Banks Are red flagging your transactions Because Congress Forces Them To

Food for thought! How serious is the issue? Are there better ways to identify financial transactions by criminals?

How much does it help to catch real criminals or their collaborators?

"The Bank Secrecy Act has morphed from its originally intended purpose into an overreaching surveillance tool. It inadvertently gathers information on Americans who make legitimate banking transactions and then secretively transmits those details as “red flags” to the federal government for review. It’s time for Congress to end this decades-old practice of forcing banks to act as informants by repealing this law and restoring financial privacy."

Caveat: I did not read the article!

Banks Are Narcing on You Because Congress Forces Them To | Cato Institute "The Bank Secrecy Act regime forces banks to report customers to the government for an ever-growing list of “red flags.”"

Cato Today