For more than half-a-century, Uncle Sam has been giving banks the legal tools to snoop into the otherwise-private affairs of their customers. Now, they are monitoring the exercise of their Second Amendment rights.
Thanks to a recent move by the International Organization for Standardization (ISO, headquartered in Switzerland), U.S. banks are starting to build databases on their customers’ purchases of firearms and ammunition. And, of course, they are ready and quite willing to share that information with federal law enforcement in the name of providing a public service to identify “mass shooters.”
This invasion of privacy began in earnest with enactment of the Bank Secrecy Act of 1970, which mandated that banks assist federal law enforcement in uncovering, investigating, and ultimately prosecuting violations of federal law.
Banks have long complained about the burdens of compliance with the 1970 law and several related laws signed since then due to the multi-faceted regulations they spawned. But the trove of data these procedures have allowed banks to gather and database has more than paid for the costs of compliance.
