SCOTTSDALE, Ariz. – eFunds Corp., a provider of fraud and risk management products recently held a Webcast on demystifying the USA Patriot Act, which is designed at thwarting potential terrorist attacks. Approximately 2,200 financial institution execs viewed the Web cast held on August 9. A replay of the event can be found at Financial institutions will have to be in compliance with the anti-terrorism legislation by Oct. 25 of this year. Stricter identity verification and record maintenance are two main parts of the legislation. “In the war on terrorism, financial institutions are on the front lines and represent a key defense,” said FBI Chief of Financial Crimes Dennis Lormel, who joined TowerGroup Analyst Breffnit McGuire and eFunds Chief Privacy Officer Lisa Nelson in the Webcast. “Financial institutions are critical in our efforts to detect and identify potential terrorists and terrorist activity. The Patriot Act will require financial services companies to be increasingly alert about customer activity,” said Lormel. He cited FinCEN’s Patriot Act Communications System as a two-way pipeline between law enforcement and financials, and strongly recommended that the financial community adopt the practice of filing SARs in an electronic format to maximize speed and efficiency.

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

Your access to unlimited content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including and

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.