What is a foreign shell bank?
For purposes of section 5318(j), a foreign shell bank is a foreign bank without a physical presence in any country. Under section 5318(j), a Aphysical presence@ is a place of business that is maintained by a foreign bank and is located at a fixed address, other than solely an electronic address, in a country in which the foreign bank is authorized to conduct banking activities, at which location the foreign bank: (1) employs one or more individuals on a full-time basis; (2) maintains operating records related to its banking activities; and (3) is subject to inspection by the banking authority that licensed the foreign bank to conduct banking activities. What foreign shell banks are excepted from the limitations on correspondent accounts? The limitations on the direct and indirect provision of correspondent accounts to foreign shell banks do not apply to a foreign shell bank that is a regulated affiliate. A regulated affiliate is a foreign shell bank that (1) is an affiliate of a deposi
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