Prevent Bank Fraud by Terrorists Act of 2003

The Prevent Bank Fraud by Terrorists Act of 2003 (H.R. 1037) would require financial institutions to automatically report the names and Social Security or taxpayer identification numbers of all account holders and beneficiaries to the Social Security Administration and the Internal Revenue Service. This reporting would occur immediately upon the opening of any new financial account. The bill’s primary objective is to enhance federal oversight of financial transactions to prevent identity theft and the fraudulent use of banking systems for illicit activities. For the average citizen, this would mean that personal identifying information provided at a bank would be shared directly with additional federal agencies as a standard part of the account creation process.