Anti-Money Laundering - AML

Finance allah shmoop What is the two thousand won yusa

patriot act Yep That was the act that insured the

new england patriots would make it to the super bowl

every year from that ear forward Yeah Okay Okay Maybe

it only seems that way So the patriot act What

is it And how does it affect our lives Well

let's start by setting the stage September eleventh two thousand

one planes piloted by al qaida hijackers fly into the

two towers of the world trade center in new york

Mass devastation thousands of lives lost panic heart rending sadness

anger fear and then a whole lot more anger And

then some fear and more fear that it would happen

again that next time it would get us or our

loved ones Well enter the patriot act created by the

u s government to deter terrorist activities and for funding

And believe it or not yusa patriot is actually an

acronym Uniting in strengthening america by providing appropriate tools required

to intercept and obstruct terrorism Kind of rolls off the

tongue their lungs You've basted your tongue with coconut oil

But yeah that was the idea to make it as

inconvenient and difficult as possible for anyone with ill intent

to harm us or our country Sounds like a noble

and worthy bit of legislation right And get the act

has met its fair share of resistance Why Well some

people feel like it gives uncle sam a little bit

too much permission Tio you know goa snooping and wiretapping

bathrooms are rooting around in our sock drawers or taking

whatever steps team necessary whenever suspicion has been aroused that

somebody might be a terrorist Heavy thoughts there Well the

idea of the act is that americans should be willing

to sacrifice some of their civil rights to privacy and

to due process for the sake of the nation's safety

Right Well there's a civil rights trade off here like

got to think about well is it fair that we

should have tons of civil rights and then make it

easy for terrorist Do bad things to us source We

give some of that up and make it harder for

them to obama's right Because yeah we in this country

are big on our free speech and privacy and those

things are great and are a huge part of our

national identity but should they come at the cost of

would be terrorists having the freedom toe train and purchase

supplies right under our noses as they laugh about us

about our ideals and trying to stick to a fair

process even when they don't play fair Well shouldn't our

government be able to step in and investigate without search

warrants If the circumstances call for it The situation where

the likelihood of illicit activity is high and what happens

to corrupt cops who are getting paid on the side

to go tip off the terrorists when we do hunt

well where does that line get drawn Obviously we have

no answers here We're just asking a whole lot of

questions So yeah the act has not been universally popular

but it's also tough to say that it hasn't been

effective since Well we haven't had any nine eleven asked

episode's on u s soil since two thousand one So

what do we do in talking about this act in

a finance course Well direct your attention to title three

of the act The international money laundering abatement and financial

anti terrorism act Yeah this is the part that requires

banks to report suspected money laundering activities and to create

tougher rules to prevent money laundering in the first place

and also makes it tougher Teo do some types of

banking between us banks and financial institutions around the world

We get to inspect more when we're you know doing

business with shady nations who openly ate us So yeah

the world of finance got rocked a bit in the

wake of nine eleven as well although not is badly

is well pretty much any team these days gets rocks 00:03:52.065 --> [endTime] and they're playing me and patriots Yeah