Bank Secrecy Act called 'bloated surveillance machine'

Key facts

• The Bank Secrecy Act is described as a "bloated surveillance machine."
• Banks have been compelled to submit 28 million reports on their customers due to the act.

The Bank Secrecy Act (BSA) is a United States federal law that requires financial institutions to assist U.S. government agencies in detecting and preventing money laundering. It mandates that banks and other financial institutions report suspicious activity and maintain records. Critics argue that the extensive reporting requirements constitute an invasion of privacy and an overreach of government surveillance powers.