Please enable JavaScript.

Coggle requires JavaScript to display documents.

USA PATRIOT Act (Section 312: Correspondent and Private Banking Accounts…

- - - - • An offshore banking license.
      - • A license issued by country designated as non-cooperative by an international organization,
      - • A license issued by a foreign country that has been designated by the US Secretary of the Treasury as warranting special measures pursuant to Section 311 of the USA PATRIOT Act.
    - - Conducting enhanced scrutiny for possible money laundering , including:
        
        — Obtaining information relating to the foreign bank’s AML program.
        
        — Monitoring transactions in and out of the correspondent account in a manner reasonably designed to detect possible money laundering and suspicious activity.
        
        — Obtaining information about the correspondent account that is being used as a pay- able-through account.
      - the correspondent account is being used by other foreign banks that have a correspondent relationship
      - foreign bank whose shares are not publicly traded, identity owners of the foreign bank with the power to vote 10 percent or more
      - institutions must maintain a CDD for private banking and ECDD for private banking accounts maintained for senior foreign political figures
        
        a private banking account is defined as: (a) an account with a minimum aggregate deposit of $1 million, (b) for one or more non-US persons, and (c) which is assigned to a bank employee acting as a liaison .ارتباطwith the non-US person.
- - - - Keep records and/or file reports on transactions,
        
        Obtain information on the beneficial ownership of account maintained by a foreign person or a foreign person’s representative.
        
        Identify and obtain information transactions “payable-through” account. and a foreign bank’s “correspondent” account
        
        Close certain payable-through or correspondent accounts.