Financial Privacy

Financial institutions handle huge amounts of important information about their customers, and they are increasingly being required to collect information that far exceeds their legitimate purposes in order to assist governments and companies to build profiles. 

Potential infringements of financial privacy arise during the tracking of foreign transactions, the development of payment systems that monitor and report on cash transactions and the sharing of financial information with third parties. Governments and other institutions seek access to financial information in order to administer taxes, prevent and identify money laundering, develop credit profiles and, increasingly, for intelligence purposes.