Assessing the impact of the USA PATRIOT Act on the financial services industry
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
:Emerald Group Publishing Limited
Copyright © 2005, Emerald Group Publishing Limited