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Question 302

Which statements regarding the USA PATRIOT ACT best describe key aspects that have
extraterritorial reach? (Choose three.)

  • A. It allows for the US Attorney General to subpoena records from a foreign bank with US correspondent accounts, including those that are located outside the US. Most Votes
  • B. It allows foreign banks to voluntarily designate a registered agent in the US to accept service of subpoenas.
  • C. It allows the Secretary of the Treasury to order a US financial institution (FI) to close a correspondent account when a subpoena has not been responded by a foreign bank in a timely manner. Most Votes
  • D. It obliges the government to trace the origin of the funds when a seizure of assets occurs in a correspondent account that has been opened and maintained for a foreign bank in the US.
  • E. It excludes as foreign FIs businesses that would be considered broker-dealers, money transmitters, and currency exchangers.
  • F. It allows federal banking supervisors to require records of the identity of the owners of a foreign bank from a Fl operating in the US.
Answer:

A, C, E


Explanation:
Reference:
https://www.jonesday.com/-/media/files/publications/2007/10/extraterritorial-application-of-the-
usa-patriot-ac/files/extraterritorial-application-of-the-usa-patriot-
ac/fileattachment/graves_ganguli.pdf
https://www.lawfareblog.com/long-arm-us-law-patriot-act-anti-money-laundering-act-2020-and-
foreign-banks

User Votes:
A 29 votes
50%
B 6 votes
50%
C 26 votes
50%
D 24 votes
50%
E 4 votes
50%
F 22 votes
50%
Discussions
0 / 1000
amarillys
1 year, 4 months ago

the correct answer is A,C,F

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SemaArcag
11 months, 4 weeks ago

Key aspects of the USA PATRIOT Act with extraterritorial reach include:

A. Allowing the US Attorney General to subpoena records from a foreign bank with US correspondent accounts, even if those accounts are located outside the US.

C. Allowing the Secretary of the Treasury to order a US financial institution (FI) to close a correspondent account if a subpoena has not been responded to by a foreign bank in a timely manner.

F. Allowing federal banking supervisors to require records of the identity of the owners of a foreign bank from an FI operating in the US.

0