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Counter-Terrorism Laws

Counter-Terrorism Laws

These laws require financial institutions to implement measures that prevent, detect, and report suspicious activities or transactions related to the financing of terrorism or terrorist organizations.

Intersection With Open Source

  • When open source software is used in financial systems or platforms, it should be built and operated in compliance with relevant regulations. For instance, if an open source application processes financial transactions, it should be designed to meet requirements for identity verification, suspicious activity reporting, and other aspects of these laws.

  • Some countries control the export of certain cryptographic technology due to potential military or terrorist use. But it's important to note that this issue isn't unique to open source software and applies broadly to any software with these capabilities.

See Also:


Relevant Regulation

Patriot Act

USA PATRIOT Act: This U.S. law enhances the BSA by imposing additional AML and Counter-Terrorist Financing (CTF) requirements on banks, such as implementing Customer Identification Programs (CIP) and conducting enhanced due diligence for high-risk customers. This is dealt with Title III (part 3) of the Patriot Act :

The first subtitle deals primarily with strengthening banking rules against money laundering, especially on the international stage. The second subtitle attempts to improve communication between law enforcement agencies and financial institutions, as well as expanding recordkeeping and reporting requirements. The third subtitle deals with currency smuggling and counterfeiting, including quadrupling the maximum penalty for counterfeiting foreign currency. - Patriot Act, Wikipedia