Patriot Act Section 352

Section 352 of the patriot act requires covered financial institutions to establish anti money laundering programs. Special due diligence programs for certain foreign accounts. Section 352 requiring the establishment of an anti money laundering program and section 326 regarding customer identity verification.

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6809 to prescribe minimum standards for aml programs.

Patriot act section 352. Usa patriot act of 2001 sections 351 361 section 351 amendments relating to reporting of suspicious activities section 352 anti money laundering programs section 353 penalties for violations of geographic targeting orders and certain recordkeeping requirements and lengthening effective period of geographic targeting orders. Toward that end fincen has implemented a rule that requires mutual funds to establish aml compliance programs. Usa patriot act title iii international money laundering abatement and anti terrorist financing act of 2001 sec.

This title may be cited as the international money laundering abatement and financial anti terrorism act of 2001. Under 352 of the usa patriot act all financial institutions must develop and implement anti money laundering programs. Title iii of the patriot act includes two provisions of potential concern to these entities.

Financial institutions that maintain correspondent accounts for foreign financial institutions or private banking accounts for non u s. Section 352 of the usa patriot act amended the bsa to require financial institutions to implement aml compliance programs. As noted above when imposing these new requirements section 352 a of the patriotic act defines financial institution as including persons involved in real estate settlements and closings.

This section amends the bank secrecy act by imposing due diligence enhanced due diligence requirements on u s. Section 352 of the usa patriot act authorizes fincen in consultation with the appropriate federal functional regulator using the definition of federal functional regulator found in 15 u s c. Findings the congress finds that 1.

Section 352 of the usa patriot act amended the bsa to require financial institutions including broker dealers to establish aml programs. Section 352 of the patriot act required all financial institutions as defined by the bank secrecy act to establish an anti money laundering program within six months of the passage of the patriot act. Broker dealers can satisfy this requirement by implementing and maintaining an aml program that complies with sro rule requirements.