  2. Then why do we have no evidence of any investigation into a surge in currency shipments, billions of dollars in $100 bills above-normal, in July/August 2001?

  3. From encryption of our day-to-day communications to well-scrutinized opensource hardware and software, securing our communications needs to become a mainstream behavior