USA Patriot Act Section 311

This statute grants FINRA the authority to require domestic financial institutions to implement the following five controls:

• Recordkeeping and Reporting: Maintain logs or report aggregate/specific transaction data.
• Beneficial Ownership Information: Collect and retain data on who truly owns or controls certain US accounts.
• Payable-Through Account Info: Identify foreign customers using or routing funds through payable-through accounts.
• Correspondent Account Info: Identify foreign customers permitted to use correspondent accounts.
• Prohibitions or Conditions: Restrict or prohibit correspondent or payable-through accounts connected to targeted entities.