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The USA Patriot Act! Happy 4th To All!!

Ths U.S Congress passed the USA PATRIOT Act in response to the terrorist attacks of September 11. 2001. The Act vests the Secretary of the Treasury with regulatory powers to combat corruption of U. S. financial institutions for foreign and domestic money laundering purposes. In federal law, money laundering is the flow of cash or other valuables derived from, or intended to facilitate, the commission of a criminal offense.

The Act requires that businesses report cash transactions over $10,000 to the IRS, establishes new customer ID and record-keeping standards, and encourages financial institutions to file suspicious activity reports (SARs) and share information concerning suspected money laundering and terrorist activities with law enforcement agencies.

One stipulation of the Act mandates that all lenders must now check each mortgage applicant's name against a federal list of terrorist suspects and require that all borrowers provide proof of name, address, birthdate and social security number, even well known past clients. Lenders are also required to report suspicious individuals or activities and document the steps taken to comply with this provision of the Act.

Posted by Hans Iduma, Certified Mortgage Planning Specialist on 07/03/2008 03:35 PM

Comments (5)

patriot act, usa patriot, money laundering, the act, suspicious activity

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5 Comments on The USA Patriot Act! Happy 4th To All!!

A good move! Happy Birthday USA!

07/03/2008 03:45 PM

by Janis Trent (Realty USA Southwest, Inc)

The so-called Patriot Act is at best an oxymoron in terms.. and the very kind of thing that erodes at the American way of life. Its the passage of these kinds of laws that are the very manifestation of the true damage that has occurred since 9/11. How dare we use words like Patriot to describe an act that takes away our freedom?

The terrorists did what they did, but it is we, through over-reaction and fear who have done the most damage.

07/03/2008 03:46 PM

by Fred Jaeger ~ Central Oregon - Real Estate Connection (RE/Max Sunset Realty Sunriver-La Pine)

Wow, Fred made a very ensightful point and I hope more people will one day have the same level of understanding as Fred. So many people allow the goverment and media to tell them what to think instead of being free thinkers...

07/03/2008 04:09 PM

by AMERICAN AFFORDABLE HOMES

Hans - I'm not sure that I knew the last part. In light of the problems with the no-fly list I'm surprised that we do not hear more about it.

07/08/2008 09:14 PM

by Erik Hitzelberger, --Louisville-Bullitt County Real Estate (RE/MAX Alliance)

I would feel better about the patriot act if it wasn't signed by one of the biggest traitors that America has ever seen - George Bush! He is making money of this lovely war of his and the american tax payers are footing the bill (and some paying with their lives). As a lifelong Republican I'm disgusted by this administration. I can't help but wonder how saddened his father must be in regards to his son.

As Fred said, Americans are standing in line and applauding the very people who take away our constitutional rights and it is sickening!

(By the way less you think that I'm a whiny little whatever, my husband served honorably in our nuclear navy (submarines) for 15 years - we were married the entire time, raising our 3 children along the way. He separated from the Navy due to a medical discharge (fire on the submarine that had lasting consequences). I'm very passionate, as is he. Too bad more people are informed of what is really going on.

07/13/2008 12:04 AM

by Melissa Marro www.StagingAndRedesign.com www.RedesigningCharleston.com (First Impressions)

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