Patriot Act changes slammed


WASHINGTON, DC -- The Securities Industry Association (SIA) and the Financial Services Roundtable (FSR), two US financial industry organisations, filed negative comment letters with the US Treasury at the end of July on proposed changes to section 326 of the US Patriot Act.

Section 326 requires banks, broker-dealers, mutual funds, and other financial institutions to establish procedures to verify the identity of customers opening new accounts. The US Treasury has proposed changes to the act that

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