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Re:Fed Opens Service That Dramatically Speeds Up U.S. Payments by JakeAl on Friday July 21, 2023 @11:29AM (#36814940)
It's not about KNOWING, it's about CONTROLLING. The concern is they can shut off your ability to make transactions if you don't cooperate with whatever their agenda is at any given moment, like what the truckers in Canada protesting vax mandates experienced.
Re:Fed Opens Service That Dramatically Speeds Up U.S. Payments by pas on Sunday July 23, 2023 @01:16AM (#36832740)
in effect the requirement to file these activity reports leads to banks simply requesting a lot of data from clients (contracts, trading data, invoices), and if you can't convince them, they'll eventually close your account. so you go to a different bank. their compliance department eventually also starts asking questions, and so on.

the freezing of accounts related to the "Freedom Convoy" is quite different, as it was an exercise of emergency powers. the Trudeau admin could have ordered gas stations to not sell fuel to them, or Visa/MasterCard to not process certain cards, or anything similarly extraordinary.