USA PATRIOT Act

The Act mandates customer due diligence, KYC, and suspicious activity reporting for financial institutions. It expanded oversight of transactions that might be linked to terrorism or criminal organizations.

It was signed into law on October 26, 2001, shortly after the 9/11 attacks, to empower law enforcement and regulatory agencies to detect and prevent terrorism-related financial activity.

“Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism”—a lengthy name that reflects its expanded focus on both security and financial transparency.