Final Rule on Correspondent Accounts for Foreign Shell Banks and Foreign Banks
- Topics:
- Regulatory issues
- Tags:
- Bank,
- U.S. Department Of Treasury,
- Jenkens & Gilchrist,
- Human Resources,
- Foreign Bank,
- Financial Services,
- Financial Company,
- Financial Accounting,
- Financial,
- Finance,
- ...
- Source:
- Jenkens & Gilchrist
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Overview: "On September 26, 2002, the U.S. Department of Treasury published its final rule on correspondent accounts for foreign shell banks and foreign banks. The rule: prohibits covered financial institutions, requires covered financial institutions, requires the termination of correspondent accounts of foreign banks. Financial institutions should revise their anti-money laundering policies, procedures and training manuals to comply with the Treasury Department’s new rule."
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Format: PDF | Size: 29KB | Date: Jan 2003 | Pages: 5
