Details:

Publisher's site:
https://www.fdic.gov
Corporate Authors:
Federal Deposit Insurance Corporation (FDIC)
Description:
The U.S. Department of the Treasury has issued a final rule to implement Sections 313(a) and 319(b) of the USA PATRIOT Act. Under the new rule, financial institutions are required to take reasonable steps to ensure that they are not providing banking services directly or indirectly to foreign shell banks. The new rule also imposes new recordkeeping requirements. These measures are intended to prevent money laundering and terrorist financing through correspondent accounts maintained by U.S. financial institutions on behalf of foreign banks.
Content Notes:
Supersedes FIL-110-2001, dated 12/28/2001

Cites https://www.govinfo.gov/content/pkg/FR-2001-11-27/pdf/01-29468.pdf|Interim Guidance Concerning Compliance by Covered U.S. Financial Institutions With New Statutory Anti-Money Laundering Requirements Regarding Correspondent Accounts Established or Maintained for Foreign Banking Institutions


Subject:
[+]
BSA/AML, OFAC and Fraud
Dataset Download URL:
https://www.fdic.gov/news/financial-institution-letters/2002/FIL02136.html
Format:
PDF
Release Date:
12/11/2002
Update Date:
11/13/2018
Withdrawn Date:
12/01/2018
Agencies Involved:
Federal Deposit Insurance Corporation (FDIC);U. S. Department of the Treasury;Financial Crimes Enforcement Network (FinCEN);
Fdic Employee Involved:
Michael J. Zamorski
Law Involved:
USA PATRIOT Act;Bank Secrecy Act;
Source:
FDIC Website
Memorandum To:
FDIC-Supervised Banks (Commercial and Savings)
Effective Date:
10/28/2002
FIL Number:
FIL-136-26002
Main Document Checksum:
[+]
urn:sha256:d526bc70da243563b723e4fda719e60fab9eb50ddf98d4a7e6aba067ec4a01b0
Download URL:
https://archive.fdic.gov/view/fdic/8448/fdic_8448_DS1.pdf
File Type:

Supporting Files

• Financial Crimes Enforcement Network; Anti-Money Laundering Requirements--Correspondent Accounts for Foreign Shell Banks; Recordkeeping and Termination of Correspondent Accounts for Foreign Banks

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