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> opaque government-facilitated denial of service without due process That's not what the report is about. Banks and financial institutions are required to fi
by rahimnathwani 2y ago
> opaque government-facilitated denial of service without due process
That's not what the report is about.
Banks and financial institutions are required to file Suspicious Activity Reports (SARs) and Suspicious Transaction Report (STRs). Filing such a report doesn't stop a transaction from happening.
The report suggests that banks think they could improve the usefulness of these reports and reduce the number of false positives, if they had more freedom to choose the criteria.
- AnthonyMouse 2y ago> Banks and financial institutions are required to file Suspicious Activity Reports (SARs) and Suspicious Transaction Report (STRs). Filing such a report doesn't stop a transaction from happening. It kind of does though, because banks are also not allowed to do business with criminals, so if they suspect you of being engaged in criminal activity -- even if they have no real proof -- guess what they do. Worse than that, they're prohibited from telling you about the SARs, so you have no way to dispute them if they're inaccurate. It's a Kafkaesque absurdity that should simply be abolished rather than attempting to polish the turd with AI pixie dust. > The report suggests that banks think they could improve the usefulness of these reports and reduce the number of false positives, if they had more freedom to choose the criteria. Which is bollocks, but the government keeps pressuring them to do something because the system doesn't work (because banks shouldn't be doing it to begin with), so they're proposing to invade everyone's privacy because they want to do it anyway and this is a convenient excuse.