[Ed. – Oh, yeah. No way this could be abused.]
Obama’s Department of Justice has announced new plans to give banks more power to inform on customers’ “nefarious activity” and trigger immediate investigations by federal or local authorities.
One of the ways that banks currently flag the possibility of suspicious activities of their customers is to file a Suspicious Activity Report (SAR) with the federal government. After an SAR is filed, it can sometimes take weeks, even months to see results on a suspicious bank account.
But now the Justice Dept. wants to make it easier for banks to inform on customers. DOJ is now urging banks to contact local or federal law enforcement officials about their concerns. …
The alarm from a bank could result in the confiscation of a customer’s cars, homes, and assets even ahead of any full investigation into suspicious activities.