Exam CAMS Topic 2 Question 443 Discussion

Actual exam question for ACAMS's CAMS exam
Question #: 443
Topic #: 2
Which is a valid extraterritorial effect of the USA PATRIOT Act?

Suggested Answer: C Vote an answer

Broker-dealers cannot have correspondent accounts with a foreign bank that does not have a physical presence in any country. The USA PATRIOT Act has an extraterritorial effect in that it prohibits broker-dealers from having correspondent accounts with foreign banks that do not have a physical presence in any country. This rule is designed to help prevent money laundering and terrorist financing by making it more difficult for funds to be moved to or through jurisdictions with less stringent anti-money laundering laws.

by Nat at Mar 20, 2024, 11:40 AM

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