What is The USA PATRIOT Act and how does it impact my institution?
The USA PATRIOT Act, which stands for “Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism”, requires that all U.S. financial institutions exercise due diligence before allowing a non-U.S. financial institution to open a correspondent account. U.S. banks and securities firms are barred from opening accounts for non-U.S. shell banks that have no physical presence anywhere and no affiliation with another bank. TGBR contains information regarding financial institutions’ USA PATRIOT Act Certification on the General Information page of the Head Office for those institutions that choose to provide this detail. In some cases, institutions have chosen to provide contact information rather than the certification documentation itself. Accuity will expand its coverage of USA PATRIOT Act Bank Certification information on a continual basis. The information is updated daily.
