USA PATRIOT Act, Title III, Subtitle A
The USA PATRIOT Act was passed by the United States Congress in 2001 as a response to the September 11, 2001 attacks. It has ten titles, with the third title ("Title III: International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001") written to prevent, detect, and prosecute international money laundering and the financing of terrorism.
Title III is itself divided into three subtitles. The first subtitle, entitled Subtitle A: International Counter Money Laundering and Related Measures, is designed to put measures into place that counter international money laundering. It does this by requiring that financial institutions take several new special measures against money laundering — identification is dealt with particularly; by restricting or prohibiting the use of certain types of bank accounts; through adding further legislation that regulates a financial institution's dealing with foreign concerns; by adding new penalties for non-compliance of the law; and through regulations that are designed to facilitate and encourage reporting and communication between financial institutions and the U.S. government.
Read more about USA PATRIOT Act, Title III, Subtitle A: Sec. 311: Special Measures For Jurisdictions, Financial Institutions, or International Transactions , Sec. 312. Special Due Diligence For Correspondent Accounts and Private Banking Accounts, Sec. 313. Prohibition On United States Correspondent Accounts With Foreign Shell Banks, Sec. 314. Cooperative Efforts To Deter Money Laundering, Sec. 315. Inclusion of Foreign Corruption Offenses As Money Laundering Crimes, Sec. 316. Anti-terrorist Forfeiture Protection, Sec. 317. Long-arm Jurisdiction Over Foreign Money Launderers, Sec. 318. Laundering Money Through A Foreign Bank, Sec. 319. Forfeiture of Funds in United States Interbank Accounts, Sec. 320. Proceeds of Foreign Crimes, Sec. 321. Financial Institutions Specified in Subchapter II of Chapter 53 of Title 31, United States, Sec. 322. Corporation Represented By A Fugitive, Sec. 323. Enforcement of Foreign Judgments, Sec. 324. Report and Recommendation, Sec. 325. Concentration Accounts At Financial Institutions, Sec. 326. Verification of Identification, Sec. 327. Consideration of Anti-money Laundering Record, Sec. 328. International Cooperation On Identification of Originators of Wire Transfers, Sec. 329. Criminal Penalties, Sec. 330. International Cooperation in Investigations of Money Laundering, Financial Crimes, and The
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