Evolution of Financial Surveillance: From Confidentiality to Widespread Reporting

The podcast delves into the historical context of financial privacy, tracing the shift from pre-1970 bank practices to the introduction of the Bank Secrecy Act in 1970. Initially, banks had the autonomy to set verification rules for opening accounts, but the Act required reporting and data collection by banks, altering the privacy landscape. The discussion highlights changes post-1970, such as the Anuncio-Wiley Anti-Money Laundering Act in 1992, which introduced SARS and confidential reporting, increasing data retention and reducing customer awareness of surveillance.