Once again, the Financial Crimes Enforcement Network (FinCEN) is breaking the law by failing to share the full suite of data needed to evaluate the Bank Secrecy Act. And once again, what little data it did share painted a bad picture for those who think the financial surveillance has been effective. As it stands, FinCEN’s 2026 report is nothing to celebrate.

If the Bank Secrecy Act is new to you, this set of laws and regulations requires banks and other financial institutions to report customer transactions under certain circumstances. According to FinCEN, more than 28.7 million reports were filed in fiscal year 2025 (Table 1). That’s roughly 78,000 reports a day. And the vast majority of these reports are not filed because someone is suspected of terrorism or human trafficking. Rather, it’s because they used “too much” cash.

Is the Bank Secrecy Act Effective?Is the Bank Secrecy Act Effective?

Get a WarrantGet a Warrant

FinCEN Is Misrepresenting the FactsFinCEN Is Misrepresenting the Facts

ConclusionConclusion

FinCEN is busy telling banks how to comply with the law while it is actively breaking the law. Comprehensive reports on Bank Secrecy Act data were due five years ago. If this report is the best the agency can do, it’s time to end the Bank Secrecy Act.

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