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Costs Mount for Tracking Terror

Traders Magazine, August 2003

Gregory Bresiger

Financial institutions would be required to maintain a photocopy of the documents establishing the identity of foreigners who open accounts with U.S. firms under a proposed regulation of the Patriot Act. And that, says the Securities Industry Association, in a comment letter to the U.S. Treasury Department, would be an onerous rule. "Requiring the copying of identification documents would be an ineffective use of resources and would increase burdens and costs without adding meaningfully to the safeguards financial institutions are implementing," wrote Alan Sorcher, associate general counsel of the SIA. "Making and retaining copies also presents several insurmontable operational issues for financial institutions."

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