Post by Cogency Global Inc.

Foreign banks that maintain correspondent accounts with U.S. covered financial institutions have specific compliance obligations under the Bank Secrecy Act and USA PATRIOT Act. 🏦 A Certification Regarding Correspondent Accounts for Foreign Banks helps document key information, including foreign shell bank status, ownership details, and the U.S.-based agent authorized to accept service of legal process for records related to the correspondent account. In her latest article, Colleen DeVries, Senior VP of Product Management, explains what the Certification covers, why a U.S. process agent may be required, and how non-compliance can affect correspondent account access. Read the full article: https://hubs.li/Q04n8ldx0