IP: Patriot Act would make watchdogs of firms

[David Farber <dave () farber net>]

> From: Monty Solomon <monty () roscom com>
>
> By Scott Bernard Nelson, Globe Staff, 11/18/2001
>
> Ordinary businesses, from bicycle shops to bookstores to bowling
> alleys, are being pressed into service on the home front in the war
> on terrorism.
>
> Under the USA Patriot Act, signed into law by President Bush late
> last month, they soon will be required to monitor their customers and
> report ''suspicious transactions'' to the Treasury Department -
> though most businesses may not be aware of this.
>
> Buried in the more than 300 pages of the new law is a provision that
> ''any person engaged in a trade or business'' has to file a
> government report if a customer spends $10,000 or more in cash. The
> threshold is cumulative and applies to multiple purchases if they're
> somehow related - three $4,000 pieces of furniture, for example,
> might trigger a filing.
>
> Until now, only banks, thrifts, and credit unions have been required
> to report cash transactions to the Treasury Department's Financial
> Crimes Enforcement Network, under the Bank Secrecy Act of 1970. A
> handful of other businesses, including car dealers and pawnbrokers,
> have to file similar reports with the Internal Revenue Service.
>
> ...
>
> http://www.boston.com/dailyglobe2/322/business/Patriot_Act_would_make_watchdogs_of_firms+.shtml


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