I wanted to pass along a new piece from Cato Institute Policy Analyst Nicholas Anthony on the Bank Secrecy Act.

Banks may look like private businesses on the outside, but they have long been deputized on the inside as undercover agents for federal law enforcement, Anthony writes.

The Bank Secrecy Act regime forces banks to report customers to the government for an ever-growing list of “red flags.” That includes when it is unclear where a customer’s money came from, when a customer gets close (but does not cross) the $10,000 reporting threshold, and so much more. Something as simple as depositing money after selling your car or withdrawing money to cover an emergency expense can land you on this list.

Anthony concludes, “if a bank worries there might be unlawful behavior taking place, it can report that—just as you can call the cops if you’re worried a crime might be taking place. Eliminating this regime of mandated surveillance does nothing to change this. It would only stop countless innocent Americans from having their privacy regularly violated.”

Anthony also has written a working paper on the topic of debanking, which you can read here.

If you would like to speak with Anthony, please contact me to set up an interview.

Best regards,

EMILY ADAMEC
Manager of Media Relations
eadamec@​cato.​org
O: (202) 216‑1410