Lesson 5 of 7

The USA Patriot Act (Uniting and Strengthening America by
Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of
2001) extends law enforcement’s surveillance and investigative powers. It also,
for the first time, makes businesses responsible for seeking, detecting, and
reporting computer trespasses. Banks in particular are expected to identify,
discover, gather, amass, investigate, and report on financial activity to a far
greater degree and depth than ever before was expected of them.

One provision of the USA Patriot Act requires financial
services companies to develop improved capabilities to identify customers and
flag suspicious transactions. Here’s how businesses hope software
can help them meet reporting requirements.

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The National Association of Criminal Defense Lawyers (NACDL)
summarized the provisions in the USA Patriot Act under these categories:

  • Surveillance
  • Money
    Laundering and Forfeiture
  • Immigration
  • Terrorists
    and Terrorism

For details, see the NACDL Summary of USA Patriot Act.

The USA Patriot Act has not been without critics. For
instance, this report from National Public Radio looks at Alleged Abuses
of the Law.

For a comprehensive list of USA Patriot Act resources,
including free downloads, see page two.

USA Patriot Act resources

  • EPIC
    USA Patriot Act page
    Get a host of information about the USA Patriot Act on the Electronic
    Privacy Information Center’s Web site. From the latest news to an overview
    on the act, this resource page will help you gain a wealth of knowledge.
  • House
    Passes USA Patriot Act Extension
    Because of the recent terrorist attacks in London, the House of
    Representatives voted on June 21, 2005 to extend parts of the USA Patriot
    Act that are due to expire at the end of 2005, which would make permanent
    14 of the 16 expiring Patriot Act provisions. For more details, listen to
    this report from National Public Radio.
  • The USA Patriot
    Act
    This article from the Defending America Web site describes the sections of
    the USA Patriot Act and what they mean to IT administrators.
  • The USA
    Patriot Act: Alleged Abuses of the Law
    In this article from the National Public Radio’s Web site, the American Civil
    Liberties Union (ACLU) criticizes the Patriot Act for its invasion of
    privacy.
  • Businesses
    hope software can help them meet reporting requirements of the Patriot Act
    One provision of the USA Patriot Act requires financial services companies
    to develop improved capabilities to identify customers and flag suspicious
    transactions. Find out how software offerings may help enterprises stay in
    compliance.
  • USA
    Patriot Act free compliance guide
    Sign up for this free guide from Innovative Systems that will help you
    comply with suspect screening, identify verification, and reporting
    requirements of the USA Patriot Act.
  • NACDL Summary of USA Patriot Act
    Read this summary of the USA Patriot, as provided by the National
    Association of Criminal Defense Lawyers.
  • Software
    exec IDs seven elements of federal privacy, security, and disclosure
    compliance
    Every CIO and CTO pondering how to get their company into compliance with
    the dizzying array of federal privacy, security, and disclosure
    legislation will tell you these federal laws are vague and ambiguously
    written. Here is a sample of what is out there, including the Patriot Act.
  • Microsoft
    to add ‘black box’ to Windows
    Microsoft has announced its plans to add the equivalent of a flight data
    recorder to PCs. In the lively article discussion, TechRepublic member apotheon discusses the social,
    political, and philosophical aspects of the USA Patriot Act.
  • National Venture Capital
    Association: Guidance for compliance with the USA Patriot Act
    The USA Patriot Act requires, according to officials at the U.S. Department
    of Treasury, venture capital funds, and consequently, venture capital
    firms that manage them, to comply with federal anti-money laundering (AML)
    laws. Learn more about complying with the USA Patriot Act on the National
    Venture Capital Association’s Web site.
  • Basic facts about money laundering
    This document from the Financial Action Task Force on money laundering explains
    what money laundering is, what effect it has, and the Forty
    Recommendations for action against money laundering.
  • Interagency
    CIP Guidance Issued
    This article by Sue Burt, Senior Attorney – Bankers Systems Inc., addresses
    a few of the regulatory interpretations of an interagency guidance
    released by the federal regulatory agencies in complying with the Customer
    Identification Program requirements under Section 326 of the USA Patriot
    Act.

White papers

  • Complying
    with confidence
    Whether it is Sarbanes-Oxley, Basel II, International Accounting
    Standards (IAS), HIPAA, or the USA Patriot Act, integrating information in
    support of compliance is not a one-off proposition. Compliance requires
    ongoing and constant enforcement. It’s never a matter of simply checking a
    box and then moving to another project. Companies typically dedicate one
    or two people solely to compliance projects. Read this paper from the
    Sarbanes-Oxley Compliance Journal to learn how to effectively handle data
    integration and provide visibility.
  • Managing
    e-mail security policy and regulatory compliance requirements
    The Sarbanes-Oxley Act, Health Insurance Portability and Accountability
    Act (HIPAA), the Gramm-Leach-Bliley Act (GLBA) and the threats highlighted
    by the CAN-SPAM and Internet Spyware Prevention Acts have driven major
    changes in the systems, processes, and security inside organizations. This paper by Proofpoint addresses both general
    and industry-specific business regulations and how they impact an
    organization’s e-mail system.
  • Helping
    Clients to Address Their Anti-Money Laundering (AML) Regulatory Compliance
    Issues in the Banking Industry
    The U.S. Congress ratified the USA PATRIOT Act, which provides more
    stringent AML regulations and imposes significantly harsher penalties for
    banks and financial institutions in the event of noncompliance. While
    regulatory requirements are the primary drivers for AML compliance, the
    potential loss of a bank’s reputation acts as a compelling secondary
    concern. Read this paper from IBM, which provides key elements for an effective
    AML solution.

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