"Special Measures" requirement

(Sec. 311): Title III authorizes, but does not require, the Secretary of the Treasury (the Secretary) to require that domestic financial institutions take “special measures” if the Secretary finds any of the following to be of “primary money laundering concern”: a foreign jurisdiction, financial institutions operating outside the U.S., transactions involving a foreign jurisdiction, and types of accounts. The “special measures” are, by and large, record-keeping and reporting information about certain payable through and correspondent accounts, plus beneficial ownership of certain other accounts. The Secretary may also, however, prohibit or put conditions on the opening or maintaining of a correspondent or payable through account at a domestic financial institution by an institution or jurisdiction the Secretary finds to be of primary money laundering concern.

Again, the Act authorizes but does not require the Secretary to impose these special measures.