STEP Bahamas Branch and the AIBT USA PATRIOT ACT

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After September 11th, 2001 • October 24, 2001 - House passes bill 357-66 • October 25, 2001 - Senate passes bill 98-1 • October 26, 2001 - President Bush signs bill into law STEP Bahamas & the AIBT September 26th, 2002 9
Prior Unsuccessful Attempts to Pass New Money-Laundering Legislation • International Counter Money Laundering Act of 2000 • Integrity in Banking and Money Laundering Prevention Act of 1999 • Money Laundering Prevention Act of 1999 • Money Laundering Abatement Act of 1999 Act Incorporates both text and titles of Draft Legislation: Title III of Act is entitled: “International Money Laundering Abatement and Anti-terrorist Financing Act of 2001” STEP Bahamas & the AIBT September 26th, 2002 10
Page 1 and 2: STEP Bahamas Branch and the AIBT US
Page 3 and 4: USA Patriot Act of 2001 Uniting and
Page 5 and 6: Terrorism:September 11th, 2001 STEP
Page 7 and 8: Tax Evasion: $70 Billion in Lost Ta
Page 9: Prior to the Patriot Act • No lev
Page 13 and 14: Know Your Customer • KYC is Reall
Page 15 and 16: Gatekeeper STEP Bahamas & the AIBT
Page 17 and 18: Is the Act in Force? Certain Provis
Page 19 and 20: What is a Financial Institution?
Page 21 and 22: U.S. Financial Institutions Certain
Page 23 and 24: Main Provisions • Sec. 313. Shell
Page 25 and 26: Physical Presence means a place of
Page 27 and 28: What is a Correspondent Account?
Page 29 and 30: Correspondent Accounts: (Banks only
Page 31 and 32: SEC 326 Account Verification Proced
Page 33 and 34: SEC 314 Information Sharing Financi
Page 35 and 36: Enforcement:SEC 319 Forfeiture of F
Page 37 and 38: Patriot Act adds three more foreign
Page 39 and 40: Future Developments Anticipated Und
Page 41 and 42: SEC 325 Omnibus Accounts: Secretary

STEP Bahamas Branch and the AIBT USA PATRIOT ACT

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