For two decades, I have worked with policymakers and law enforcement in North America and Europe to strengthen the financial safeguards that keep state sponsors of terrorism, violent extremist groups, weapons proliferators and criminal networks from exploiting the U.S. banking system. I have supported tough sanctions. I have pushed to close loopholes that hindered enforcement. And I have worked to hold those who enable illicit finance and trade, wittingly or not, to account.

From the beginning, banks have been essential partners in these efforts. Through “Know Your Customer” procedures and the anti-money laundering laws that followed the Bank Secrecy Act of 1970, financial institutions have supplied the data and intelligence that help law enforcement uncover illegal activities such as human-trafficking rings, fentanyl supply chains and terror-financing networks.

These frameworks played a critical role in safeguarding the country. Unfortunately, some of the tools intended to identity and stop criminal activity are now targeting and unjustly driving lawful customers lawful customers out of the financial system — a phenomenon widely known as "debanking."

Most Americans are unaware that any cash transaction over $10,000 triggers the creation of a Currency Transaction Report that is filed with the federal........

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