Status #59275

Here in Canada, some chartered banks have taken to identifying [...]


Warminster, Ontario
via The Full Circle Project
Here in Canada, some chartered banks have taken to identifying who else is depositing into an account, besides you. i recall a couple of years ago hearing about this practice being initiated on a radio program.
i began to find that it was not possible to deposit a couple bucks into my sisters account unless I disclosed who i am and what was my relation to the account holder.
I would balk and protest to the teller and become angry at them. To the point where i would be likely arrested if i was to push the issue any further.
Today in a similiar circumstance my own bank questioned my relationship with the reciever of funds being donated so they could pay their water bill.
Again, I began to take it out on the teller, who typically used the power of her position to push back against my push for anonymity. I soon raised the ire of a patron who waiting in line decided to chime in as the sheep dog, who suggested that i should just accept that the teller was doing her job and i should stop being a bother to her.
Eventually i gained the attention of the bank manager, who interjected and dealt with me personally. She explained that the banks were empowered to collect information of suspicious transactions and that they were expected to report them.
I demanded to know the name of the act, she did produce the relevent section of the " Proceeds of Crime (Money Laundering) and Terrorist Financing Act"
Which states in part..."reporting suspicious financial transactions". So i apologized to the bank manager and the teller as i had suggested i would, if the bank was making a legitamate claim. They beleved they were required, and did what the banks policy demanded of their employees.
Now though, armed with the portion of the act that spells out the idea of "suspicious" behaviour, i will again question the legitamacy of the query posed by at least two banks i have had to deal with since this legislation was enacted.
As an aside I have also had the occasion to deal with a bank seperate of those depicted in my little tale, they have never inquired as to my identity nor any other intrusion of my or the account holders privacy.
For those of us interested in privacy and the corresponding human rights and freedoms, I would suggest that if your own bank wont respect your privacy, look around for a green logo and speak to them about a new account and their information collection policy.
I am seriously considering changing my more frequent banking activities to the green machine, and leave my own bank to wonder where all my transaction fees have gone.
At the very least i won't be considered "suspicious" for helping those in my life circle who i am able to assist in their struggle of life.
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