Usa Patriot Act Section 311

Section 311 of the usa patriot act provides the secretary with a range of options that can be adapted to target specific money laundering and terrorist financing risks most effectively.

Usa patriot act section 311. Section 311 of the usa patriot act grants the secretary the authority upon finding that reasonable grounds exist for concluding that a foreign jurisdiction foreign financial institution class of transactions or type of account is of primary money laundering concern to require domestic financial institutions and financial agencies to take certain special measures to address the primary money laundering concern. In general subchapter ii of chapter 53 of title 31 united states code is amended by inserting after section 5318 the following new section. Special measures for jurisdictions financial institutions or international transactions of primary money laundering concern.

Regulations issued under section 311 of the usa patriot act interactive brokers prohibits customers from establishing maintaining administering or managing an account for or on behalf of the following financial institutions. 311 special measures special measures for jurisdictions financial institutions or international transactions of primary money laundering concern rulemakings listed in alphabetical order. Special due diligence programs for certain foreign accounts.

Financial system from specific threats. Special measures under section 311 of the usa patriot act a likely broader use of treasury s special measures authority will require greater vigilance for u s. This section amends the bank secrecy act by imposing due diligence enhanced due diligence requirements on u s.

Taken as a whole section 311 of the usa patriot act provides the secretary with a range of options that can be adapted to target specific money laundering and terrorist financing risks most effectively. The usa patriot act was signed into law on october 26 2001. Financial institutions that maintain correspondent accounts for foreign financial institutions or private banking accounts for non u s.

These options provide the treasury department with a powerful and flexible regulatory tool to take actions to protect the u s. Pursuant to section 311 of the of the usa patriot act fincen is authorized to designate foreign financial institutions as being of primary money laundering concern and to take any of five special measures against institutions so designated.