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Retired: This Document Has Been Retired.

Anti-Money Laundering Measures: Final Rule Implementing Sections of the USA PATRIOT Act That Address Correspondent Banks for Shell Accounts

Retired Supporting Files


Details

  • Publisher's site:
  • 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:
  • Dataset Download URL:
  • 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  • Withdrawn Date: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:
  • File Type:
    Filetype[PDF - 998.08 KB ]
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