Usa Patriot Act Research Paper
The BSA, or Bank Secrecy Act is comprised of six parts; The Patriot Act, MITR, CTR, MIP, SAR, and OFAC. The use of all of these in tandem makes it easy to catch fraud, money laundering, Terrorist funding, Criminal organizations and more. The six parts each play their parts in this, with some being smaller and less complicated but no less important.
The USA PATRIOT act is a big one, and very broad. However this was on purpose so that way it can encompass all types of transactions with very few loopholes. The USA PATRIOT Act (Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001) is an act, first passed in 2001 following the events of 9/11, which contained a wide number of provisions.
The act served to broaden the definitions of "Terrorism" in a …show more content…
This is implemented whenever a member makes a deposit or withdrawal in excess of $10,000. This is required due to criminal organizations requiring large amounts of money to complete transactions without being tracked.
MIP, or Member Identification Program, Is used to make sure the member that you are talking to is in fact the owner of the account. Every teller does their part by asking questions to verify that the person in front of them is the member that they claim to be. A few questions can be as follows. This is used to stop fraud and keep all confidential information safe.
Next up we have the SAR, or Suspicious Activity Reports. If a wrong-doer knows of all of these limitations and attempts to get around them, there is still another way to catch them. Using one of these, tellers can see when structuring or money laundering is becoming evident and catch it before it gets out of hand. Since machines can’t catch everything, we are lucky to have such vigilant tellers keeping an eye
The USA PATRIOT act is a big one, and very broad. However this was on purpose so that way it can encompass all types of transactions with very few loopholes. The USA PATRIOT Act (Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001) is an act, first passed in 2001 following the events of 9/11, which contained a wide number of provisions.
The act served to broaden the definitions of "Terrorism" in a …show more content…
This is implemented whenever a member makes a deposit or withdrawal in excess of $10,000. This is required due to criminal organizations requiring large amounts of money to complete transactions without being tracked.
MIP, or Member Identification Program, Is used to make sure the member that you are talking to is in fact the owner of the account. Every teller does their part by asking questions to verify that the person in front of them is the member that they claim to be. A few questions can be as follows. This is used to stop fraud and keep all confidential information safe.
Next up we have the SAR, or Suspicious Activity Reports. If a wrong-doer knows of all of these limitations and attempts to get around them, there is still another way to catch them. Using one of these, tellers can see when structuring or money laundering is becoming evident and catch it before it gets out of hand. Since machines can’t catch everything, we are lucky to have such vigilant tellers keeping an eye