Common questions

What is a 311 special measure?

What is a 311 special measure?

Section 311 of the USA PATRIOT Act added 31 USC 5318A to the BSA, which authorizes the Secretary of the Treasury to require domestic financial institutions and domestic financial agencies to take certain special measures against foreign jurisdictions, foreign financial institutions, classes of international …

What does Section 311 of the USA Patriot Act cover?

Pursuant to Section 311 of the of the USA Patriot Act, FinCEN is authorized to designate foreign financial institutions as being “of primary money laundering concern” and to take any of five “special measures” against institutions so designated.

What is Title 3 of the USA Patriot Act?

Title III of the USA Patriot Act, known as “The International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001” (the Act) is intended to make it more difficult for terrorists to launder money in the United States.

What is the purpose of the Homeland Security Act of 2002?

In 2003, Congress passed and President Bush signed into law the Homeland Security Act of 2002, which consolidated 22 diverse agencies and bureaus into the Department of Homeland Security (DHS) with a mandate of preventing and responding to natural and man-made disasters.

What does section 311 of the BSA do?

Section 311 establishes a process for the Secretary of the Treasury to follow, and identifies federal agencies to consult, before the Secretary of the Treasury may conclude that a jurisdiction, financial institution, class of transactions, or type of account is of primary money laundering concern.

What are the actions of the 311 program?

311 Actions Terrorist Finance Tracking Program Money Laundering Financial Action Task Force Protecting Charitable Organizations Financing the Government Treasury Quarterly Refunding Interest Rate Statistics Treasury Securities Treasury Investor Data Debt Management Research Financial Markets, Financial Institutions, and Fiscal Service

How is Section 311 of the Patriot Act implemented?

Section 311 is implemented through various orders and regulations that are incorporated into 31 CFR 1010, Subpart F. 1 Certain documents related to section 311 of the USA PATRIOT Act, including determinations of “primary money laundering concern,” notices of proposed rulemaking, and final rules imposing special measures are on the FinCEN website.

Can a special measure be applied to a foreign entity?

This special measure cannot be applied to a foreign entity whose shares are subject to public reporting requirements or are listed and traded on a regulated exchange or trading market. 6 31 USC 5318A (b) (2).

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