The first subtitle also tightened the recordkeeping requirements for financial institutions, making them record the aggregate amounts of transactions processed from areas of the world where money laundering is a concern to the U.S. government. It even made institutions put into place reasonable steps to identify beneficial owners of bank accounts and those who are authorized to use or route funds through payable-through accounts.USA PATRIOT Act, Title III, Subtitle A, Sec. 311. The U.S. Department of Treasury was charged with formulating regulations intended to foster information sharing between financial institutions to prevent money-laundering.USA PATRIOT Act, Title III, Subtitle A, Sec. 314. Along with expanding record keeping requirements, it put new regulations into place to make it easier for authorities to identify money laundering activities and to make it harder for money launderers to mask their identities.USA PATRIOT Act, Title III, Subtitle A, Sec. 317. If money laundering was uncovered, the subtitle legislated for the forfeiture of assets of those suspected of doing the money laundering.USA PATRIOT Act, Title III, Subtitle A, Sec. 312, 313, 319 & 325. In an effort to encourage institutions to take steps that would reduce money laundering, the Treasury was given authority to block mergers of bank holding companies and banks with other banks and bank holding companies that had a bad history of preventing money laundering. Similarly, mergers between insured depository institutions and non-insured depository institutions that have a bad track record in combating money-laundering could be blocked.USA PATRIOT Act, Title III, Subtitle A, Sec. 327.
The first subtitle also tightened the recordkeeping requirements for financial institutions, making them record the aggregate amounts of transactions processed from areas of the world where money laundering is a concern to the U.S. government. It even made institutions put into place reasonable steps to identify beneficial owners of bank accounts and those who are authorized to use or route funds through payable-through accounts.USA PATRIOT Act, Title III, Subtitle A, Sec. 311. The U.S. Department of Treasury was charged with formulating regulations intended to foster information sharing between financial institutions to prevent money-laundering.USA PATRIOT Act, Title III, Subtitle A, Sec. 314. Along with expanding record keeping requirements, it put new regulations into place to make it easier for authorities to identify money laundering activities and to make it harder for money launderers to mask their identities.USA PATRIOT Act, Title III, Subtitle A, Sec. 317. If money laundering was uncovered, the subtitle legislated for the forfeiture of assets of those suspected of doing the money laundering.USA PATRIOT Act, Title III, Subtitle A, Sec. 312, 313, 319 & 325. In an effort to encourage institutions to take steps that would reduce money laundering, the Treasury was given authority to block mergers of bank holding companies and banks with other banks and bank holding companies that had a bad history of preventing money laundering. Similarly, mergers between insured depository institutions and non-insured depository institutions that have a bad track record in combating money-laundering could be blocked.USA PATRIOT Act, Title III, Subtitle A, Sec. 327.