CAMS · Question #486
Which product type is subject to US extra jurisdictional reach over non-US banks and non-US persons under the USA PATRIOT Act?
The correct answer is A. Correspondent banking. The product type that is subject to US extra jurisdictional reach over non-US banks and non-US persons under the USA PATRIOT Act is Correspondent Banking. According to the Certified Anti- Money Laundering Specialist (the 6th edition) Study Guide, "The USA PATRIOT Act extends…
Question
Which product type is subject to US extra jurisdictional reach over non-US banks and non-US persons under the USA PATRIOT Act?
Options
- ACorrespondent banking
- BCommercial lending
- CTrade finance
- DPrivate banking
How the community answered
(34 responses)- A82% (28)
- B3% (1)
- C12% (4)
- D3% (1)
Explanation
The product type that is subject to US extra jurisdictional reach over non-US banks and non-US persons under the USA PATRIOT Act is Correspondent Banking. According to the Certified Anti- Money Laundering Specialist (the 6th edition) Study Guide, "The USA PATRIOT Act extends the reach of the Bank Secrecy Act and other anti-money laundering statutes to non-U.S. banks and non-U.S. persons. This extra jurisdictional reach includes, but is not limited to, correspondent
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