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Big Brother banks?

Nov. 23, 1998: The Federal Deposit Insurance Corporation’s “Know Your Customer” proposed plan required banks to report “unusual” customer activity – including simple deposits and withdrawals – to the government.

Banks would create “profiles” of customers to flag behavior or transactions that seemed to be out of the ordinary. Such “suspicious” behavior would be passed on.

Exposure of the plan in WND led privacy activists to bombard the FDIC with more e-mails and faxes than the agency had ever previously received. Ultimately, the U.S. Senate voted 88-0 to stop the proposal.

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