Section 319(b)

Question 1

Section 319(b) relates to

Answer 1

Records relating to Correspondent Accounts for Foreign Banks

Question 2

Using 319(b) what can Secretary of the Treasury or the Attorney General subpoena

Answer 2

they can records maintained in US and Outside US of a foreign bank that maintains a correspondent account in the United States

Question 3

what happens when the foreign bank fails to comply with this rule

Answer 3

they can order the US financial institution to close the correspondent account within ten days
of receipt of such order.

Question 4

what four things are allowed under sec 319b (Part1)

Answer 4

1. allows appropriate federal banking agency to require a financial institution to pro-
   duce within 120 hours (five days) records or information related to the institution’s AML compliance
   or related to a customer of the institution or any account opened, maintained, administered or
   managed in the US by the financial institution.
2. allows the Secretary of the Treasury or the Attorney General to subpoena records
   of a foreign bank that maintains a correspondent account in the United States

Question 5

what four things are allowed under sec 319b (Part2 )

Answer 5

3. also requires foreign banks to designate a registered agent in the United
   States to accept service of subpoenas pursuant to this section
4. US banks and securities
   brokers and dealers that maintain correspondent accounts for foreign banks must keep records of
   the identity of the 25 percent owners of the foreign bank, unless it is publicly traded, as well as the
   name of the correspondent bank’s registered agent in the U.S.

Question 6

all this information should be collected where

Answer 6

generally collected on the certification form used to comply with Section 313 and
must be updated at least every three years or more frequently, if the information is no longer correct.