Running head: THE BANKING SYSTEM
The effects on the United States Banking system after 9/11
Thomas Moore
Athens State University
EC 321-Money and Banking
Dr. Bill Wilkes
December7.2011
Table of Contents
Abstract……………………………………………………………………………………………3
Discussion on Banking System after 9/11………………………………………………………...4
Reference……………………………………………………………………………………….…7
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The effects on the United States Banking system after 9/11
Since 9/11 things have changed and we have had to go through a steep learning curve. It has made us step up security measures and protocols. The United States banking system has had changes to. We have had to learn more, as well as implement security measures for anti-money laundering. Why? because a significant evolution has now occurred. We need to be aware of such as things as terrorist financing risks,(money laundering), improving the coordination and cooperation between banks, but also between the government and the private sector, developing a better intelligence gathering system with banks and government units. Also, we have been focusing on establishing more AML and counter terrorist financing requirements because of the USA Patriot Act. We need to make it tougher by protecting ourselves and to impose penalties and fines for violators.
Prior to 9/11, we had the WTC bombing attempt, the Oklahoma City bombing, then the attack on USS Cole, and other attacks. Terrorism was in full force. However we were not focused on the financing and what we must do to prevent it. The AML was focused on drug trafficking. Banks began to focus on preventive measures to combat this and the battle was on. They started to look into their own accounts and investigate instead of waiting for the government agencies to come to...