Report to Congress in Accordance with Section 359 of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT ACT)   [open pdf - 1MB]

The Secretary of the Treasury submitted this report in accordance with the requirement of the USA Patriot Act. Based on fieldwork and analysis of data gathered to date, the following preliminary findings are presented: Existing Bank Secrecy Act (BSA) regulations are applicable to the U.S.-based operators of informal value transfer systems; Current research does not suggest an immediate need for additional legislation, nor does it suggest a need to change the threshold for the filing of Suspicious Activity Reports; The adequacy of the existing BSA rules should be reexamined over the course of Treasury's multi-year effort to enhance regulatory compliance among the operators of informal value transfer systems, and; The law enforcement and regulatory communities should undertake a comprehensive program to enhance their knowledge concerning the range of mechanisms used in informal value transfer systems in order to better understand them and to determine whether they think that any additional legislation is needed.

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