LexisNexis Resources for USA PATRIOT Act Section 326 Compliance

Under Section 326 of the USA PATRIOT Act, 31 USCS § 5318, financial institutions are required to verify the identity of people or businesses when opening an account, screen potential customers against government banned-entity lists, and maintain adequate records relating to identifying information. For an overview, see The Money Laundering Abatement and Anti-Terrorist Financing Act of 2001. 119 Banking LJ 1 (January 2002); Joint Final Rules for Section 316 (pdf)

Employing The Compliance Tools Required Under Section 326 is a free web seminar offered by LexisNexis. The seminar covers:

• The legal framework for Customer Identification Programs (“CIPs”) and the political environment in which these rules operate.
• Federal agency CIP guidance and examination procedures and how they impact the CIP compliance efforts of financial institutions.
• The interplay of CIP requirements and other BSA/AML rules.
• Understanding OFAC Nuts and Bolts.
• Risk-based assessments, "Red Flag" guidelines and other identity theft prevention initiatives.

The web seminar page also provides links to white papers and pertinent websites. All in all, this is a good starting point for anyone needing an introduction to the compliance issues under Section 326.