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Guidance on Accepting Accounts from Foreign Governments, Foreign Embassies and Foreign Political Figures

BSA/AML, OFAC and Fraud
June 16, 2004
TO: CHIEF EXECUTIVE OFFICER 
SUBJECT: Joint Guidance on Accepting Accounts From Foreign Governments, Foreign Embassies and Foreign Political Figures 
Summary: The federal financial institution regulatory agencies and the Department of the Treasury's Financial Crimes Enforcement Network are issuing guidance to financial institutions on whether they should do business with embassies and establish account services for foreign governments, foreign embassies and foreign political figures. 

In light of recent actions involving Riggs Bank N.A., the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Office of Thrift Supervision, the National Credit Union Administration and the Department of the Treasury's Financial Crimes Enforcement Network have received inquiries about whether financial institutions should do business with embassies and establish account services for foreign governments, foreign embassies and foreign political figures. The agencies and the Financial Crimes Enforcement Network are issuing the attached joint guidance to institutions on this subject. 

For more information, contact Lisa Arquette in the FDIC's Division of Supervision and Consumer Protection at 202-898-8633.

Michael J. Zamorski

Director

Division of Supervision and Consumer Protection

Distribution

FDIC-Supervised Banks (Commercial and Savings)

Note

Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 801 17th Street, NW, Room 100, Washington, DC 20434 (1-877-275-3342 or (703) 562-2200).

Attachment(s)
https://www.fdic.gov/news/financial-institution-letters/2004/fil7204a.html

Last Updated: June 16, 2004