Bring In Mandatory Biometric Identity (MBID) In All Bank Accounts

In the "IT To Root-Out Corruption" my first and foremost pressing appeal to all, specially to the national Governments is to bring in a policy of Compulsory or Mandatory Biometric Identity (MBID) in all bank accounts along with the name address and signature. Most importantly it should be extended to the ownership registration records of valuable property, assets by mandating all the important high amount of money transactions transfers, payments, receipts should be made only through the MBID enabled bank to the bank accounts for the income-tax-return-file and other legal purposes. (In fact, I am told such bank to bank payment guideline regulations, laws exist even today except the MBID in it so the laws remains mostly ineffective in its anti-corruption purpose.) Already, the Government for security reasons makes people to register themselves with their biometric identity for obtaining, passports, voter’s identity, driver’s licenses etc, mainly to prevent the identity fraud, and other crimes. --The MBID has already entered into the financial system in the online money transaction through the cell phone market in quite a big way for secure payment by a technology called Near Field Communication (NFC). In fact now a days a fully developed biometric identity (finger print, face iris recognition including the photo) considered to be a very important requirement to get this credit card account to prevent the identity theft and the bank account money fraud. Now extending it in all the bank accounts won't be that difficult, actually it seems to be a long overdue in view of the security needs involved.

MBID Counterpart: Name Address and Signature:

Considering the great importance of the MBID in the matters of personal surety, security let me elaborate it more in this section by comparing it with its conventional counterpart: name, address and the signature. In our growing e-commerce, business world today, more and more money transactions conducted through the bank-to-bank accounts. Credit card money becoming more common. People have the freedom and perhaps the need to have multiple bank accounts in as many banks and own properties all over the country with a name address and signature as its owners identity.

Now the major problem of a given name address and signature is, it remains unreliable thus becomes infeasible for the corruption investigation agencies to distinctly identify and find out ALL the bank accounts, assets, properties of a individual having under this security “promise” of a “name” address and signature that they find in all the banks records. It is almost impossible for them to know among those hundreds of millions of bank accounts, which they come across in their nations banks accounts random search, how many of them belong or connected to the same individual! Because there can be thousands of individuals genuinely having the same name or a person may have several changes, “alias” in his/her name, address in different bank accounts. This provides the criminals the great opportunity to thoroughly misuse it by registering under the fake, false or bogus name, address and signature thus able to carry out their illicit money transactions (payments, receipts) through it, specially the money laundering which is known to also involved in the terrorist financing among the other crimes and mostly get away with it with total immunity!

However bringing in a MBID in all bank accounts can completely put an end to all such indistinguishable, fake, bogus, bank accounts. So when an investigation of economic crime, corruption ordered, the agency can distinctly find out all the bank accounts a person/organization having in every banks all over the county and outside, all its money, assets transactions, in-and-out. There will be absolutely no chances of mistaking the person! Let me explain it in this way; today a person is basically identified by the name, signature and the addresses mostly for all-purpose. However searching and identifying all the bank accounts and assets of a person accused of the economic crime relaying on this illusive name, signature and address so far remains mostly a futile task. Because there can be thousands of people genuinely having the same name or a person may have several alias names address in different bank accounts. They mostly remain indistinguishable, genuine or the bogus!-- However by adding the biometric identity to the bank accounts name and addresses, its owners identity becomes absolutely certain with this concrete biometric evidence or the proof. So one can accurately pinpoint the person and find out all his/her bank accounts properties, assets, wealth in seconds!--- It is impossible for any one to register themselves under a fake biometric identity. Therefore it is most important to make it mandatory along with the name address and signature in the sensitive security, surety, matters that includes bank accounts and extending it into the property, assets ownership.

Of course it won't be as effective without the Mandatory Electronic Money Transaction (MEMT) i.e. making all money transactions (payments receipts) above a given amount only through bank to bank, which is the second IT Anti-Corruption Monetary Measure. Nevertheless this MBID is its perquisite and above all is far more practical, PRAGMATIC, easier to implement compared to the other anti-corruption monetary measures. It can significantly deter the economic crimes so reduce the corruption and necessarily lead into the future fully pledged MBID/MEMT system in which most of the crimes including the terrorism that as we see it today can be gets eliminated.


PS. Its been explained in details in its main text Titled “IT To Root-Out Corruption.” Its web link : www.anticorruption-it.info