BSA/AML: USA PATRIOT Act explains the key aspects of the USA PATRIOT Act and what is needed to implement its provisions. It builds on existing knowledge of the customer identification and due diligence process, applying those concepts to specific types of accounts believed to pose increased risks of money laundering and terrorist financing. This course also explains how the USA PATRIOT Act affects sharing of certain types of information between financial institutions and law enforcement officials, to identify transactions that may involve terrorist activity or money laundering.
Note: This is a high-level overview course intended for employees that do not necessarily need a deep dive into the requirements of the USA PATRIOT Act. Many of the lessons included in this course are covered in more depth in other BSA courses such as BSA/AML: CIP Basics, BSA/AML: CIP Advanced, BSA/AML Recordkeeping, and BSA/AML: Risk Assessment and Customer Due Diligence.
After completing this course, students will be able to:
• Describe the purpose of the USA PATRIOT Act and the penalties for noncompliance
• Describe actions to take if you suspect that an account may fall within a high-risk category
• Identify customer due diligence requirements for foreign correspondence accounts
• Identify customer due diligence requirements for private banking accounts
• Describe the information sharing requirements in Sections 314(a) and 314(b) of the USA PATRIOT Act