The USA PATRIOT Act: what we've seen and what we expect

The article examines the effects of and regulatory changes presented by the USA PATRIOT Act on international and Islamic banking transactions. Of particular relevance is Title III, International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001. Individuals and institutions, particularly foreign-based, will face increased levels of scrutiny and must present additional forms of identification when opening accounts. US financial institutions are required to report new accounts more rapidly, and their ability to share information relating to potential criminal activity has been increased. The act extends criminal penalties to transactions either conducted through US institutions or if the criminal activity is conducted under US jurisdiction.