What action does the USA PATRIOT Act allow the US government to take regarding financial institutions (FIs) that are based outside of the US?

Question

Options

• ASanction a country when an individual Fl does not comply with US law.
• BSubpoena documents from FIs that have no presence in the US.
• CRevoke the banking licenses of non-US FIs in countries outside the US.
• DAllow all US regulators to place a non-US Fl on the Specially Designated Nationals and Blocked

• A
  10% (3)
• B
  83% (24)
• C
  3% (1)
• D
  3% (1)

Explanation

According to the CAMS manual 6th edition, the USA PATRIOT Act allows the US government to subpoena documents from foreign financial institutions (FIs) that have no presence in the US (option B). The manual states that "The USA PATRIOT Act provides US law enforcement agencies with the power to subpoena documents from foreign banks that maintain correspondent accounts with US banks or have no presence in the United States" (p. 77).

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