• New Regulations Require Broker-Dealers and Others to Conduct Due Diligence on Correspondent Accounts for Foreign Financial Institutions and on Private Banking Accounts for Non-U.S. Persons
  • May 2, 2003 | Authors: Joel S. Forman; Jacques Semmelman
  • Law Firm: Curtis, Mallet-Prevost, Colt & Mosle LLP - New York Office
  • Pursuant to the USA Patriot Act of 2001, the Department of the Treasury has issued proposed regulations that would impose significant new responsibilities on brokerdealers, futures commission merchants, and other financial institutions to implement anti-money laundering due diligence programs with respect to correspondent accounts for foreign financial institutions and private banking accounts for non-U.S. customers.