Chronicles

Bankers reflect on Patriot Act after two decades

Twenty years after the Patriot Act was passed, banking experts say the landmark law brings many security benefits but also potentially permanent, time-consuming responsibilities. The Patriot Act, enacted Oct. 26, 2001, following the Sept. 11 terrorist attacks and anthrax scare, has required banks to obtain, verify and record information identifying everyone who opens an account or changes an existing account. Banks are also expected to check customer names against a number of federal wanted criminal lists. In passing the legislation, the U.S. government found those it holds responsible for 9/11 were able to open bank accounts within the United States by completing applications with fraudulent Social Security numbers. [Continue]