The Senate Banking Committee’s Jan. 29, 2002 hearing on implementation of the USA Patriot Act offers banks scant comfort that their compliance burdens under Sections 313 and 319(b) of the Act will be lightened any time soon.
Indeed, there were strong indications at the hearing that Congress will be especially rigorous in its oversight of these provisions and steadfast in ensuring that they are implemented promptly, effectively and strictly in accordance with Congressional intent. Of particular significance, Chairman Paul D. Sarbanes, D.- Md., questioned whether the proposed regulations recently issued by the Treasury Department under these provisions satisfy this standard.
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