Which Federal Banking Act Requires That Financial Service Providers Establish

question 8

Multiple Choice

Which federal banking act requires that financial service providers establish the identity of customers opening new accounts?

• A)the Sarbanes-Oxley Act
• B)the USA Patriot Act
• C)the Check 21 Act
• D)the Fair and Accurate Credit Transactions Act
• E)the Bankruptcy Abuse Prevention and Consumer Protection Act

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Definitions:

Compounded Annually

The process of calculating interest on both the initial principle and the accumulated interest of previous periods once per year.

Interest Rate

The percentage of a sum of money charged for its use, typically expressed as an annual percentage.

Quadratic Form

An expression in algebra where the highest power of a variable is squared, typically in the format ax^2 + bx + c.

Completing The Square

A method used in algebra to solve quadratic equations by converting the equation to a perfect square trinomial.