Patriot Act financial transaction reporting requirements will not be extended

The US House of Representatives has rejected a bill to extend the financial transaction reporting requirements in the Patriot Act. As a result, the reporting requirements will not include criminal violations of the Internal Revenue code.

By Michael Macagnone (July 11, 2016, 8:21 PM EDT) -- The House of Representatives rejected a bill Monday that would extend Patriot Act financial transaction reporting requirements — and banks' liability protections — to include criminal violations of the Internal Revenue Code, among other crimes....

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