4-33 The U.S.A.Patriot Act requires firms to implement processes to deter money laundering.

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The USA Patriot Act, which stands for Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act, was enacted in 2001 to prevent money laundering and terrorist financing. As part of this act, financial institutions are required to implement measures to detect and deter money laundering, such as conducting customer due diligence, establishing anti-money laundering policies and procedures, and reporting suspicious activity to government authorities.

4-33 the U