Financial Anti-Terrorism Act of 2001 FATA

{
  "id": "MLC-T-INS-001500",
  "term": "Financial Anti-Terrorism Act of 2001 FATA",
  "field": "Insurance and risk management",
  "definition": "A common name for Title III of the USA PATRIOT Act, which introduced extensive measures to combat the financing of terrorism and money laundering. The Financial Anti-Terrorism Act of 2001 (FATA) imposes strict compliance obligations on financial institutions, including insurance companies, requiring them to establish anti-money laundering programs, report suspicious activities, and verify customer identities. These requirements are codified in the Bank Secrecy Act and enforced by the Financial Crimes Enforcement Network (FinCEN).",
  "url": "https://mlchart.com/terminology/insurance/financial-anti-terrorism-act-of-2001-fata/"
}