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.
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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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