
Originally Posted by
stant
One concern I have is that once the Fed gets a hard-on for these folks, they may succeed in having this transferrance mechanism classified (by the Court) as a financial instrument and subject to banking regulation.
This already happened it seems. Your friend the PATRIOT Act, by modification to the Banking Secrecy Act, now classifies these chaps as one of many newly defined "Non-banking Financial Institution". Reams of regulations are now covering them.

Originally Posted by
Mel
the gov't agency 'suspicion factor' is higher
Banks and NBFI's can virtually report anything under certain guidelines that are a huge mess. http://www.fincen.gov/ This a way to avoid the pesky court system, of course.
I just love the completely transparent Orwellian double-speak usage of: "Patriot" and "Secrecy". Another crock of shit served up to the masses.
edit: Regarding the WU no ID test question issue, here's the official WU policy:Generally, TEST QUESTIONS may be used if the principal amount of the money transfer does not exceed $999.99. In the U.S. and many destinations outside the U.S., a money transfer that includes a Test Question will be paid to the Receiver if the Receiver can provide the correct answer to the Test Question OR can provide valid identification.
In other words, the official legal policy is roughly: "if under $1K, maybe"
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