When you open a bank account, do you surrender all rights to your privacy and personal data?
Today, the answer is yes. The Bank Secrecy Act of 1970 (BSA) and subsequent amendments mandated that your bank must inform the federal government about any customer’s transactions that they consider suspicious, however broadly defined that may be, in the form of Suspicious Activity Reports (SARs).
How often do banks think their customers are doing something suspicious? According to the U.S. Treasury Financial Crimes Enforcement Network, there were approximately 20 million bank reports of suspicious activity in 2019.
An August report by the Cato Institute titled “Government Surveillance Doesn’t Stop at Your Bank’s Door” states that this reporting requirement doesn’t just apply to banks but also to currency exchanges, payments companies, broker-dealers, casinos, pawnbrokers, travel agencies, and car dealerships….