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Right to Financial Privacy Act

   Also found in: Wikipedia 0.01 sec.
Right to Financial Privacy Act

Guarantees that a bank customer will be given notice and an opportunity to object before bank records will be revealed to the government. There are some exceptions for things such as drug trafficking.(Do not confuse with the Financial Privacy Rules of the Financial Modernization Act of 1999, which protects disclosure of information to nongovernment entities,such as other companies wishing to sell goods and services to the bank customer.)



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41) In the Right to Financial Privacy Act of 1978, Congress generally required that federal agents either use a warrant to gather information from a target's financial institution or provide the target with notice and an opportunity to contest a subpoena.
The Right to Financial Privacy Act of 1978 says, "No Government authority may have access to, or obtain copies of, the information contained in the financial records of any customer from a financial institution unless the financial records are reasonably described" and "a copy of the subpoena or summons has been served upon the customer or mailed to his last known address.
The Right to Financial Privacy Act protects consumer records maintained by financial institutions from improper disclosure to federal government officials or agencies.
 
 
 
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