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Assessing the impact of the USA PATRIOT Act on the financial services industry

James Fisher, James Gilsinan, Ellen Harshman, Muhammed Islam, Fred Yeager

Journal of Money Laundering Control

ISSN: 1368-5201

Article publication date: 1 July 2005

507

Abstract

Outlines the requirements of the PATRIOT Act of October 2001; together with subsequent legislation, it has led to a dramatic increase in surveillance activities affecting both traditional financial institutions and the newer types known as Money Service Businesses. Lists its demands, that all financial institutions: establish a more formal anti‐money laundering programme with a compliance officer, implement an employee training programme, file Suspicious Activity Reports, verify new customers’ identities etc. Indicates the cost to the financial services industry of compliance. Concludes that, given the massive quantities of information collected, even the best technology may not ensure that the tiny minority of terrorist traces actually get followed up

Keywords

Citation

Fisher, J., Gilsinan, J., Harshman, E., Islam, M. and Yeager, F. (2005), "Assessing the impact of the USA PATRIOT Act on the financial services industry", Journal of Money Laundering Control, Vol. 8 No. 3, pp. 243-251. https://doi.org/10.1108/13685200510620939

Publisher

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Emerald Group Publishing Limited

Copyright © 2005, Emerald Group Publishing Limited

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