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Subject: Bank Secrecy Act/Anti-Money Laundering
Date: October 16, 2002
To: Chief Executive Officers and Compliance Officers of All National Banks and Federal Branches and Agencies, Department and Division Heads, and All Examining Personnel
Description: Final Rule – Anti-Money- Laundering Requirements for Foreign Correspondent Banks
This bulletin transmits a final rule published by the U.S. Treasury Department on September 26, 2002 to implement sections 313 and 319(b) of the USA PATRIOT Act. The rule, codified in 31 CFR 103, becomes effective on October 28, and it establishes requirements concerning correspondent accounts of foreign banks. The rule:
The rule authorizes financial institutions to use a certification form to comply with the shell bank prohibition and the record keeping requirements. Use of the form is not required; however, it provides a financial institution with a safe harbor from liability for failing to comply with the regulation if it is obtained once every three years. Appendix A to the rule provides a copy of the certification form.
Questions about the final rule may be directed to your OCC supervisory office or the Compliance Division at (202) 874-4428.
David G. Hammaker