Section 319(a) of the USA PATRIOT Act:

The correct answer is A. Allows the appropriate federal banking agency to require a financial organization to produce. Section 319(a) of the USA PATRIOT Act enhances regulatory oversight of foreign financial institutions with U.S. correspondent accounts. Option A (Correct): This section requires foreign banks to provide relevant AML records within 120 hours upon request from a U.S. regulatory…

Compliance Standards (International AML/CFT Standards and the role of FATF)

Question

Options

AAllows the appropriate federal banking agency to require a financial organization to produce,
BProvides the U.S. Department of Treasury with the authority to apply graduated, proportionate
CPermits the U.S. Government to seize funds from a correspondent bank account in the U.S. that
DRequires due diligence, and in certain situations enhanced due diligence (EDD), for foreign

How the community answered

(45 responses)

A
73% (33)
B
13% (6)
C
9% (4)
D
4% (2)

Explanation

Section 319(a) of the USA PATRIOT Act enhances regulatory oversight of foreign financial institutions with U.S. correspondent accounts. Option A (Correct): This section requires foreign banks to provide relevant AML records within 120 hours upon request from a U.S. regulatory agency.

Topics

#USA PATRIOT Act#Section 319(a)#correspondent banking#record production

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