Patriot Act Could Spur Tech SpendingPatriot Act Could Spur Tech Spending

The USA Patriot Act might inspire a boost in technology spending for the financial-services industry, according to a report issued last week by research firm TowerGroup. The act, pushed through Congress quickly after Sept. 11, takes effect April 24. It increases the scope of money-laundering laws and adds new anti-terrorist-financing provisions (see "Tracking The Terrorists," Jan. 14, p. 23; information.com/871/tracking.htm).

Automation will be essential for financial firms to comply with the law, which should cause an uptick in the market for anti-money-laundering technologies.