What does Financial Anti Terrorism Act of 2001 mean? Read on to discover the definition & meaning of the term Financial Anti Terrorism Act of 2001 - to help you better understand the language used in insurance policies.
Financial Anti Terrorism Act of 2001
Imposes new recordkeeping and government reporting requirements on banks, certain other financial institutions, and nonfinancial businesses for specified financial transactions and customer financial records. It was added to the Bank Secrecy Act as an attempt to help combat terrorism and money laundering. The International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001 is Title III of the USA PATRIOT Act of 2001.
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