STEP Bahamas Branch and the AIBT USA PATRIOT ACT

More documents

Recommendations

Info

Why does the Patriot Act apply to you in the Bahamas? •Accounts in U.S. •Clearing U.S. Dollars • Long Arm of U.S. Law enforcement extended further. Simply put all financial institutions Worldwide are effected! STEP Bahamas & the AIBT September 26th, 2002 11
Know Your Customer • KYC is Really a Prism Through Which You Look at Your Customers, It Can Mean “Know Your Customers” for: • Suitability • Credit Risk • AML Risk STEP Bahamas & the AIBT September 26th, 2002 12
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 and 10: Prior to the Patriot Act • No lev
Page 11: Prior Unsuccessful Attempts to Pass
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

Create successful ePaper yourself

Delete template?

Save as template?