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This document serves as a certification form for foreign banks maintaining correspondent accounts with U.S. banks, requiring specific information and compliance with U.S. financial regulations.

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. Fill in the name and address of the foreign bank in the appropriate fields.
3. Provide the bank's identification number, such as its SWIFT code or other relevant identification.
4. Clearly state the purpose of the correspondent account.
5. Answer questions regarding the ownership and management structure of the foreign bank.
6. Include information about any other banks involved in the correspondent relationship.
7. Review all filled information for accuracy and completeness.
8. Sign and date the certification at the designated locations.
9. Submit the completed certification to the relevant regulatory authority or your financial institution.

Who needs CERTIFICATION REGARDING CORRESPONDENT ACCOUNTS FOR FOREIGN BANKS?

1. Banks and financial institutions that establish correspondent accounts with foreign banks.
2. Foreign banks seeking to maintain correspondent relationships with domestic banks.
3. Regulatory bodies monitoring compliance with anti-money laundering (AML) laws.

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.

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 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.

Which act requires foreign banks that maintain a correspondent account in USA to complete a certification?

The information contained in this Certification is sought pursuant to Sections 5318(j) and 5318(k) of Title 31 of the United State Code, as added by sections 313 and 319(b) of the USA PATRIOT Act of 2001 (Public Law 107-56).

How often must the foreign bank certification be updated for each customer?

Obtaining, when the correspondent account is established and at least once every three years, a certification or recertification from the foreign bank with current information required on the bank, the owners, and the process agents.

How many days do you have to terminate a correspondent account of a foreign financial institution?

A covered financial institution must terminate any correspondent relationship with a foreign bank not later than 10 business days after receipt of written notice from the Secretary or the Attorney General (in each case, after consultation with the other) that the foreign bank has failed either: (1) to comply with the

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 U.S. banks to comply with regulations that ensure they are not facilitating illicit activities through foreign correspondent accounts. It certifies that the foreign bank is in compliance with relevant laws and regulations.

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

U.S. financial institutions that open or 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 should provide accurate information regarding the foreign bank's identity, ownership, and compliance status, as well as attest to the due diligence conducted on the account.

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

The purpose of the CERTIFICATION is to mitigate risks associated with money laundering and terrorist financing by ensuring that U.S. financial institutions have verified the legitimacy of foreign banks before establishing correspondent relationships.

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

The certification must report the foreign bank's name, address, regulatory authority, the types of accounts being maintained, and the steps taken to ensure compliance with U.S. laws and regulations.