Treasury Secretary Scott Bessent is preparing banks to collect citizenship data

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Introverted-headcase@reddit

This will cause rouge banking. Make loan sharks great again. Uncle Tony is better than a regular bank.

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JudgmentUnited5297@reddit

In the near term, it's just a big handout to anonymous pre-paid card services (the predatory rate there depends on which state you're in)

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WhileNotLurking@reddit

Not really. The U.S. doesn’t require a passport or other citizenship document to open a bank account I like many other countries.

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Our KYC laws have to accommodate for a wide level of documentation issues (not just immigrants, but in poverty/elderly situations too). There was a time where those groups were forced into predatory pre-loaded cards. Reforms to get these people "banked" were great in a vacuum, but I bet feels like a set up to them now.

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Secret_Squire1@reddit

They do abroad. I had to give my American passport and social security number when living abroad and opening an account.

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AntiBoATX@reddit

Well thank god… the bare minimum

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PS5Pro4@reddit

Only three countries in the entire world mandate this; one of them being North Korea.

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Correct_Doctor_1502@reddit

Yes they do. This is code for federal database of your private spending information in the name of "security"

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Brief-Floor-7228@reddit

No doubt any contributions to Dem candidates will be flagged.

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BigJSunshine@reddit

The banks are already doing it, my stupid bank KYC’ed my accounts last week. Had to provide ID, answer a metric shit ton of stupid questions like “do you intend to spend/withdraw more than 5,000 a month, for what?” I am absolutely moving all my money to a credit union and a second bank. Its chilling AF.

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glity@reddit

Only for us citizen everywhere in the world have to keep track of the wealthy so no one can upset the balance.

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AnomalyNexus@reddit

Definitely feels like the US is planning something screw-y with the financial system. All those Asian countries buying gold like mad must have seen this coming

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SunnySpot69@reddit

So what do we do? Buy more lead and rice and beans -_-

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AnomalyNexus@reddit

Honestly no idea. If they rug pull the global financial system then there will be nowhere to hide.

Previously would have said that’s never going to happen but with the toddlers, lunatics and dictators in charge of the world in various corners now I’m less sure.

I’m definitely going to examine options to diversify away from USD investments though

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The_Vee_@reddit

Will that mess with banks making money off the fees they charge to launder cartel money?

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LightBeerOnIce@reddit

Little bitch.

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mortalitylost@reddit

Banker. So a pretty damn big bitch

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glity@reddit

Oooh what did he say.

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TheSensiblePrepper@reddit

This isn't a surprise. It will just work out the same as when they started requiring Social Security Numbers to open an account.

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glity@reddit

Worse it will restrict us banking systems to those without us passports effectively locking the underprivileged that live here from banking and credit while also going cashless everywhere(effectively locking them out of the digital economy. That doesn’t seem like a problem till you’re homeless without a birth certificate.

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OLPopsAdelphia@reddit

If politicians can have access to all of our financial information, we should be able to have access to all of a politicians financial information.

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UncleCarolsBuds@reddit

Yo! They're about to steal more money from people