StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Invention of the Email and Bank Secrecy Act - Essay Example

Cite this document
Summary
An essay "Invention of the Email and Bank Secrecy Act" outlines that introduction of a new law also has an important impact on human life. It is the responsibility of governments to impose international laws that will discourage animosity and enhance amity between different nations…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER97.9% of users find it useful
Invention of the Email and Bank Secrecy Act
Read Text Preview

Extract of sample "Invention of the Email and Bank Secrecy Act"

Invention of the Email and Bank Secrecy Act Introduction Human history states that man has always strived towards inventing things to fulfill his needs. Each new inventions changes the pattern of human life and brings with it new responsibilities. Although inventions are made to make life easy and comfortable, it cannot be denied that each innovation can have detrimental consequences. It is how human beings use new inventions that decide their positive or negative impact. Just like a new invention, introduction of a new law also have important impact on human life.

It is the responsibility of governments to impose international laws that will discourage animosity and enhance amity between different nations. Invention of the email Today, global communication has become indispensable in human society as it determines the relationship between people belonging to different nations and cultures. An important mode of communication is the email. It is an electronic method of transmitting messages from one part of the globe to another part in a matter of seconds.

It was in 1978, when a 14 year old boy Shiva Ayyadurai created the first email. Email has definitely brought a new dimension in human communication and interaction. Its impact is even more prominent in the business world with email becoming the most preferred mode of communication. There has been a rapid growth of its popularity since its inception and this has been proved by a survey conducted in February 1998 at an Institution of Information Scientists. According to the survey, 60 participants booked a place by e-mail while the others booked either on the phone or has used fax.

In business today, email is the most common process of communication with clients and off-site staff (Hill, 2005, pp.93-94). Its major advantage is that it is password protected which means the information on email can be accessible only by its user. It also saves time since messages sent via email takes under a second to get transmitted to the target email.The Bank Secrecy Act The Bank Secrecy Act (BSA) was first introduced in the year 1970 by Congress in the U.S. in order to protect the global financial system from money related crimes like money laundering and terrorist financing.

Money laundering is the method by which illegally earned money is circulated and integrated in the financial system so as to make it appear clean. Basically, it is a system by which money received from one (illegal) source is appeared to have been received from another (legitimate) source. This helps the criminals to use their money without attracting the attention of lawmakers since the money cannot connect them to their criminal activities. BSA is essentially a tool to combat money laundering.

This 1970 Act made it compulsory for banks and individuals to keep record of their financial transactions. It is also designed to keep track of volumes and transactions of money passing through the U.S. border or deposited in financial institutions. Since the introduction of BSA, various other laws have been created in order to enhance and amend the act to help law enforcement agencies to fight against money laundering (Edge, 2913, pp.27-28).Conclusion The advantages of any new invention depend on how it is used by human beings.

In this communication age, email is the fast and the most cost-effective mode of communication. However, it can be used to spam emails with unsolicited messages. On the other hand, any new law is created to bring order into the society. Its success depends on how well a law is implemented and how effectively it is executed by the law enforcement agencies.ReferencesEdge, K.R. (2013). Money Laundering: It’s a Dirty Business. Tennessee Bar Journal, 49(12), 27-29Hill, M.W. (2005). The Impact of Information on Society.

Walter de Gruyter

Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Invention of the Email and Bank Secrecy Act Essay”, n.d.)
Invention of the Email and Bank Secrecy Act Essay. Retrieved from https://studentshare.org/history/1625097-1970s-and-1980s-seeds-of-the-21st-century
(Invention of the Email and Bank Secrecy Act Essay)
Invention of the Email and Bank Secrecy Act Essay. https://studentshare.org/history/1625097-1970s-and-1980s-seeds-of-the-21st-century.
“Invention of the Email and Bank Secrecy Act Essay”, n.d. https://studentshare.org/history/1625097-1970s-and-1980s-seeds-of-the-21st-century.
  • Cited: 0 times

CHECK THESE SAMPLES OF Invention of the Email and Bank Secrecy Act

Four Fundamental Cyber Security Components

An example of this attack is where someone or an individual tries to log on to the system or a website like an email account but the system or the site fails to authenticate the user.... Cyber security is said to be a big issue for business costing not only lost revenue but damaged reputations and lost custom....
13 Pages (3250 words) Essay

Cyber Crime: Edward Snowdens leaks

In the paper “Cyber Crime: Edward Snowden's leaks” the author analyzes the unauthorized disclosure of the classified information on the National Security Agency (NSA) surveillance.... The actions of Snowden acted as a whistleblower on the agency.... hellip; The author explains that Edward Snowden worked for the NSA for a few years....
4 Pages (1000 words) Essay

Freedom of Information and National Security: Issues and Prospects for Nigeria

The most notable of the legislation is the Official Secrets act which forbids civil servants from divulging official information to the public and anybody who does so commits an offence.... Actually, more than 70 countries countrywide enjoy this freedom to information with Sweden's FoI legislation termed as the Freedom of the Press act dates far back to 1766 and it is deemed to be the oldest worldwide.... The explanation for this secretive policy may not be very clear but most of the nations that have taken this orientation of secrecy including Nigeria have cited national security as one of the greatest motivations for the secrecy policy....
12 Pages (3000 words) Term Paper

Australian Law Protection for E-pBusiness

To what extent do you consider the means provided in Australian Law to protect individual invention to be sufficient Your answer should make reference to your own experiences, whether personally or in employment" The Patents act 1990 and the Plant Breeders Rights act 1994 are two laws that are used to protect intellectual property (IP) in Australia.... df )A patent is a right granted under the Patents act to protect inventions made by people or companies....
11 Pages (2750 words) Essay

The Use of Symbolic Language in Ibsen's A Doll House

The author analyzes the Ibsen's play "A Doll House" which created great controversy as the main character Nora finally leaves her marriage and children by the end of the last act in the play; this is because she needed to rediscover herself to find out what she really wanted with her life.... In the second act, Nora is seen to be acting childishly (Rahman 622).... nbsp;… Norah Helmer is the wife of a lawyer who has been given a top position in the bank....
8 Pages (2000 words) Essay

Edward Joseph Snowden and the National Security Agency (NSA)

Snowden's actions instigated debates over government's secrecy, the extent the government can go when it comes to surveillance and the rights of the public to the privacy of information (ONeill, 2013).... And has been in terms of files and email accounts of many key individuals....
5 Pages (1250 words) Assignment

The Extinction of Privacy in the Era of Social Media

hellip; Employers tend to stalk the employees and snoop in their personal details to attain information that might not be acquired in a formal interview; this is an act of severe intrusion of privacy.... The essay "The Extinction of Privacy in the Era of Social Media" discusses how there are multiple modes through which the privacy of the user is extinguished and information is revealed to such individuals who might exploit the acquisition of that information....
7 Pages (1750 words) Essay

Advantages and Disadvantages of Hacking

Hacking can be referred to as the act of gaining unauthorized access to private computer so as to accomplish a personal objective outside of the creators original intention.... For years this act has been considered illegal but many organisations do it today for personal security… The individual who is consistently involved in hacking activities and has accepted hacking as philosophy and lifestyle of their choice is referred to as a hacker.... Hacking can be referred to as the act of gaining unauthorized access to the private computer so as to accomplish a personal objective outside of the creator's original intention....
2 Pages (500 words) Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us