Which US Act restricts the information the federal government can collect and regulates what It can do with the information?

The Privacy Act of 1974 is a federal law that governs our collection and use of records we maintain on you in a system of records. A system of records is any grouping of information about an individual under the control of a Federal agency from which information is retrievable by personal identifiers, such as name, social security number, or other identifying number or symbol.  Under the Privacy Act, Federal agencies may not disclose information without consent unless certain exceptions apply to the disclosure. The Privacy Act provides protections to individuals in three primary ways. It provides individuals with:

• the right to request their records, subject to Privacy Act exemptions;
• the right to request a change to their records that are not accurate, relevant, timely or complete; and
  
• the right to be protected against unwarranted invasion of their privacy resulting from the collection, maintenance, use, and disclosure of their personal information.

All OSC's System of Records Notices (SORNs) are published in the Federal Register. These notices provide the legal authority for collecting and storing records, individuals about whom records will be collected, what kinds of information will be collected, and how the records will be used. 

The following are the twelve (12) Privacy Act Exemptions when consent to release information is not required:

1. to those officers and employees of the agency which maintains the record who have a need for the record in the performance of their duties;
2. required under section 552 of this title (FOIA disclosures);
3. for a routine use as defined in subsection (a)(7) of this section and described under subsection (e)(4)(D) of this section (routine uses);
4. to the Bureau of the Census for purposes of planning or carrying out a census or survey or related activity pursuant to the provisions of title 13;
5. to a recipient who has provided the agency with advance adequate written assurance that the record will be used solely as a statistical research or reporting record, and the record is to be transferred in a form that is not individually identifiable;
6. to the National Archives and Records Administration as a record which has sufficient historical or other value to warrant its continued preservation by the United States Government, or for evaluation by the Archivist of the United States or the designee of the Archivist to determine whether the record has such value;
7. to another agency or to an instrumentality of any governmental jurisdiction within or under the control of the United States for a civil or criminal law enforcement activity if the activity is authorized by law, and if the head of the agency or instrumentality has made a written request to the agency which maintains the record specifying the particular portion desired and the law enforcement activity for which the record is sought;
8. to a person pursuant to a showing of compelling circumstances affecting the health or safety of an individual if upon such disclosure notification is transmitted to the last known address of such individual;
9. to either House of Congress, or, to the extent of matter within its jurisdiction, any committee or subcommittee thereof, any joint committee of Congress or subcommittee of any such joint committee;
10. to the Comptroller General, or any of his authorized representatives, in the course of the performance of the duties of the Government Accountability Office;
11. pursuant to the order of a court of competent jurisdiction; or
12. to a consumer reporting agency in accordance with section 3711(e) of title 31.​
    

This Section allows for identifying customers using correspondent accounts, including obtaining information comparable to information obtained on domestic customers and prohibiting or imposing conditions on the opening or maintaining in the U.S. of correspondent or payable-through accounts for a foreign banking institution.

• Listed Rulemaking

This Section amends the Bank Secrecy Act by imposing due diligence & enhanced due diligence requirements on U.S. financial institutions that maintain correspondent accounts for foreign financial institutions or private banking accounts for non-U.S. persons.

• Special Due Diligence Programs for Certain Foreign Accounts

To prevent foreign shell banks, which are generally not subject to regulation and considered to present an unreasonable risk of involvement in money laundering or terrorist financing, from having access to the U.S. financial system. Banks and broker-dealers are prohibited from having correspondent accounts for any foreign bank that does not have a physical presence in any country. Additionally, they are required to take reasonable steps to ensure their correspondent accounts are not used to indirectly provide correspondent services to such banks.

Section 314 helps law enforcement identify, disrupt, and prevent terrorist acts and money laundering activities by encouraging further cooperation among law enforcement, regulators, and financial institutions to share information regarding those suspected of being involved in terrorism or money laundering.

• Section 314(a)
• Section 314(b)

To facilitate the government's ability to seize illicit funds of individuals and entities located in foreign countries by authorizing the Attorney General or the Secretary of the Treasury to issue a summons or subpoena to any foreign bank that maintains a correspondent account in the U.S. for records related to such accounts, including records outside the U.S. relating to the deposit of funds into the foreign bank. This Section also requires U.S. banks to maintain records identifying an agent for service of legal process for its correspondent accounts.

Allows the Secretary of the Treasury to issue regulations governing maintenance of concentration accounts by financial institutions to ensure such accounts are not used to obscure the identity of the customer who is the direct or beneficial owner of the funds being moved through the account.

Prescribes regulations establishing minimum standards for financial institutions and their customers regarding the identity of a customer that shall apply with the opening of an account at the financial institution.

This Section expands immunity from liability for reporting suspicious activities and expands prohibition against notification to individuals of SAR filing. No officer or employee of federal, state, local, tribal, or territorial governments within the U.S., having knowledge that such report was made may disclose to any person involved in the transaction that it has been reported except as necessary to fulfill the official duties of such officer or employee.

Requires financial institutions to establish anti-money laundering programs, which at a minimum must include: the development of internal policies, procedures and controls; designation of a compliance officer; an ongoing employee training program; and an independent audit function to test programs.

Required the Secretary to consult with the Securities Exchange Commission and the Board of Governors of the Federal Reserve to publish proposed regulations in the Federal Register before January 1, 2002, requiring brokers and dealers registered with the Securities Exchange Commission to submit suspicious activity reports under the Bank Secrecy Act.

This amends the BSA definition of money transmitter to ensure that informal/underground banking systems are defined as financial institutions and are thus subject to the BSA.

Requires FinCEN to establish a highly secure network to facilitate and improve communication between FinCEN and financial institutions to enable financial institutions to file BSA reports electronically and permit FinCEN to provide financial institutions with alerts.

What legal mechanism protects the owners of intellectual property from having their work copied by others?

What powers do the states have to regulate or prohibit private activities?

Is a feature of law governed society and involves having laws that are known?

Which of the following best describes how new information systems can result in legal gray areas quizlet?