of enactment of the Act. Sec. 359. Reporting of suspicious activities by underground banking systems Under the BSA, any person or group of people who transfer money as a business are defined as a money services business in order to bring those who operate informal value transfer systems outside of the mainstream financial system under the law. The amendments include "a licensed sender of money or any other person who engages as a business in the transmission of funds, including any person who engages as a business in an informal money transfer system or any network of people who engage as a business in facilitating the transfer of money domestically or internationally outside of the conventional financial institutions system" in the definition of a "financial institution" under the BSA. The BSA definition of a "money transmitting business" was also similarly amended. The rules promugulated under section 21 of the Federal Deposit Insurance Act was amended to apply to "any person that engages as a business in the transmission of funds, including any person who engages as a business in an informal money transfer system or any network of people who engage as a business in facilitating the transfer of money domestically or internationally outside of the conventional financial institutions system". This makes it easier for authorities to regulate, and investigate anti-money laundering operations in this segment of the U.S. economy. The section also called for a report to congress on the need for any additional legislation relating to such people. The report found that: Existing BSA regulations are applicable to the U.S.-based operators of informal value transfer systems. That research did not suggest an immediate need for additional legislation, and neither did it suggest a need to change the threshold for the filing of Suspicious Activity Reports. The adequacy of the existing BSA rules should be reexamined over the course of U.S. Treasury's multi-year effort to enhance regulatory compliance among the operators of informal value transfer systems. The law enforcement and regulatory communities should undertake a comprehensive program to enhance their knowledge concerning the range of mechanisms used in informal value transfer systems in order to better understand them and to determine whether they think that any additional legislation is needed. Sec. 360. Use of authority of U.S. Executive Directors The Patriot Act allows the United States President to instruct any United States Executive Directors of the international financial institutions