Usa Patriot Act Section 352

This section amends the bank secrecy act by imposing due diligence enhanced due diligence requirements on u s.

Usa patriot act section 352. Financial institutions that maintain correspondent accounts for foreign financial institutions or private banking accounts for non u s. 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. These programs need to include at the very least the following.

United states code section 21 of the federal deposit insurance act or chapter 2 of title i of public law 91 508 84 stat. Section 352 of the usa patriot act requires each financial institution to establish anti money laundering programs. This section also permits courts when reviewing determinations made by the executive branch to consider classified evidence ex parte and in camera.

Title iii of the patriot act includes two provisions of potential concern to these entities. Broker dealers can satisfy this requirement by implementing and maintaining an aml program that complies with sro rule requirements. Section 352 of the patriot act requires covered financial institutions to establish anti money laundering programs.

Fincen is issuing a final rule implementing sections 352 326 and 312 of the uniting and strengthening america by providing appropriate tools required to intercept and obstruct terrorism act of 2001 usa patriot act and removing the anti money laundering program exemption for banks that lack a federal functional regulator including but not limited to private banks non federally insured credit unions and certain trust companies. 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. 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. The new provision permits the president when the united states is engaged in military hostilities or has been subject to attack to confiscate property of any foreign country person or organization involved in hostilities or attacks on the united states. Section 352 requiring the establishment of an anti money laundering program and section 326 regarding customer identity verification.

6809 to prescribe minimum standards for aml programs.