The Loan and Finance Company:Facing Compliance With The Usa Patriot Act
Business Law Brief › Nbr. I-1, April 2004
Linked as:Summary
Difficulties in Promulgating Regulations Pursuant to the Patriot Act.A Closer Look at Title III.Conclusion
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The Loan and Finance Company:Facing Compliance With The Usa Patriot Act
Vicki Canales is a third year part-time law student at American University Washington College of Law with a bachelor's degree in History from Wingate University in North Carolina. She has worked for a nationally known lending institution for five years, focusing on due diligence, loan documentation, and UCC perfection. She aspires to a career in international banking or corporate finance and wishes to thank Amy Rudnick and Katherine Lofft for their advice and support with respect to this article.
ALTHOUGH REGULATIONS PROMULGATED pursuant to the USA Patriot Act (the Act)1 have not yet been applied to loan and finance companies, the prudent loan and finance company should begin to consider conforming its policies to the minimum requirements set forth in the Act under the International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001 (Title III).2 This is not, however, an easy task. The Act is over one hundred pages long, and amends hundreds of existing federal laws. In particular, it has imposed various requirements on the financial community in an attempt ...See the full content of this document
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- US Code - Title 26: Internal Revenue Code - 26 USC 6050 - (Sec. 6050. Repealed. Pub. L. 96-167, Sec. 5(a), Dec. 29, 1979, 93 Stat. 1276)
- US Code - Title 31: Money and Finance - 31 USC 5312 - Sec. 5312. Definitions and application
- Code of Federal Regulations - Title 31: Money and Finance: Treasury - 31 CFR 103.100 - Information sharing between Federal law enforcement agencies and financial institutions.
- Code of Federal Regulations - Title 31: Money and Finance: Treasury - 31 CFR 103.110 - Voluntary information sharing among financial institutions.
- Code of Federal Regulations - Title 31: Money and Finance: Treasury - 31 CFR 103.121 - Customer Identification Programs for banks, savings associations, credit unions, and certain non-Federally regulated banks.
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