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This document serves as a certification for foreign banks to provide information regarding correspondent accounts maintained with U.S. banks and brokers under the USA PATRIOT Act requirements.

How to fill out certification regarding correspondent accounts

How to fill out CERTIFICATION REGARDING CORRESPONDENT ACCOUNTS FOR FOREIGN BANKS

1. Obtain the Certification Regarding Correspondent Accounts for Foreign Banks form.
2. Review all instructions provided with the form carefully.
3. Fill out the section identifying your financial institution, including your name, address, and contact information.
4. Provide details about the foreign banks' correspondent accounts, including the names of the banks and their addresses.
5. List the responsible officers or individuals who can provide information regarding the correspondent accounts.
6. Disclose any relevant information about the compliance programs in place to ensure adherence to regulations.
7. Certify that the information provided is accurate and complete by signing and dating the certification.
8. Submit the completed form to the appropriate regulatory authority or financial institution as required.

Who needs CERTIFICATION REGARDING CORRESPONDENT ACCOUNTS FOR FOREIGN BANKS?

1. Financial institutions that maintain correspondent accounts for foreign banks.
2. Foreign banks seeking to open or maintain accounts within U.S. financial institutions.
3. Regulatory bodies that require compliance and oversight of international banking relationships.

People Also Ask about

What is due diligence for foreign correspondent accounts?

If a foreign correspondent account is subject to EDD procedures, a bank is required to determine whether the foreign bank for which the correspondent account is established or maintained in turn maintains nested accounts at the U.S. bank.

Which information must a United States financial institution retain for having foreign correspondent accounts as part of the USA PATRIOT Act record keeping requirements?

5318(k), as added by section 319(b) of the Act, any covered financial institution that maintains a correspondent account in the United States for a foreign bank shall maintain records in the United States identifying: (1) the owner(s) of such foreign bank; and (2) the name and address of a person (as defined in 31 CFR

What must an institution certify with respect to foreign correspondent accounts?

The Certification must list all of the branches and offices that are covered and must include the information required in Part C for each branch or office that maintains a Correspondent Account with a Covered Financial Institution.

Are U.S. banks not allowed to open correspondent accounts for foreign shell banks?

Banks and broker-dealers are prohibited from having correspondent accounts for any foreign bank that does not have a physical presence in any country. Additionally, they are required to take reasonable steps to ensure their correspondent accounts are not used to indirectly provide correspondent services to such banks.

What is the Patriot Act certification?

Pursuant to the USA PATRIOT Act and final rules issued by the U.S. Treasury Department, financial institutions operating in the United States are required to obtain certain information from any "Foreign Bank" that maintains a correspondent account with it in the U.S. Under the final rules, this information is collected

What is required information in a bank's due diligence for a foreign correspondent bank account?

With regard to foreign correspondent accounts, each bank's due diligence program must include policies and procedures to assess risks posed by a foreign financial institution and consider all relevant factors including the foreign financial institution's business and markets; the type, purpose and anticipated activity

How often should you require a foreign bank owner of a correspondent account to certify that it is not a shell bank?

Subject to paragraphs (c) and (d) of this section, a covered financial institution will be deemed to be in compliance with the requirements of paragraph (a) of this section with respect to a foreign bank if the covered financial institution obtains, at least once every three years, a certification or recertification

How often should you require a foreign bank owner of a correspondent account to certify that it is not a shell bank?

Subject to paragraphs (c) and (d) of this section, a covered financial institution will be deemed to be in compliance with the requirements of paragraph (a) of this section with respect to a foreign bank if the covered financial institution obtains, at least once every three years, a certification or recertification

For pdfFiller’s FAQs

What is CERTIFICATION REGARDING CORRESPONDENT ACCOUNTS FOR FOREIGN BANKS?

The Certification Regarding Correspondent Accounts for Foreign Banks is a document required by the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) that affirms the compliance of financial institutions with the Bank Secrecy Act (BSA) regarding the opening and maintenance of correspondent accounts for foreign banks.

Who is required to file CERTIFICATION REGARDING CORRESPONDENT ACCOUNTS FOR FOREIGN BANKS?

U.S. financial institutions that maintain correspondent accounts for foreign banks are required to file the Certification Regarding Correspondent Accounts for Foreign Banks.

How to fill out CERTIFICATION REGARDING CORRESPONDENT ACCOUNTS FOR FOREIGN BANKS?

To fill out the certification, institutions must provide their name, address, and other identifying information, as well as details about the correspondent accounts they maintain for foreign banks, ensuring all information is accurate and complete.

What is the purpose of CERTIFICATION REGARDING CORRESPONDENT ACCOUNTS FOR FOREIGN BANKS?

The purpose of the certification is to prevent money laundering and other financial crimes by ensuring that U.S. financial institutions adequately vet their foreign bank clients and are aware of any risks associated with correspondent accounts.

What information must be reported on CERTIFICATION REGARDING CORRESPONDENT ACCOUNTS FOR FOREIGN BANKS?

The information that must be reported includes the name and address of the foreign bank, the country in which it is located, and confirmation that the financial institution has implemented adequate procedures to detect and prevent money laundering related to the foreign bank's activities.