Patriot Act Compliance

The deadline has come and gone for financial institutions to be in compliance with USA PATRIOT Act Title III, Section 326 rules. However, many companies struggle to coordinate Patriot Act compliance programs that cover all divisions. Often divisions and far-flung office locations are not aware of company-wide compliance requirements and practices. Each division might be working with different software and procedures, resulting in duplicated efforts, redundant technology and wasted time and money.
 

What's the solution to this daunting Patriot Act Compliance challenge?

According to Michelle Thiel, data and compliance manager for ChoicePoint's Public Records Group, financial institutions are better off having all of their divisions on the same page. They should follow the same Patriot Act compliance procedures using integrated information systems.

"Compliance is really everyone in an organization looking out for each other," she noted. "It's about everyone pitching in to improve processes, prevent risk and protect a company's reputation as well as its customers and society as a whole. And, when compliance resources are coordinated, a company can save money."

http://bridgerinsight.choicepoint.com/education-patriot-act-compliance.htm

The Patriot Act expanded legal authority is also used to detect and prosecute other alleged potential crimes. It was renewed on March 2, 2006, The Patriot Act also is referred to as Section 326.

It is not clear how many individuals or organizations have been charged or convicted under the Patriot Act. Throughout 2002 and 2003, the Department of Justice refused to release numbers. Former Attorney General John Ashcroft in his 2004 statement The Department of Justice: Working to Keep America Safer reported that there have been 368 individuals criminally charged in terrorism investigations, and later used the numbers 372 and 375.

Of these he stated that 194 (later 195) resulted in convictions or guilty pleas. (The original statement Working to Keep America Safer; the statement is reduced to a bullet list in 2004 Criminal Division Annual Report on page 9.). In June 2005, President Bush stated terrorism investigations yielded over 400 charges, more than half of which resulted in convictions or guilty pleas. In some of these cases, federal prosecutors chose to charge suspects with non-terror related crimes for immigration, fraud and conspiracy.
 

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