Information Technology and The US Patriot Act
On Wednesday October 1, 2003 financial Institutions throughout the United States were required to implement structures in support of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (US Patriot Act), 2001. It was critical for a bank to initiate information technology that monitored and flagged accounts, transactions, and suspicious persons without sacrificing the security and safety of its customers.
Shortly after the 9/11 attacks, the Bush Administration proposed and, on October 26, 2001 signed into law, the USA Patriot Act. Some claim that the Patriot Act is simply a device used to create a feeling of fear in US citizens against terrorism on United States soil and according to Patrice LeClerc and Kenneth Gould it “is a piece of legislation that restricts political freedom more than any other piece of legislation in America’s 227-year history. In doing so it violates the most fundamental political premises upon which the United States justifies its existence (2006)” They go on to say that the act treats every American citizen like a terrorist suspect. The Patriot Act’s implementation created the Department of Homeland Security which is most commonly known for creating a very extensive list of restrictions and intensive searches at airport security lines. Because the terrorist acts of 9/11 were funded with US dollars and withdrawals were made through common Automated Teller Machines, financial institutions were required to implement security procedures that flagged large transactions. Businesses that were authorized to cash checks over 1,000.00 were required to register, and any person requesting to open a new account would be required to present identification that omitted them from known terrorist lists as provided under the Office of