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A Report to Congress in Accordance with 326(B) of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001

By United States Department of the Treasury

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Book Id: WPLBN0000657323
Format Type: PDF eBook
File Size: 86.87 KB.
Reproduction Date: 2005

Title: A Report to Congress in Accordance with 326(B) of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001  
Author: United States Department of the Treasury
Volume:
Language: English
Subject: Government publications, Economics., United States. Department of the Treasury--Appropriations and Expenditures.
Collections: U.S. Department of the Treasury Collection
Historic
Publication Date:
Publisher: United States Department of the Treasury

Citation

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Department Of The Treasury, U. S. (n.d.). A Report to Congress in Accordance with 326(B) of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001. Retrieved from http://www.worldlibrary.in/


Description
Government Reference Publication

Excerpt
Executive Summary: Section 326 of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (?USA Patriot Act?) requires the Secretary of the Treasury (?Treasury?) to prescribe regulations establishing minimum standards for the identification and verification of financial institution customers in connection with the opening of an account. The regulations must include reasonable procedures for: (i) verifying the identity of any person who opens an account; (ii) maintaining records of the information used to verify a person?s identity; and (iii) consulting government lists of known or suspected terrorists or terrorist organizations.

Table of Contents
TABLE OF CONTENTS Executive Summary........................................................................................................................ 1 I. Background ......................................................................................................................... 4 II. Issues Affecting Identity Verification of Foreign Nationals............................................... 7 A. The practical difficulty of determining which customers are foreign nationals. ................ 7 B. The inherent need to rely on foreign documents to verify identity..................................... 8 C. The ready availability of counterfeit identification documents. ....................................... 10 D. Limitations in the tracking systems of the Immigration and Naturalization Service. ...... 11 E. Balancing of anti-money laundering concerns and efforts to move the unbanked population, including foreign nationals, into the banking system. ................................... 14 III. The Proposed Customer Identification and Verification Rules ........................................ 15 IV. Recommendations............................................................................................................. 18 A. Identity requirements for foreign nationals....................................................................... 18 B. Identification numbers for foreign nationals..................................................................... 20 C. System for review of government information................................................................. 24 V. Conclusion ........................................................................................................................ 25

 

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