THE USA PATRIOT ACT: New Responsibilities for Institutions in the Financial Industry

President Bush signed into law the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the “USA Patriot Act” or the “Act”) on  October 26, 2001. The USA Patriot Act is a broad antiterrorism bill that was enacted in response to the events of September 11, 2001. It contains a number of measures aimed at curtailing terrorist  activity. One section of the USA Patriot Act is designed to prevent and detect money laundering and the financing of terrorism.