New money laundering laws affect foreign correspondent banking
The enactment of the USA Patriot Act (‘the Act’) last October 26 has ushered in a new anti-money laundering regime that significantly affects the financial services industry. In particular, foreign banks that do business in the US may be required to implement anti-money laundering measures that go far beyond those in their home jurisdictions. The stakes are high, as any involvement in money laundering, however unwitting, could subject a foreign bank to closure of its US correspondent accounts, forfeiture of its assets in the US and even felony prosecution.
To read more
Subscribe to Latin Lawyer
Subscribe and start reading now
Latin Lawyer is your definitive source of news, analysis, and research from the Latin American legal community. It keeps you up to speed with the issues and trends that matter and provides the data and tools you need to operate successfully.
Subscribe now