Title III – International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001

E322198

United States federal statute title of the USA PATRIOT Act

Title III – International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001 is a key component of the USA PATRIOT Act that strengthens U.S. financial regulations to combat money laundering and the financing of terrorism.

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All labels observed (1)

Label	Occurrences
Title III – International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001 canonical	1

Statements (45)

Predicate	Object
instanceOf	United States federal statute ⓘ title of the USA PATRIOT Act ⓘ
aimsTo	deter use of shell banks and anonymous accounts ⓘ increase transparency of cross-border financial transactions ⓘ protect the U.S. financial system from abuse by terrorists and criminals ⓘ
amends	Bank Secrecy Act ⓘ
appliesToJurisdiction	U.S. financial institutions ⓘ U.S. financial regulators ⓘ
countryOfJurisdiction	United States of America ⓘ
empowers	Financial Crimes Enforcement Network ⓘ United States Department of the Treasury ⓘ surface form: U.S. Department of the Treasury
enactedAfter	September 11 attacks ⓘ
enforcedBy	Financial Crimes Enforcement Network ⓘ United States Department of Justice ⓘ surface form: U.S. Department of Justice United States Department of the Treasury ⓘ surface form: U.S. Department of the Treasury federal banking regulators in the United States ⓘ
legalBasisFor	enhanced customer identification requirements ⓘ enhanced due diligence for correspondent accounts ⓘ enhanced due diligence for private banking accounts for non-U.S. persons ⓘ expanded suspicious activity reporting requirements ⓘ forfeiture of assets involved in money laundering and terrorism financing ⓘ information sharing among financial institutions under safe harbor provisions ⓘ information sharing between financial institutions and U.S. government agencies ⓘ special measures against jurisdictions and institutions of primary money laundering concern ⓘ strengthened penalties for money laundering offenses ⓘ
legislativeBody	United States Congress ⓘ
mainSubject	financial regulation ⓘ money laundering ⓘ terrorist financing ⓘ
partOf	USA PATRIOT Act ⓘ
purpose	to enhance information sharing among financial institutions and government agencies ⓘ to improve recordkeeping and reporting requirements for financial transactions ⓘ to prevent and detect financing of terrorism ⓘ to strengthen U.S. measures against money laundering ⓘ
regulates	correspondent accounts for foreign banks in the United States ⓘ customer identification programs at financial institutions ⓘ private banking accounts for non-U.S. persons ⓘ recordkeeping for funds transfers ⓘ
relatedTo	U.S. anti-money laundering framework ⓘ counter-terrorism policy of the United States ⓘ
requires	designation of compliance officers at financial institutions ⓘ development of anti-money laundering programs by financial institutions ⓘ independent testing of anti-money laundering programs ⓘ ongoing employee training in anti-money laundering compliance ⓘ
strengthens	Bank Secrecy Act ⓘ

Referenced by (1)

Full triples — surface form annotated when it differs from this entity's canonical label.

Title X – Miscellaneous → relatedTo → Title III – International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001 ⓘ