Section 352 Of The Usa Patriot Act

Interim final rule anti money laundering programs for dealers in precious metals stones or jewels.

Section 352 of the usa patriot act. United states code section 21 of the federal deposit insurance act or chapter 2 of title i of public law 91 508 84 stat. 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. The financial crimes enforcement network fincen announced today the issuance of a final rule implementing a key provision of section 312 of the usa patriot act clarifying the risk based procedures that u s.

Usa patriot act title iii international money laundering abatement and anti terrorist financing act of 2001 sec. Section 312 of the usa patriot act requires u s. The department will publish regulations called for by the patriot act within the next six months.

Financial institutions to perform due diligence and in some cases enhanced due diligence with regard to correspondent accounts established or maintained for foreign financial institutions and private banking accounts established or maintained for non u s. The official title of the usa patriot act is uniting and strengthening america by providing appropriate tools required to intercept and obstruct terrorism usa patriot act of 2001 to view this law in its entirety click on the usa patriot act link below. Section 352 of the usa patriot act amended the bsa to require financial institutions to implement aml compliance programs.

The final rule issued today. This includes not only regulations called for by section 352 of the act but also other provisions such as section 326 which requires financial institutions to develop procedures for identifying and verifying the identity of account holders. Section 352 of the usa patriot act amended the bsa to require financial institutions including broker dealers to establish aml programs.

The financial crimes enforcement network fincen is issuing these frequently asked questions faqs regarding the application of its interim final rule implementing section 352 of the usa patriot act and requiring dealers in precious metals stones or jewels to establish anti.