Financial Anti-Terrorism Act of 2001 FATA
The Financial Anti-Terrorism Act (FATA or PATRIOT Act) of 2001 imposes record-keeping and government reporting requirements on banks, certain other financial institutions, and nonfinancial businesses for specified financial transactions and customer financial records.
Additional Information
It was added to the Bank Secrecy Act as an attempt to help combat terrorism and money laundering. The International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001 is Title III of the USA PATRIOT Act of 2001.
Synonyms
Patriot Act of 2001
