5423caca_FDIC__2004_Annual_Report__Challenge
[No.] 4 [Brief Description] The nation faces a new and changing threat unlike any we have faced before�the global threat of terrorism. In response to this threat, the Congress enacted the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56 (USA PATRIOT Act), which expands the Treasury Department�s authority initially established under the Bank Secrecy Act of 1970 (BSA) to regulate the activities of U.S. financial institutions, particularly their relations with individuals and entities with foreign ties. Specifically, the USA PATRIOT Act expands the BSA beyond its original purpose of deterring and detecting money laundering to also address terrorist financing activities. In today�s global banking environment, where funds are transferred instantly and communication systems make services available internationally, a lapse at even a small financial institution outside of a major metropolitan area can have significant implications across the nation. The reality today is that all institutions are at risk of being used to facilitate criminal activities, including terrorist financing. [Challenge] 
Money Laundering and Terrorist Financing
FDIC: 2004 Annual Report