URGENT
[14353]
January 15, 2002
TO: MONEY LAUNDERING RULES WORKING GROUP No. 4-02
RE: CORRESPONDENT ACCOUNT RULE
As you know, the Department of the Treasury has issued, among others, a rule proposal
that addresses correspondent accounts for foreign banks under the USA PATRIOT Act.1 A
conference call to discuss this rule has been scheduled for Thursday, January 17, 2002. We
would appreciate your comments on the applicability of the rule to activities of members and
any adverse implications of the rule.
In preparation for the conference call, we are attaching discussion points to this
memorandum, which set forth the potential applicability of the rule to Institute members and
requirements for institutions that are covered by the rule.
Jennifer S. Choi
Associate Counsel
Attachment (in .pdf format)
1 See Money Laundering Rules Working Group No. 1-02 (Jan. 9, 2002). The USA PATRIOT Act stands for
Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism.