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Essay / Research Paper Abstract
This 5 page paper explores changes made to the Bank Secrecy Act as a result of the Patriot Act. Problems with implementing the rules are explored. Included in this paper is an outline and a summary. Bibliography lists 6 sources.
Page Count:
5 pages (~225 words per page)
File: RT13_SA418BSA.rtf
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Unformatted sample text from the term paper:
stronger for banks II. The Bank Secrecy Act Amendments and Related Improvements 1. Subtitle B of the Patriot Act a. Section 351 i. financial
institutions should make voluntary disclosures ii. Section 352: combat of money laundering iii. Section 353 iv. Section 356 v. Section 357 vi.
Section 359 vii. Section 361 ix. Section 362 x. Section 363 xi. Section 364 xii. Section 365 xiii Section 366
2. Problems with the new amendments a. J.P. Morgan Chase non-compliance problem b. Many banks are not taking the new guidelines seriously. 3. Some banks are
not well organized and one part of the bank does not know what the other part is doing. III. Conclusion The Bank Secrecy Act Amendments 1. It will
make the United States safer. 2. The terrorists will not be able to move money easily. SUMMARY In looking at the Patriot Act, banking
regulations have been changed by virtue of the Bank Secrecy Act (BSA), something that has been around for decades but has been altered since the terrorist attacks. The BSA has
many provision, mostly related to money laundering. To sum up the gist of the act, and the spirit of the law, banks are supposed to report any suspicious activity. In
other words, banks should not accept money from unknown sources nor should they allow questionable transactions to go through. Banks have been reluctant to report such activity as by doing
so, they will lose clients. Further, some of the clients may not be guilty anyway. Yet, BSA makes it more difficult for banks to look the other way. Some banks
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