New Patriot Act Rules Requiring Special Due Diligence for Foreign Accounts

12:00 pm EST
Jan 18, 2006

On January 4, 2006, the Treasury Department published in the Federal Register new rules under Section 312 of the USA Patriot Act. These rules require banks, broker-dealers, mutual funds, and certain other financial institutions to establish special due diligence programs for “correspondent” accounts maintained for foreign financial institutions and “private banking” accounts maintained for non-U.S. persons.

Goodwin Procter hosted this one-hour webinar discussion about these important new rules, discussing the types of accounts and relationships the new rules cover; what the rules require covered U.S. institutions to do; and when the rules become effective.

Click here to open a previously recorded version of the web seminar, download the presentation pdf, or view the transcript of the webinar.

Speakers: