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Registered
Agent / Registered Office Services
> USA Patriot Act
SUMMARY:
On October 26, 2001, President Bush signed the
USA Patriot Act (USAPA) into law. This bill
is 342 pages long and makes changes, some large
and some small, to over 15 different statutes.
One of the purposes of the Act is to strengthen
the disclosure requirements for foreign banks
that have correspondent relationships with banks
in the United States. Specific sections of the
Act require that any such foreign bank with
a correspondent relationship must maintain a
registered agent of purposes of legal process
receipt. The pertinent sections follow:
3) FOREIGN BANK RECORDS-
(A) SUMMONS OR SUBPOENA OF RECORDS-
(i) IN GENERAL- The Secretary of the Treasury
or the Attorney General may issue a summons
or subpoena to any foreign bank that maintains
a correspondent account in the United States
and request records related to such correspondent
account, including records maintained outside
of the United States relating to the deposit
of funds into the foreign bank.
(ii) SERVICE OF SUMMONS OR SUBPOENA- A summons
or subpoena referred to in clause (i) may
be served on the foreign bank in the United
States if the foreign bank has a representative
in the United States, or in a foreign country
pursuant to any mutual legal assistance treaty,
multilateral agreement, or other request for
international law enforcement assistance.
(B) ACCEPTANCE OF SERVICE-
(i) MAINTAINING RECORDS IN THE UNITED STATES-
Any covered financial institution which maintains
a correspondent account in the United States
for a foreign bank shall maintain records
in the United States identifying the owners
of such foreign bank and the name and address
of a person who resides in the United States
and is authorized to accept service of legal
process for records regarding the correspondent
account.
(ii) LAW ENFORCEMENT REQUEST- Upon receipt
of a written request from a Federal law enforcement
officer for information required to be maintained
under this paragraph, the covered financial
institution shall provide the information
to the requesting officer not later than 7
days after receipt of the request.
(C) GRACE PERIOD- Financial institutions shall
have 60 days from the date of enactment of this
Act to comply with the provisions of section
5318(k) of title 31, United States Code, as
added by this section.
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We have been in contact with the US Treasury
Department and can serve as registered
agent under the Act. Any such service
of process received under the Act will
automatically be forwarded via Federal
Express.
Upon request, we will quote the fees for
this service and forward the Appointment
of Agent agreement, which must be completed
and a copy must be sent to the US correspondent
bank. Just call us at 1.845.398.0900 or
fax at 1.845.398.0808.
Any questions please contact us directly
at 1.845.398.0900 or by email to clientsupport@ibcf.com
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