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Can you summarize 31 CFR 1010.670?
Special Measures Under Section 311 of the USA Patriot Act and Law Enforcement Access to Foreign Bank Records > Summons or subpoena of foreign bank records; termination of correspondent relationship.
Short Summary
This document governs the issuance of summons or subpoenas to foreign banks that maintain a correspondent account in the United States, as well as the termination of correspondent relationships. The Secretary or the Attorney General may issue a summons or subpoena to request records related to the correspondent account, including records maintained outside of the United States. Covered financial institutions are required to provide information to Federal law enforcement officers upon request. A covered financial institution must terminate a correspondent relationship with a foreign bank if the bank fails to comply with a summons or subpoena or does not contest it in a United States court. Failure to terminate a correspondent relationship may result in a civil penalty of up to $10,000 per day. The document also includes provisions regarding definitions, service of summons or subpoena, and limitation on liability for covered financial institutions.
Whom does it apply to?
Foreign banks that maintain a correspondent account in the United States, covered financial institutions
What does it govern?
Summons or subpoena of foreign bank records; termination of correspondent relationship
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Civil penalty of up to $10,000 per day for failure to terminate a correspondent relationship
Jurisdiction
U.S. Federal Government