Which act requires financial institutions to inform customers of their privacy policies?

The Gramm-Leach-Bliley Act (GLBA) is the legislation that mandates financial institutions to inform customers about their privacy policies. This act was enacted in 1999 and focuses primarily on the protection of consumers' personal financial information held by financial institutions. Under GLBA, these institutions are required to provide a notice to customers that explains their policies regarding the collection and sharing of personal information. This requirement is designed to enhance consumer privacy and gives individuals the right to understand how their information will be used and shared.

The other acts listed focus on different aspects of financial and banking regulations. The Bank Secrecy Act primarily aims to prevent money laundering and requires financial institutions to report certain transactions. The Money Laundering Control Act establishes felony penalties for money laundering activities, while the Annunzio-Wylie Money Laundering Act complements the Bank Secrecy Act with additional requirements for reporting and disclosures related to suspicious activities. None of these acts specifically addresses the requirement for financial institutions to inform customers about their privacy policies in the manner that the Gramm-Leach-Bliley Act does.