The Bank Secrecy Act and Financial Privacy

The Bank Secrecy Act was designed to combat money laundering, terrorism, and other criminal activities. In order to detect criminals, financial institutions are required to maintain records on every customer. They must report this information at any time if requested by the government, without the knowledge of the individual in question. What rights should customers have to financial privacy? Is this method the only effective way to combat monetary crimes?

Jennifer J. Schulp is the director of financial regulation studies at the Cato Institute’s Center for Monetary and Financial Alternatives, where she focuses on the regulation of securities and capital markets.
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