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CERTIFICATION REGARDING CORRESPONDENT ACCOUNTS FOR FOREIGN BANKS OMB Control Number 15050184 The information contained in this Certification is sought pursuant to Sections 5318(j) and 5318(k) of Title

How to fill out certification regarding correspondent accounts

How to fill out certification regarding correspondent accounts:

Fill out the basic information:

1. Start by providing your full legal name and contact information.
2. Include the name of your financial institution and its legal address.
3. Mention the date of the certification.

Specify the purpose of the certification:

1. Clearly state that you are certifying the accuracy and completeness of the information regarding correspondent accounts.
2. Explain that this certification is required under applicable laws and regulations.

Indicate the correspondent accounts involved:

1. List all the correspondent accounts that are covered by the certification.
2. Include the account numbers, account names, and any other relevant identification details.

Describe the due diligence measures:

1. Disclose the due diligence measures performed to verify the identity of the correspondent account holders.
2. Explain the procedures and documentation used to establish the legitimacy of the accounts.

Clarify compliance with regulations:

1. State that your financial institution has implemented and maintains an effective anti-money laundering program.
2. Confirm that you comply with all applicable laws, regulations, and sanctions related to correspondent accounts.

Confirm recordkeeping and reporting:

1. Certify that you maintain complete and accurate records relating to the correspondent accounts.
2. Affirm that you will promptly report any suspicious transactions or activities to the appropriate regulatory authorities.

Who needs certification regarding correspondent accounts?

Financial institutions involved in correspondent banking relationships typically require certification regarding correspondent accounts. This includes:

1. Banks: Both domestic and international banks that have correspondent accounts with other financial institutions.
2. Credit Unions: Cooperative financial institutions that provide services similar to banks.
3. Money Service Businesses: Companies that offer services such as money transfers, currency exchange, or payment processing.

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What is certification regarding correspondent accounts?

Certification regarding correspondent accounts is a process that financial institutions must undergo to confirm the accuracy of their correspondent account information.

Who is required to file certification regarding correspondent accounts?

Financial institutions, including banks and credit unions, are required to file certification regarding correspondent accounts.

How to fill out certification regarding correspondent accounts?

Certification regarding correspondent accounts can typically be filled out electronically through the relevant regulatory agency's website.

What is the purpose of certification regarding correspondent accounts?

The purpose of certification regarding correspondent accounts is to ensure that financial institutions are in compliance with regulations and are accurately reporting their correspondent account information.

What information must be reported on certification regarding correspondent accounts?

Certification regarding correspondent accounts typically requires institutions to provide details about their correspondent accounts, including account numbers, balances, and transaction histories.