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Title: Bank Secrecy Part 5: Customer Identification
Running time: 17:09
Description: The 2001 USA PATRIOT ACT added several new provisions to the Bank Secrecy Act that apply to all commercial banks, savings associations and credit unions. These provisions are intended to facilitate the prevention, detection, and prosecution of international money laundering and the financing of terrorism. The Financial Crimes Enforcement Network, FinCEN, published a 10 page FAQ in January 2004 to answer many specific questions that financial institutions have raised concerning the implementation of Customer Identification Program. In this program we are going to talk through CIP's.
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