United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 2005-05-06 monographic deposited born digital 84 p. GA 1.13:GAO-05-412 https://www.govinfo.gov/app/details/GAOREPORTS-GAO-05-412 P0b002ee180381109 f:d05412 DGPO 2010-08-12 2011-03-23 GAOREPORTS-GAO-05-412 machine generated eng fdlp REPORT GAOREPORTS-GAO-05-412 GAO-05-412 Consumer protection Federal regulations Financial institutions Identity verification Interagency relations Law enforcement agencies Federal law Program management Strategic planning Information sharing Customer Identification Program Other Written Product A23938

Title III of the USA PATRIOT Act of 2001, passed after the September 11 terrorist attacks, amended U.S. anti-money laundering laws and imposed new requirements on financial institutions. Section 326 of the act required the development of minimum standards for verifying the identity of financial institution customers. Section 314 required the development of regulations encouraging the further sharing of information between law enforcement agencies and the financial industry and between the institutions themselves. Because of concerns about the implementation of these new provisions, GAO determined how (1) the government developed the regulations, educated the financial industry on them, and challenges it encountered; (2) regulators have updated guidance, trained examiners, and examined firms for compliance; and (3) the new regulations have affected law enforcement investigations. https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-05-412/html/GAOREPORTS-GAO-05-412.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-05-412/pdf/GAOREPORTS-GAO-05-412.pdf GAO-05-412 https://www.govinfo.gov/app/details/GAOREPORTS-GAO-05-412 Other Written Product GAO-05-412; USA Patriot Act: Additional Guidance Could Improve Implementation of Regulations Related to Customer Identification and Information Sharing Procedures; Consumer protection Federal regulations Financial institutions Identity verification Interagency relations Law enforcement agencies Federal law Program management Strategic planning Information sharing Customer Identification Program Title 12 Section 1818(s) Title 12 Section 1829b(c) 12 U.S.C. 1818(s) 12 U.S.C. 1829b(c) Title 31 Section 5318(h) 31 U.S.C. 5318(h) Volume 84 Page 1114 84 Stat. 1114 Volume 115 Page 272 115 Stat. 272 Public Law 91-508 Public Law 95-630 Public Law 107-56