Tuesday, November 17, 2009

Fintrac may violate anyone's banking privacy

Fintrac is back. In the news that is. If your wondering, what the heck is Fintrac?
I wondered that also in this earlier post.

Banking Probes may violate privacy

Privacy Commissioner Jennifer Stoddart is saying Fintrac may violate anyone's privacy, anyone at all. Based on little more then an individuals ethnic background.

“This is not an insignificant issue,” Ms. Stoddart said in her report. Canadian law requires banks, insurance firms and securities dealers, among others, to “scrutinize and report vast amounts of personal information.”

Without proper controls to screen information, the agency keeps information beyond its authority from over-zealous institutions “on the basis of unsubstantiated suspicion,” Ms. Stoddart said in the report.

An audit of Fintrac “found problems related to reports made on the basis of unsubstantiated suspicion,” Ms. Stoddart said in the report. “We recommend that Fintrac work with reporting entities to ensure the Centre does not acquire information that it has no legislative authority to receive and that it does not need or use.”

A question, is the real problem one of entirely too much personal information available, to just about anyone?
Making it all that much easier for Fintrac and other government agencies to be overzealous?


  1. My wife works in the banking business. You would be absolutely shocked at the kinds of things she has told me go on around these supposedly respected institutions . . .

    Off the top of my head:
    - basically can't get a job without knowing three people on a personal basis or being related to someone (a ridiculous amount of people are related)
    - specific ethnicities and countries being targetted for fraudulent cheques, so that everyone "who looks like they're ____ian gets the "we suspect you are a criminal" treatment (an actual MEMO was sent around to staff regarding this!)
    - you want a credit card? some special mortgage? Screw your credit rating . . . as long as you dress nicely and the banker likes you, you're halfway there. People who question things too much and have ordinary credit ratigs are often given the cold shoulder when they shouldn't be, screw being objective
    - and personal information? if you refuse to give out some personal information - which is usually totally unnecessary, btw - they can just refuse you credit, even though a similar case would easily get credit in the same situation. They do love their power over the common man . . .

    The banks are a brutal cartel of financial slavers, and the system is as corrupt as a Medieval law firm.

  2. slozo:

    I am not so impressed with the banks myself for a number of reasons.

    Reading how arbitrarily they can decide to report someone to Fintrac, and a 10,000 dollar withdrawals get one automatically reported?

    Why what the hell is ten grand in this day and age?

    what if you were buying a used car, privately?
    Down payment for a house, or a relative was giving you that as a gift???

    Withdraw ten grand and it's reported???

  3. oh and clearly from what your saying it is all about being buddies there and promoting racist agendas politically motivated racist agendas