Know Your AML History – USA PATRIOT Act
Section 326 led to the creation of this legal requirement for identifying & verifying new customers.
What is the Customer Identification Program (CIP)?
This show about a very busy hospital stars Noah Wiley.
What is The Pitt?
The equivalent of FinCEN in Canada.
What is FINTRAC?
This bank was just assessed a $1.2 billion penalty by FinCEN for failing to mitigate and report national security risks.
What is Bank of America?
The GENIUS Act establishes a federal regulatory framework for this type of digital asset.
What are stablecoins?
Section 313 prohibits U.S. correspondent accounts with these.
What are foreign shell banks?
You can visit puppets from this beloved children’s show at the Pittsburgh Children’s Museum.
What is Mister Rogers’ Neighborhood?
This intergovernmental organization leads the global action to tackle money laundering, terrorist, and proliferation financing.
What is the Financial Action Task Force (or the FATF)?
This group of legal entities no longer has to report its beneficial ownership information into FinCEN.
What are U.S. companies & persons?
This term applies to any entity that generates 25% or more of its annual revenue from participation in digital asset activity.
What is a Digital Asset Business or DAB?
Mutual funds, MSBs, and operators of credit cards were among the new industries that had an obligation to establish this.
What is an AML Program?
This was the biggest movie ever made in Pittsburgh, raking in more than $1 billion worldwide in 2012.
What is the Dark Knight Rises?
This group of international banks publishes guidance, standards, and best practices for financial crime risk management, including its correspondent bank questionnaire.
What is the Wolfsberg Group?
The joint regulatory agencies issued proposed revisions to this June 2023 guidance in September to help institutions better manage the risk of these types of relationships.
What are third parties?
This Act stalled in Congress but was intended to establish a market-structure and regulatory framework for digital assets.
What is the CLARITY Act (or Digital Asset Market Clarity act)?
This authorizes the Treasury Secretary to require financial institutions to apply special measures to certain foreign jurisdictions.
What is Section 311?
This neighborhood is called “Pittsburgh’s Little Italy.”
What is Bloomfield?
This global network of national FIUs (like FinCEN) promotes information sharing to fight global money laundering.
What is the Egmont Group?
These 2026 geographic targeting orders require certain money service businesses located here to report and retain records of cash transactions of $1,000 or more.
What is the southwest border?
In September, FinCEN issued an alert to urge financial institutions to be vigilant related to fraud threat activity connected to these operated by transnational criminal organizations.
What are (digital asset investment) scam centers?
Under CIP, banks must have procedures for comparison against this; however, to date, this has not been established for CIP purposes.
What are government lists?
This playwright wrote “the Pittsburgh Cycle" consisting of ten plays about the Black American experience, including “Fences”
Who is August Wilson?
Not to be confused with the AML Act of 2020, this agency of the European Union is responsible for harmonizing AML & CFT efforts across the EU.
What is the AMLA (or European Anti-Money Laundering Authority)?
In August, the Department of Treasury announced this operation against Iran to increase sanctions pressure.
What is Operation Economic Outcast?
In October, FinCEN withdrew its proposal of a special measure regarding classifying this digital asset transaction type as one of primary money laundering concern.
What is convertible virtual currency mixing?