Market
Major US bank changes SAR reporting practices by end of 2024?
3
House Judiciary Committee•Bank Secrecy Act•BSA•Americans•Suspicious Activity Report•MAGA•Trump•Barry Moore
Resolution / Starting Odds
Yes • 50%
No • 50%
Press releases or public announcements from major US banks
Story
House Report: FBI's Unwarranted Surveillance of Americans' Financial Data via Bank Secrecy Act, 25.4 Million Reports Filed
Dec 6, 2024, 10:40 PM
A recent House Judiciary Committee report has raised concerns about the federal government's use of the Bank Secrecy Act (BSA) to surveil Americans' financial data without warrants. The report indicates that federal law enforcement has exploited the Suspicious Activity Report (SAR) system, allowing them to access individuals' banking information under the guise of monitoring suspicious transactions. In 2023, banks filed a staggering 25.4 million SARs, with many reports generated for legal transactions. The report highlights that terms associated with certain political affiliations, such as 'MAGA' and 'Trump', were flagged as 'extremism indicators', suggesting a troubling intersection of financial oversight and political surveillance. Lawmakers, including Rep. Barry Moore, have criticized this practice as an invasion of privacy and an abuse of the BSA, which was originally intended to combat financial crime.
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Similar markets
Increased transparency measures • 25%
Other changes • 25%
No change in policies • 25%
Tightened reporting standards • 25%
No • 50%
Yes • 50%
Department of Treasury • 25%
FBI • 25%
Other • 25%
Department of Justice • 25%
Yes • 50%
No • 50%
Other • 25%
Citigroup • 25%
Goldman Sachs • 25%
JPMorgan Chase • 25%
Electronic Frontier Foundation (EFF) • 25%
Other • 25%
American Civil Liberties Union (ACLU) • 25%
Center for Democracy & Technology (CDT) • 25%