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The USA Patriot Act

The USA Patriot Act was enacted in 2001 in the wake of 9/11 to strengthen measures to prevent money laundering. It requires banks, savings associations, credit unions, and certain non-federally regulated banks to have a Customer Identification Program (CIP) in place that is appropriate to their size and business. USA Patriot Act is an acronym which stands for "Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism.