December 8, 2005
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.
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Speaking of compliance and particularly OFAC, some businesses cannot afford high-priced software for screening. The OFAC list is available for free on the US Treasury's website, or you can search individual names at Instant OFAC. I am not sure what other free compliance related websites are out there, but I think there should be more!
Posted by: versionist | Nov 10, 2006 8:52:43 AM