U.S. Treasury weighs broader scrutiny of transaction data: report

The U.S. Treasury Department was mulling plans to increase the amount of transaction data it collects from the banking industry in an attempt to prevent illegal deals, The Wall Street Journal reported on Tuesday.

The report said the Treasury Department was considering whether or not to require banks and other financial companies to give the government data on around 500 million transactions each year.

Robert Werner, a senior Treasury Department official, said he had asked Treasury Secretary Henry Paulson to approve a massive new data-collection regime, according to the report.

More than a year ago, the Treasury Department's Financial Crimes Enforcement Network launched a study to establish whether or not such a data-collection exercise would be feasible in preventing and tracking money laundering and terrorist financing, it added.

Now, banks and wire-transfer companies have to retain wire-transfer information in case the government asks for it later. The new program would require companies to directly send information about each wire transfer to the government.

Source: Xinhua