The Office of the Comptroller of the Currency releases
interim guidance to financial institutions on complying with two
anti-money-laundering provisions of the Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism (USA PATRIOT) Act of 2001 ( www.occ.treas.gov/fr/fedregister/66fr59342.pdf
). As of December 25, 2001, this legislation requires financial
institutions to prevent foreign “shell” banks—those not physically
present in any country—from obtaining banking services through
correspondent accounts. The guidance includes a sample certification
banks can use to keep records the act requires on the owners of any
foreign banks for whom they maintain such accounts. ( www.occ.treas.gov/ftp/bulletin/2002-1.doc
)
The Treasury Department offers $8 million in funding,
under its “First Accounts” program, to encourage insured financial
institutions to make banking services more widely available to low-
and moderate-income individuals. Applications, which are available at
www.treas.gov/firstaccounts/application.html
, must be postmarked no later than March 20. ( www.treas.gov/press/releases/po891.htm
)
