> Then you need to trust the authorities to have all transaction data and use it responsibly. They do have that data. Most Western nations have financial inte

> Then you need to trust the authorities to have all transaction data and use it responsibly. They do have that data. Most Western nations have financial intelligence agencies that require all bank transactions or money wires (if they're over $10,000) to be reported to them. I forget the American equivalent, but Canada has FINTRAC, where I interned a decade ago. They have all the data. When you move any large sum of money anywhere, they get a report with your name, driver's license number, everything the bank knows about you basically. They can (and do) keep it for up to five years. Ever bought a house or car? A report is in their database, being scrutinized by analysts. It's been like that for nearly two decades now. FINTRAC at least has seen some success and did major damage to the Montreal Mafia. From the article, "wiring the money in smaller increments to avoid federal reporting requirements" means they knew why the customers were wiring $9999 twenty times rather then $200,000. They didn't care. That's why they're paying the fine.