You cannot transact in such a way as to break source/destination. It is built into the system. It is an axiom that has been etched into stone, and is fundamental to the way the system works. Tax authorities can't do their thing without it. Law enforcement can't do their thing without it. The Feds can't keep foreign adversaries out of the system without a reasonable amount of compliance with GAAP.
It absolutely blows that apparently professional discretion is dead; and businesses like Plaid/Visa/card providers/payment processors/merchants are passing around transaction data like hot cakes. However, the agreement was made through legislative consensus that auditability, and due process constrained financial record access served the public interest more than it hurt it.
Personally, I think we're too intrusive in financial monitoring right now, especially in reference to the lower end of the income bracket, and way lighter on the higher side than we should be, but it is what it is at this point. I'm just a bit nervous about the abusability of this mechanism at this point.
You cannot transact in such a way as to break source/destination. It is built into the system. It is an axiom that has been etched into stone, and is fundamental to the way the system works. Tax authorities can't do their thing without it. Law enforcement can't do their thing without it. The Feds can't keep foreign adversaries out of the system without a reasonable amount of compliance with GAAP.
It absolutely blows that apparently professional discretion is dead; and businesses like Plaid/Visa/card providers/payment processors/merchants are passing around transaction data like hot cakes. However, the agreement was made through legislative consensus that auditability, and due process constrained financial record access served the public interest more than it hurt it.
Personally, I think we're too intrusive in financial monitoring right now, especially in reference to the lower end of the income bracket, and way lighter on the higher side than we should be, but it is what it is at this point. I'm just a bit nervous about the abusability of this mechanism at this point.