Short Wave Sportfishing wrote:
On Wed, 12 Mar 2008 07:36:39 -0400, "Reginald P. Smithers III"
"Reggie is Here wrote:

wrote:
On Tue, 11 Mar 2008 14:14:25 -0400, HK wrote:


For what it is worth, a colleague who is rather "connected" in DC told
me today that he thought Spitzer was being "targeted" for other reasons.
"The amounts of money the news reports say triggered the bank to label
them as possibly suspicious are too small for that." But he's just
speculating.
I don't know. Lately, I've been reading about PEPs (politically exposed
people) and SARs (suspicious activity reports). It seems since 9/11,
banks have been using software to spot suspicious activities. The irony,
is Spitzer, as AG, put pressure on the banks to have more accountability.

http://www.newsday.com/news/local/st...,4637246.story
While $10,000 might not trigger an investigation for everyone. My
colleague who is very well "connected" in NYC, told me that any well
connected person should know that anytime a politician transfers a large
amount of money, it will definitely trigger an investigation, no matter
who they are or what party they are affiliated with. It would not matter
if it was the governor of NY, or the mayor of Paducah or the police
chief of Highland Beach, Md.

My very well connected friend told me they are concerned about illegal
payoffs, bribes, and payola and they definitely would follow up any
politician making those large transfers. My friend was not speculating,
he was just calling it like it is.

There is no $10,000 limit. There isn't a set amount.

It's all software looking for patterns. Which is the exact thing that
Spitzer used to get his bad guys.

The irony is that he didn't understand the system enough to avoid
getting caught himself.

I am not aware of any software that would review all banking
transactions, but it would not surprise me if there was, but since the
Bank Secrecy Act of 1970 financial institutions have been required to
file federal forms of any daily transactions that exceed $10,000 or any
activity the bank deems as suspicious activity.