USA Patriot Act and Anti-Money Laundering
Part of the Patriot Act was dedicated to stopping money laundering. The patriot act asked banks and investors to pay attention to and flag as suspicious the following things: A sudden wiring of large sums of money; Excessive transfers of money between several accounts under the same name; An individual making several large cash deposits; Individuals making several sub-$10,000 transactions; Wire transfers to countries that are not compliant with the Financial Action Task Force; A company transferring deposits into non-business accounts for no clear reason; An individual setting up a long-term investment, then immediately liquidating their investments; An individual immediately disbursing their bearer bonds; as well as people who showed a lack of concern for the risks or costs associated with investing.
Provided by: Mometrix Test Preparation
Last updated: 02/26/2018