Regulatory Alerts2002-12-24
Added · Updated
Anti-Money Laundering Requirements -- Correspondent Accounts for Foreign Shell Banks; Recordkeeping and Termination of Correspondent Accounts for Foreign Banks
FinCEN extends the deadline for covered financial institutions to obtain required information from foreign banks regarding correspondent accounts from December 26, 2002, to March 31, 2003. This extension applies to accounts existing on October 28, 2002, requiring institutions to close such accounts within a commercially reasonable time if the necessary certification or documentation is not received by the new deadline. The rule mandates that institutions not permit new positions or transactions through these accounts, except for those necessary to close them, and requires recertification or documentation at least once every three years thereafter.
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