Bankless Surveillance Finance 101 with Seth Hertlein and Michael Mosier
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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.
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Financial Surveillance Defined
- Financial surveillance is information collected or reported to the government.
- This data is gathered from individuals and service providers.
Types of Surveillance
- Government surveillance includes legally mandated reporting and information collected through other means.
- The primary mission of this surveillance is countering exploitation.
Bank Secrecy Act Origins
- The Bank Secrecy Act originated from observing large cash deposits, particularly by organized crime.
- Initially, it focused on identifying depositors and their basic information.