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Bankless
Surveillance Finance 101 with Seth Hertlein and Michael Mosier
Sep 12, 2023
Seth Hertlein, VP of Global Head of Policy at Ledger, and Michael Mosier, Co-founder of Arktourous and former FinCEN member, dive deep into financial surveillance. They unravel how regulations like AML/KYC and OFAC operate and their effects on the crypto landscape. The duo discusses historical roots of the Bank Secrecy Act and the evolution of surveillance practices, revealing the delicate balance between public safety and personal liberties. They also highlight the implications of surveillance on civil rights and the future of cryptocurrency regulation.
01:23:28
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Quick takeaways
- Financial surveillance in the US has gradually expanded over time, encroaching into people's lives and imposing reporting obligations on intermediaries and individuals.
- The podcast highlights the key agencies involved in enforcing financial surveillance regulations, including FinCEN and OFAC, and emphasizes the challenge of balancing information dissemination with protecting individuals and ensuring appropriateness of information sharing with foreign governments.
Deep dives
Expansion of Financial Surveillance
The podcast episode explores the history and expansion of the financial surveillance apparatus in the US. It begins with the Bank Secrecy Act of 1970, enacted to combat organized crime and money laundering. Over time, with legislative updates and the Patriot Act after 9/11, the apparatus grew encompassing more reporting requirements and agencies. The episode highlights that financial surveillance has gradually encroached into people's lives, with intermediaries being responsible for reporting transactions, and individuals also having reporting obligations based on their specific situations.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode