Recertification Regarding Correspondent Accounts for Foreign Banks

Recertification Regarding Correspondent Accounts for Foreign Banks is a 2-page legal document that was released by the U.S. Department of the Treasury - Financial Crimes Enforcement Network on September 26, 2002 and used nation-wide.

FAQ

Q: What is recertification regarding correspondent accounts for foreign banks?
A: Recertification regarding correspondent accounts for foreign banks is the process by which foreign banks must periodically confirm the accuracy of the information provided to U.S. financial institutions regarding their correspondent accounts.

Q: Why is recertification important?
A: Recertification is important because it ensures that the information provided by foreign banks about their correspondent accounts is up-to-date and accurate.

Q: Who is required to recertify their correspondent accounts?
A: Foreign banks that maintain correspondent accounts with U.S. financial institutions are required to recertify their accounts.

Q: What information needs to be confirmed during recertification?
A: During recertification, foreign banks must confirm the accuracy of their account information, including details about the purpose and nature of the account and its ownership.

Q: How often does recertification need to be done?
A: Recertification must be done at least every two years.

Q: Are there any consequences for non-compliance with recertification requirements?
A: Yes, non-compliance with recertification requirements may result in penalties and other enforcement actions.

Q: Who is responsible for overseeing recertification?
A: The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) is responsible for overseeing recertification.