The U.S. Patriot act: Requires banks to monitor their accounts in foreign instit

Question

The U.S. Patriot act: Requires banks to monitor their accounts in foreign institutions for fraud Prohibits companies from lending money to corporate executives Only applies to publicly-traded companies all of these are correct The U.S. Patriot act: The U.S. Patriot act: Requires banks to monitor their accounts in foreign institutions for fraud Prohibits companies from lending money to corporate executives Only applies to publicly-traded companies all of these are correct Requires banks to monitor their accounts in foreign institutions for fraud Prohibits companies from lending money to corporate executives Only applies to publicly-traded companies all of these are correct

Explanation / Answer

Requires banks to monitor their accounts in foreign institutions for fraud

Reason

The act mandates that the Financial institutions must now undertake steps to identify the owners of any privately owned bank outside the U.S. who have a correspondent account with them, along with the interests of each of the owners in the bank.

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