February 1, 2023

Banking institutions Developing Technology To Track Weapon Purchases Under Guise Associated with Flagging Potential Mass Photographers

Banks have been working on technology to “ identify possible mass shooters” by tracking gun-related purchases and submitting “ Suspicious Activity Reports” with the Treasury Department’ s i9000 Financial Crimes Enforcement Network. According to comments made by Blend Bank Chief Executive Officer Priscilla Sims Brown at the New York Moments DealBook conference on Wed, the strategy would employ  credit card companies […]#@@#@!!

Banks have been working on technology to “ determine potential mass shooters” by tracking gun-related purchases plus filing “ Suspicious Activity Reports” with the Treasury Department’s Financial Crimes Enforcement Network.

According to comments made by Amalgamated Bank Chief Executive Officer Priscilla Sims Brown at the New York Times DealBook conference on Wednesday, the particular strategy would employ  credit card companies to more carefully track gun purchases ,   Bloomberg   reports.

“ We are going to at the very early stages of the — this particular code just got approved in October, so those detection scenarios are still being brought together, ” said Brown, adding “ But because implemented, those scenarios is going to be used . ”

The particular strategy would mirror ways banks try to identify and stop fraudsters from using customers’ money.  

The International Organization for Standardization accepted a new merchant category program code earlier this year that banks will use when processing transactions regarding gun and ammunition shops   after Blend submitted an application on the issue. Gun-control advocates were fast to celebrate the proceed, arguing it would help banking institutions flag suspicious activity with these retailers. -Bloomberg

Banks have come under pressure from Congressional Republicans over what they plan to do with the tracking requirements, with conservative policymakers conveying concern that lenders will use the data to create  unofficial lists of gun owners in the US .

“ What I am hearing from other banks is that they have been honoring this process and this system, filing Suspicious Exercise Reports across a myriad of sectors to stop a myriad of crimes — or at least alert authorizes of them, ” said Brown. “ And I have every self-confidence that banks are going to do the same thing here. ”

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