Due Diligence Programs for Correspondent Accounts for Foreign Financial Institutions and for Private Banking Accounts

The Financial Crimes Enforcement Network is renewing without change this Bank Secrecy Act regulation that implements section 5318(i)(2) of title 31, United States Code, as added by section 312 of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001 ("Act"), which requires U.S. financial institutions to conduct enhanced due diligence with regard to correspondent accounts established, maintained, administered, or managed for certain types of foreign banks.

The latest form for Due Diligence Programs for Correspondent Accounts for Foreign Financial Institutions and for Private Banking Accounts expires 2021-01-31 and can be found here.