A non-U.S. bank wants to open an account at Bank A, which is a U.S.-based bank.
Which information must Bank A obtain under the USA PATRIOT Act?
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A. B. C. D.C
Under the USA PATRIOT Act, U.S.-based banks are required to obtain certain information when opening an account for a non-U.S. bank. The purpose of this requirement is to help prevent money laundering and terrorist financing activities.
Out of the four options given, option B is the correct answer. When opening an account for a non-U.S. bank, Bank A must obtain the identity of the owners and percentage of ownership of the non-U.S. bank. This information is important because it helps Bank A to understand the ownership structure of the non-U.S. bank and identify any potential risks associated with the account.
Option A, which suggests obtaining a complete client list from the non-U.S. bank, is not necessarily required under the USA PATRIOT Act. While it may be helpful to obtain a client list, the Act only requires Bank A to obtain information on the non-U.S. bank's ownership structure.
Option C, which suggests obtaining information on the structure and identity of the management team at the non-U.S. bank, is not required under the USA PATRIOT Act. While Bank A may choose to obtain this information as part of its due diligence process, the Act only requires information on the non-U.S. bank's ownership structure.
Option D, which suggests obtaining details of the non-U.S. bank's anti-money laundering compliance training program, is not directly required under the USA PATRIOT Act. However, Bank A may choose to obtain this information as part of its due diligence process to ensure that the non-U.S. bank has adequate anti-money laundering controls in place.
In summary, when opening an account for a non-U.S. bank, Bank A must obtain the identity of owners and percentage of ownership of the non-U.S. bank, in accordance with the USA PATRIOT Act.