Regulatory AML requirements in the financial sector

After the September 11 terrorist attacks, numerous initiatives were introduced to increase national security and combat terrorist activities, the most significant being the introduction of the USA PATRIOT Act (commonly known as the Patriot Act), which was signed into law on October 26, 2001.

‘USA PATRIOT’ is an acronym that stands for Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism.¹