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Subject: Bank Secrecy Act/Anti-Money Laundering
Date: January 22, 2003
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 December 24, 2002, that amends the final rule published September 26, 2002. The rule, effective immediately, extends the time from December 26, 2002, to March 31, 2003, for obtaining information from each foreign bank for which a covered financial institution maintains a correspondent account. Information to be obtained includes the foreign bank's status as a "shell" bank, whether the foreign bank provides banking services to foreign shell banks, certain owners of the foreign bank, and the identity of a person in the United States to accept service of legal process.
The September 26, 2002, final rule required that a covered financial institution obtain from a foreign bank a certification that contained the necessary information, or otherwise obtain documentation of the information. With respect to correspondent accounts that existed on October 28, 2002, the final rule required the accounts be closed if the required information was not obtained by December 26, 2002. The December 24, 2002, final rule extends the deadline for obtaining the required information from December 26, 2002, to March 31, 2003.
Also attached to this bulletin is a correction to the September 26, 2002, final rule referenced above. The September 26 final rule contained an incorrect citation to a Web site maintained by the Federal Reserve Bank. The attached final rule correction, published January 6, 2003, contains the correct Web site address.
Questions about the final rules may be directed to your OCC supervisory office or the Compliance Division at (202) 874-4428.
David G. Hammaker