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Issue of Interest: Money Laundering and USA Patriot Act

ABA Media Contact: Blair Bernstein
(202) 663-5468
Last update: May 6, 2016

The banking industry and the ABA are aggressively working with law enforcement officials across the country in response to the terrorist threat.  Banking institutions provide information that helps authorities track the activities of terrorists, money launders and possible associates.

Banks are subject to strict anti-money laundering laws, including the Bank Secrecy Act of 1970, which created the record keeping and reporting requirement. It is a bank's responsibility to report all suspicious activity to law enforcement or be subject to fines of up to $1 million a day. 

Bankers are strongly committed to protecting the privacy of their customers and the security of their data.If requested by law enforcement for customer information, banks will not release any information unless they have a subpoena or search warrant.

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