Search results
Results from the WOW.Com Content Network
A Customer Identification Program (CIP) is a United States requirement, where financial institutions need to verify the identity of individuals wishing to conduct financial transactions with them and is a provision of the USA Patriot Act.
Enhanced due diligence [4] is required when initial identity checks have been completed and high-risk factors have been identified for an individual or a business. When these requirements have been met "enhanced" or additional due diligence above and beyond CDD is conducted which identifies the following information: [4] Source of wealth and ...
The USA PATRIOT Act was reauthorized by three bills. The first, the USA PATRIOT and Terrorism Prevention Reauthorization Act of 2005, was passed by Congress in July 2005. This bill reauthorized some, but not all, provisions of the original USA PATRIOT Act, as well as the newer Intelligence Reform and Terrorism Prevention Act of 2004.
The USA PATRIOT Act includes specific provisions designed to limit the use of correspondent accounts for money laundering activity. These provisions are contained in sections 312, 313 and 319(b) and involve limitations on shell bank relationships as well as enhanced due diligence and record keeping requirements.
A look at the post-Sept. 11 surveillance provisions that expired on Monday, June 1, 2015: Section 215 of the Patriot Act This has been used to authorize the National Security Agency's bulk ...
Title III: International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001 is actually an act of Congress in its own right as well as being a title of the USA PATRIOT Act, and is intended to facilitate the prevention, detection and prosecution of international money laundering and the financing of terrorism.
The following is a section summary of the USA PATRIOT Act, Title II. The USA PATRIOT Act was passed by the United States Congress in 2001 as a response to the September 11, 2001 attacks. Title II: Enhanced Surveillance Procedures gave increased powers of surveillance to various government agencies and bodies.
Argues that the Internet surveillance provisions of the Patriot Act updated the law in ways that both law enforcement and civil libertarians should appreciate. Michael J. Woods (2005), Counterintelligence and access to transactional records: a practical history of USA PATRIOT Act section 215, The Patriot Debates.