Specifically, what are the key provisions of the USA Patriot Act of 2001?
These include: Verification Of New Accountholders The Treasury Secretary is required to issue regulations, in consultation with the SEC and other functional regulators, establishing standards for customer identification that apply when an account is opened. These regulations must, at a minimum, require financial institutions to implement procedures for: 1) verifying the identity of any person seeking to open an account to the extent reasonable and practicable; 2) maintaining records of the information used to verify a person’s identity, including name, address, and other identifying information; and, 3) consulting government lists of known or suspected terrorists or terrorist organizations to determine whether a person seeking to open an account appears on any such list. In prescribing the regulations, the Secretary is required to consider the various types of accounts maintained by institutions, the various methods of opening accounts, and the various types of available identifying in
