Money Thread : LUSENET : TimeBomb 2000 (Y2000) : One Thread

Today some more information became available, all related to our money. I posted this as part of an answer on another thread but feel it is of importance, and hope it will generate some useful discussion.

Gary has two links/articles today that you may want to check out - One about the FDIC and their perspective on the Know Your Customer topic, and a second about Bank Consolidations that has a link embedded in his remarks, for the International Coordination Program. The latter points to the Financial Action Task Force recommendations that he suggests is using a money laundering 'cover'. Just go to and then into the Banking cateogry for these. IMHO, long but interesting to say the least.

Also, check out what Jim Lord's tip of the week is on the y2ktimebomb site ( for his latest on Y2K and Cash Withdrawals.

-- Rob Michaels (, December 07, 1998


Know your customer is a TOTAL invasion of the depositor's privacy. Imagine! Your own bank reporting you to the government!

The conversation would go something like this:

Bankster: "Hello, FBI?" Agent Reno: "Yes." Bankster: "One of our depositors, Mr. Menger, made a deposit of $14,000 today, and quite frankly, based on his profile, we don't know where he could have gotten that kind of money." Agent Reno: "Thank you my trusty tool. We will look into it."

The so-called "Know your customer" is just one more argument against the big-government/big-banking alliance. In addition to invading our privacy, this alliance is defrauding the American people of their savings through the fractional reserve banking system.

For a full explanation, I highly recommend Murray N. Rothbard's "The Case Against the Fed." Buy it for yourself or for someone you love as a Christmas present.

-- Menger

-- Menger (Oro@100percent.reserve), December 07, 1998.

There was a mention of the "Know your Customer" program on television this last weekend also. I should have written down what channel and show I was watching but didn't. Smack on the back of the hand for me.

Anyway, I think there will start being a lot more references to it on TV in the near future.

-- Craig (, December 07, 1998.

Gary talked a bit about it too on Art Bell... sounded like Art hadn't heard of it before. Did you ever stop to think how much we are never told... I mean how much we never even have a clue about. Makes ya wonder.

This International Coordination Program and Financial Action Task Force (FATF) is something that I hadn't heard of until North posted it today, and I haven't seen any posts (or anything else) about this stuff either... one reason that the forum may find it interesting. This FATF looks like they mean business too.

-- Rob Michaels (, December 07, 1998.

The timing of these new regulations is interesting. Unless Congress decides to stop it for some reason, the effective date of the regulations is December 27, 1998. The regulations require each financial institution to establish a "Know Your Customer" program within six months.

June 27, 1999? Sounds really close to that well-known date (to us) of July 1, 1999.

And where do you think Congress will be on December 27?

BTW, I used both the links Gary North provided on this earlier today. When I tried to get back on a few minutes ago, though, both links were dead (not to Gary, but from Gary to the official sites).

-- Kevin (, December 08, 1998.

This isn't something totally new. Banks have been keeping track of deposits and withdrawals of 10,000 or more for some time now,supposedly under the guise of tracking drug money and money laundering.This just takes it one step further.Then what will the next step be? Telling us when and how much we can withdraw?

-- sue (, December 08, 1998.

Here is the FATF link that is part of Gary's Bank Cosolidation thread. The URL is


-- Rob Michaels (, December 08, 1998.

This past weekend I had a conversation with a CPA who says his clients are from all over the USA, many large banks and credit unions.

We got to talking about Y2K (surprised?) and the implications for banking. When I got to the subject of "bank runs" he stated he is not worried. Banks have already been given notification of a policy that will be enforced in JUNE '99, he said. Which is? I asked. In JUNE '99 the banks will limit the amount a customer can withdraw. The CPA did not know (or, would not tell) the $ amount.

Any CPA out there care to refute/substantiate this info?

-- Joe (, December 08, 1998.


There is a thread (active) about this. It's all in caps: Have you heard about the FDIC's latest snooping plan... check it out.

-- Rob Michaels (, December 08, 1998.

When you get one of your questionnaires about you life style from the bank or whoever, why not just extract the michael. As long as you keep it in good order what can they do.

-- Richard Dale (, December 08, 1998.

Know Your Customer (KYC) - more info on Identification Requirements, Limitations on cash and gold, transaction monitoring,etc. Short, with links if you want details. URL is

a< href="">Latest on KYC

-- Rob Michaels (, December 08, 1998.

If at first...

a< href="">Latest on KYC

-- Rob Michaels (, December 08, 1998.

you don't succeed...

tell them the title too, on gary's forum: category Banking:

"Gold, Cash After January 1,1999: Know Your Customer"

-- Rob Michaels (, December 08, 1998.

Here is the link for the proposed "Know Your Customer" Legislation

-- excop (, December 08, 1998.

They changed the link. Here is the new one

-- excop (, December 08, 1998.

Since we can't seem to get a hot link to work, here is some of the Know Your Customer info from the site:


Identification will be required for all business transactions which use conventional methods of payment, i.e.: checks, credit cards, debit cards, money orders, wire transfers, and electronic transfers. Cash deposits and withdrawals above certain thresholds will require identification.

Identification will also be required for: renting safety deposit boxes, purchasing insurance, and stock transfers. Customers who will not identify themselves will not be allowed to use bank services. New technologies using methods of "electronic identification" are encouraged.


Cash transactions will be monitored through deposits and withdrawals. Electronic transactions will be logged into an information database and compared against pre-established profiles. Limits will be placed on the amount of cash that can be withdrawn at any given time and consecutive withdrawals may be treated cumulatively as one transaction for reporting purposes. Transactions exceeding the allowed limit will result in a "suspicious transactions" report being filed.

Further limits to be placed on the amounts of money that can be transported across international borders - including both cash and electronic funds transfers. Ultimately, cash will likely be outlawed above a certain amount, and conducting private business using cash in amounts larger than the legal limit will constitute criminal activity. Gold acquisitions will be monitored and regulated.


Bank customers will be required to reveal all sources of revenue (income). Accounts will be monitored to evaluate actual deposits compared against projections. Banks will establish profiles, classifications, and categorizations based on information supplied by the customer and other gathered information. All customers will be compared against the subjective classifications. Perceived anomalies in deposits or withdrawals will be reported as "suspicious activity." Banks are prohibited from informing customers when suspicious transaction reports have been filed on them. Modern "new technologies" to monitor and regulate cross-border transfers of cash will be instituted.


Electronic funds transfers (i.e. smart cards, credit cards, debit cards, electronic purses, etc.) are the preferable method of payment under the Know Your Customer program because transactions can be monitored, recorded, and traced. Therefore, debit cards, smart cards, and electronic purses are encouraged for conducting business under KYC.


The international "Know Your Customer" program is being promoted by the Financial Action Task Force (FATF), whose members include: Australia, Austria, Belgium, Canada, Denmark, European Commission, Finland, France, Germany, Greece, Ireland, Italy, Japan, Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Turkey, the United Kingdom and the United States. Other international supporting organizations included: Interpol, the International Organization of Securities Commissions (IOSCO), the World Customs Organization (WCO) and the United Nations International Drug Control Programme (UNDCP).

Gang: the above are just excerpts. If you think that all this is as interesting as I do, go to the links and check it out.

-- Rob Michaels (, December 08, 1998.

There are some interesting articles today on that cover the following:

Regarding Know Your Customer there are:FDIC innundated with comments and Details of FDIC snooping.

Also, there are two articles about the UN Y2k summit. Just go to the site and scroll down for the info.


-- Rob Michaels (, December 11, 1998.

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