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The United States Treasury Department has announced interim guidance for banking institutions on how they may comply with two anti-money laundering provisions of the USA Patriot Act that will become effective on December 25, 2001. One of the requirements is that banking institutions in the U.S. that maintain correspondent accounts for foreign banks must maintain records in the United States identifying (1) the owner(s) of such foreign bank, and (2) the foreign bank’s agent authorized to accept service of legal process for records regarding the correspondent account.
Corporation Service Company (CSC) can act as the designated agent for service of legal process under the Act, and can provide you with the U.S. Treasury Department’s certification form that may be used by a foreign bank for a "covered financial institution." For more information on how CSC can assist you in meeting the December 25th effective date of the Act, please call a Customer Service Representative at 800-927-9800 (within the U.S.) or 302-636-5400 (international), or email us at our special Patriot Act address: patriot@cscinfo.com.
For specific information about interim guidance published by the Department of the Treasury, visit their web site at www.treas.gov/press, click through to "press releases", then scroll to the press release of November 20, 2001.