PATRIOT ACT
The USA PATRIOT Act was enacted in response to the 9/11 terrorist attacks. The avowed intent is for banks, credit unions and other financial institutions to verify the identity of all people who do business with them. Foreign correspondent banks also have requirements to comply above and beyond the touted “know your customer” provisions.
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The USA PATRIOT Act was enacted in response to the 9/11 terrorist attacks. The avowed intent is for banks, credit unions and other financial institutions to verify the identity of all people who do business with them. Foreign correspondent banks also have requirements to comply above and beyond the touted “know your customer” provisions.
The PATRIOT Act provides government with broad powers to access information n individuals who may be customers/clients of these financial institutions. Under the act financial institutions are required to maintain appropriate records and, under certain circumstances, make them available to government agents.
The PATRIOT Act does not necessarily supercede existing State and Federal privacy laws and company’s must be sure they are acting within the scope of all existing laws or face liability to their customers.
legal, asset, protection, contract, offshore, mediation, arbitration, compliance, research, lawyer, risk, management, intellectual, property, attorney, consulting, consultant lawyers, company, bill, review, registered, agent, litigation, service, services, advice
