From: Kevin L Prigge <klp@gold.tc.umn.edu>
Date: Fri, 29 Sep 95 06:27:18 PDT
To: cypherpunks@toad.com
Subject: FinCen Blurb in local paper
Message-ID: <306bf42f13dd002@noc.cis.umn.edu>
MIME-Version: 1.0
Content-Type: text/plain


Found this in the St Paul Pioneer Press yesterday, no wire service
attribution.

Cyber banking risks cited

New York
Smart Cards, on-line banking and other high-tech consumer 
payment services could be exploited by money launderers 
and other crooks, a Treasury Department official warned
Wednesday. Stanley Morris, director of the Financial Crimes
Enforcement Network, said that government and regulatory
agencies believe the new systems, known as cyber banking,
will profoundly alter financial services in the future.

"The government has got to get its act together" and quickly
decide on whether on-line banking systems and smart cards 
require new regulations," Morris said.

Morris spoke to reporters after a day-long closed-door meeting
of bankers, regulators, law enforcement officials and technology
executives sponsored by FinCen, the governments anti-money
laundering agency.

--- end article ---


-- 
Kevin Prigge                        |  Holes in whats left of my reason, 
CIS Consultant                      |  holes in the knees of my blues,
Computer & Information Services     |  odds against me been increasin' 
email: klp@cis.umn.edu              |  but I'll pull through...