ExitVCEDumpCAMSCertified Anti-Money Laundering Specialist (the 6th edition)
Question 51 of 100
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Q51Single choice
Which does the USA PATRIOT Act stipulate for foreign banks concerning correspondent banking?
A
US banks that maintain correspondent accounts for foreign banks must keep identification records of foreign bank owners with 50% or more ownership in the bank
B
A subpoena issued to a foreign bank that maintains a correspondent account in the US can require the bank to submit any records except for records in a foreign jurisdiction.
C
The US federal banking agency can require foreign banks to produce records or information related to any account opened in the US or other countries.
D
Illicit funds deposited with a foreign bank can be seized by the US government by confiscating the same amount of funds deposited in a correspondent account in the US.