The United States Patriot Act
The USA Patriot Act, 2001, commonly known as “The Patriot Act”, was enacted immediately following the attacks on the twin towers of the World Trade Center in New York on September 2001.
In particular, the Patriot Act:
increased the ability of law enforcement agencies to search telephone, e-mail communications, medical, financial, and other records. This was a considerable change to earlier laws and significantly increased access to such information, including “sneak and peek” warrants and wiretaps;
eased restrictions on foreign intelligence gathering within the United States;
expanded the Secretary of the Treasury’s authority to regulate financial transactions, particularly those involving foreign individuals and entities; and
enhanced the discretion of law enforcement and immigration authorities in detaining and deporting immigrants suspected of terrorism-related acts.
The military was authorized to provide assistance in some situations that involved weapons of mass destruction when so requested by the Attorney General. The National Electronic Crime Task Force was expanded, along with the President’s authority and abilities in cases of terrorism.
There is probably nothing which can damage the reputation of a financial institution more than the suggestion that it has been used as a conduit to provide funds which have been used to finance a terrorist act. Even if the institution is an innocent participant, the very link of its name to death and carnage can be damaging. So the institution needs as much help as possible to identify and exclude known terrorists from their business but also to stand some chance of identifying the criminals who are already inside.
In addition, Anti Terrorism laws in most jurisdictions make it an offence to provide financial services to someone for the purposes of terrorism. Though most institutions would not do so deliberately, to have failed to check customers or transactions against known lists of criminals could be construed to be negligent or willful blindness.
There are two aspects in which a financial institution can protect itself from both risks – strong “Know Your Customer” processes and strong transaction checking processes.
Know Your Customer describes the means by which the identity, background and other aspects of potential customers can be checked, so that known and suspected terrorists can be excluded and the background of all clients checked out fully. Legislation and regulation require firms to obtain evidence of identity of a customer at take-on and to keep a record of that evidence for as long as there is a relationship with a customer. Legislation and regulation also require a firm to keep up to date its knowledge of a customer throughout the life of the relationship, so that changes in the customer’s activity can be assessed and dealt with all with the principal aim of preventing Money Laundering and Terrorist Financing. Having robust processes is all the more important when a business is looking for new clients in emerging markets, where legislation and regulation may not yet be as strong as in more developed financial markets.
What People Are Saying About PROSHRED®
Co was great!! They shredded 20+ years of documents. Quentin came out and did the work. Just a lovely guy. More than willing to please.i... read moreCo was great!! They shredded 20+ years of documents. Quentin came out and did the work. Just a lovely guy. More than willing to please.i highly recommend this Co! read less
S9/12/2018Highly recommend Proshred. The driver arrived exactly on time and was very professional. Best way to dispose of important papers or documents.Would definitely use them again.
Ed Rosato1/23/2019Quinten has been very kind and helpful with all our shredding needs. He is very polite and it's a pleasure speaking with him every month.
Tammy Aamodt10/30/2018Great customer support and service.
Andy Wiggins10/30/2017Customer service is great and the price to shred is very reasonable. I like that this is a locally owned company. However, please note that... read moreCustomer service is great and the price to shred is very reasonable. I like that this is a locally owned company. However, please note that the photos and maps are inaccurate. The location has moved and it is now located in an industrial park just north of Commercial Boulevard and west of Northwest 33rd Avenue. Google Maps took me to the old location first, and then some other location which was inaccurate. But a quick phone call to Pro Shred put me in touch with an employee that was very helpful and talking me through the directions on how to get there. Hopefully Google will update the map and directions soon. read less
Lar B10/11/2018Great! friendly, professional and affordable service.
Scott Tobkes10/30/2018I like how organized and quick they are.
Bella Smile Cosmetic Dentistry10/30/2017Thank you Proshred for your professional handling of our document shredding. Quinten is always helpful and goes above and beyond to assist us.
SWB Law offices10/30/2018Arrived on time. Friendly personnel and priced as expected. Pleased customer!
Gerhard Heidersberger10/30/2017I needed a mobile shredding service - I called them at 11.15 this morning, on the offchance they MIGHT be able to get someone over... read moreI needed a mobile shredding service - I called them at 11.15 this morning, on the offchance they MIGHT be able to get someone over here to shred some papers (wasn't very hopeful though, figured you'd have to request at least 24 hours in advance)..... requested a quote through yelp, got a response within 5 minutes, called and spoke to Hany - he said someone would be here this afternoon - said normally their scheduled time in this area was Monday but he'd make it happen - which was great. He said sometime this afternoon - ..I figured oh well, there's my afternoon gone - I'd have to wait around for them to come - guess what - at 1 pm, the driver called to say they would be here shortly, 1.15 they were here, 1.20 the shredding was done - how amazing is that! Within TWO HOURS of my initial email to them!!! They charge $95 for a full "bin" of paper - which is 7 bankers boxes - unfortunately I only had 5 boxes worth, but oh well, it was still worth the $95. EXCELLENT service - this is years old bank statements and file folders and junk that I just could NOT face sitting and putting through the home shredder. Thank you for outstanding service!!! read less
ChewedPupp @yahoo.com10/30/2017My experience with PROSHRED Fort Lauderdale was excellent. All of the individuals with whom I spoke on the phone and interacted personally were extremely professional.... read moreMy experience with PROSHRED Fort Lauderdale was excellent. All of the individuals with whom I spoke on the phone and interacted personally were extremely professional. The services provided to me were exemplary. The PROSHRED employees who came to my house were professional, on time and performed the services in a timely manner. They called when on the way and I was also given a time window the previous day, so I had no surprises. The PROSHRED truck was clean as were the containers used. I will use this company again. Thank you. read less
Sharon Ireland10/30/2018Thank you PROSHRED for another successful Juno Beach Shred Fest! We were busy the entire morning and our residents were thrilled for your service.... read moreThank you PROSHRED for another successful Juno Beach Shred Fest! We were busy the entire morning and our residents were thrilled for your service. Quinton did an excellent job! The invitation that we created was sent to all of the Juno Beach Civic Association members 3 times, was in our newsletter with a circulation of 500 and in the Town's newsletter with a circulation of 3,300! Thank you for your support! read less
bruce franson3/27/2018We have used Proshred Fort Lauderdale for our two Shred Events this past year and they have been so delightful to work with. They showed... read moreWe have used Proshred Fort Lauderdale for our two Shred Events this past year and they have been so delightful to work with. They showed up on time, very reliable and friendly. I look forward to our next event of offering document shredding of documents to our clients. Thanks you Alicia Babin who helped coordinate the event with my team! read less
Terry Story10/16/2019Thank you so much for all of your help and quality service. We couldn't be happier with the service we have received from you.... read moreThank you so much for all of your help and quality service. We couldn't be happier with the service we have received from you. Our contact Alicia Babin has been outstanding to work with. Highly recommend this company! read less
Kim6/20/2018Good and fast service!! Thank you Leo
Rosselynn aguilar lozada9/21/2019
