Since September 11, 2001, banks have been checking names on new accounts against government lists of known or suspected terrorists. As a result, the U.S. and its partners have publicly designated a voluminous list of terrorists or terrorist supporters. Deputy secretary of the U.S. Treasury, Kenneth W. Dam, told the June 2002 Council on Foreign Relations in New York, "We have frozen over $115 million around the world. One hundred and sixty-six countries and jurisdictions have blocking rules in force." Considered one of the world's largest businesses, money laundering is estimated to be $1 trillion annually, with 50% of the funds passing through the U.S. at some point. The numbers speak for themselves; detecting and restricting illicit financial activities are issues transforming the worldwide financial community.

The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act was passed in October 2001 to address tracking and limiting the financial resources fueling terrorist activities. The USA PATRIOT Act imposes strict new requirements on financial institutions with severe penalties for non-compliance. Institutions must "know their customers" -- closely monitoring account ownership and usage.