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Well, kind of. Safe deposit boxes are still subject to AML regulations. Banks are required by law to snoop around on their customers and to try to determine if
by throwaway09223 4y ago
Well, kind of.
Safe deposit boxes are still subject to AML regulations. Banks are required by law to snoop around on their customers and to try to determine if the deposit boxes are being used for money laundering. Banks do regularly rifle through customer records to build profiles about what they think their customers are doing. Federal AML regulations require it!
Regulations or the threat of potential regulations are behind pretty much all of these types of privacy invasions. No one is claiming to own your data, money, or possessions -- but there will be scrutiny in all cases due to the law.
This is why banks don't let random unknown people open safe deposit boxes. They're required to profile their customers.
- GeekyBear 4y ago> Safe deposit boxes are still subject to AML regulations. Can you provide a reference showing that AML regulations would require a bank to snoop in the contents of a safety deposit box? I've never heard of such. In comparison it's easy to find references to banks being required to report cash transactions over $10,000.
- throwaway09223 4y agoThey do not specifically require a bank to snoop in the contents of a safety deposit box. What I believe they require is that the bank snoop on the customer in general as part of KYC. My understanding is that because of this, banks typically only offer a deposit box for established customers with a meaningful transaction history with the bank.