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FinCEN Issues Final Due Diligence Rules for Correspondent Accounts of Foreign Banks
By Matt Squire
printCorrection Appended U.S. financial institutions must obtain "reasonably available" information about the anti-money laundering records of certain foreign correspondent banks under final federal rules for conducting enhanced due diligence. The new ruling, issued Wednesday by the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN), finalizes a proposal FinCEN issued in January 2006 concurrently with final the rules on due diligence for private and correspondent bank accounts mandated by Section 312 of the Patriot Act. The final rule will go into effect within 180 days for new correspondent accounts and 270 days for existing accounts from the date the regulation is...
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