USA PATRIOT Act: Foreign Banks and Correspondent Banking

Foreign Banks and Correspondent Banking under the USA PATRIOT Act

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Question

Which does the USA PATRIOT Act stipulate for foreign banks concerning correspondent banking?

Answers

A. Illicit funds deposited with a foreign bank can be seized by the US government by confiscating the same amount of funds deposited in a correspondent account in the US.

B. The US federal banking agency can require foreign banks to produce records or information related to any account opened in the US or other countries.

C. A subpoena issued to a foreign bank that maintains a correspondent account in the US can require the bank to submit any records except for records in a foreign jurisdiction.

D. US banks that maintain correspondent accounts for foreign banks must keep identification records of foreign bank owners with 50% or more ownership in the bank.

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Explanations

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A. B. C. D.

The USA PATRIOT Act, which stands

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