# Financial Crimes Enforcement Network; Anti-Money Laundering Requirements-Correspondent Accounts for Foreign Shell Banks; Recordkeeping and Termination of Correspondent Accounts for Foreign Banks
> **FinCEN** · Final rule. · Published 2002-09-26 · Effective 2002-10-28 · 67 FR 60562
## Document
- **Document number:** 02-24142
- **Category:** aml-bsa-fincen
- **Sub-agency:** FinCEN
- **Federal Register citation:** 67 FR 60562
- **CFR reference:** 31 CFR 103
- **Publication date:** 2002-09-26
- **Effective date:** 2002-10-28
## Abstract

The Department of the Treasury (Treasury), through the Financial Crimes Enforcement Network (FinCEN), is issuing this final rule to implement new provisions of the Bank Secrecy Act that: Prohibit certain financial institutions from providing correspondent accounts to foreign shell banks; require such financial institutions to take reasonable steps to ensure that correspondent accounts provided to foreign banks are not being used to indirectly provide banking services to foreign shell banks; require certain financial institutions that provide correspondent accounts to foreign banks to maintain records of the ownership of such foreign banks and their agents in the United States designated for service of legal process for records regarding the correspondent account; and require the termination of correspondent accounts of foreign banks that fail to comply with or fail to contest a lawful request of the Secretary of the Treasury (Secretary) or the Attorney General of the United States (Attorney General).

## Source
- [Federal Register document](https://www.federalregister.gov/documents/2002/09/26/02-24142/financial-crimes-enforcement-network-anti-money-laundering-requirements-correspondent-accounts-for)
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