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Effects of Usa Patriot Act on Banking Privacy

In: Business and Management

Submitted By Sophie0
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Effects of USA PATRIOT Act on Banking Privacy
Introduction
On September 11, 2001, the United States was attacked by the terrorists and the attack has completely changed the way we live and work. Its impact is so immense that it covers almost every aspect of our life including the privacy protection policy in the banking industry. After the September 11 terrorist attack, the U.S. Congress passed a law, the USA PATRIOT Act that makes it easier for government law enforcement and intelligence agencies to gather and share information related to terror-related investigations and it has changed how the banking industry or financial institutions handle the privacy of their customers’ personal information. The purpose of this research paper is to explore the effects of the USA PATRIOT Act on banking industry’s handling customers’ private personal information.
Some Background Information and History of Banking Privacy The USA PATRIOT Act is not an official title of the law. It is the acronym of the very long title of the Act: Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001. It was signed into law by President George W. Bush on October 26, 2001. But, before 2001, do we have any law that provides guidelines for the privacy of banking industry in the United States of America? Surely, there are several laws that are related to the financial institutions and the privacy protection policy of banking industry (Clarkson, LeRoy, & Cross, 2012). The following list includes some of these laws and a brief introduction of the law and some related information about privacy policies.
Bank Secrecy Act of 1970 The Currency and Foreign Transactions Reporting Act of 1970 was passed by the Congress of the United States in 1970. It is also referred to as the “Bank Secrecy Act” or

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