[Federal Register Volume 68, Number 3 (Monday, January 6, 2003)]
[Rules and Regulations]
[Page 493]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-192]


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DEPARTMENT OF THE TREASURY

31 CFR Part 103

RIN 1505-AA35


Financial Crimes Enforcement Network; Anti-Money Laundering 
Requirements--Correspondent Accounts for Foreign Shell Banks; 
Recordkeeping and Termination of Correspondent Accounts for Foreign 
Banks; Correction

AGENCY: Financial Crimes Enforcement Network (FinCEN), Treasury.

ACTION: Final rule; correction.

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SUMMARY: FinCEN published in the Federal Register of September 26, 
2002, a document (67 FR 60562) finalizing a rule to require certain 
financial institutions to obtain information from each foreign bank for 
which they maintain a correspondent account concerning (1) the foreign 
bank's status as ``shell'' bank, (2) whether the foreign bank provides 
banking services to foreign shell banks, (3) certain owners of the 
foreign bank, and (4) the identity of a person in the United States to 
accept service of legal process. The document contained an incorrect 
citation to a website maintained by the Federal Reserve Bank.

DATES: This correction is effective October 28, 2002.

FOR FURTHER INFORMATION CONTACT: Office of the Chief Counsel (FinCEN), 
(703) 905-3590 (not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The final rule that is the subject of these corrections provides 
guidance under 31 U.S.C. 5318(j).

Need for Correction

    As published, the final rule contains errors that may prove to be 
misleading and are in need of clarification.

Correction of Publication

    In final rule FR Doc. 02-24142, published on September 26, 2002 (67 
FR 60562), make the following correction:
    On page 60568, in column 1, correct footnote 25 to read as follows:
    ``\25\ A covered financial institution may verify that a foreign 
bank is required to file an FR Y-7 by checking the list of foreign 
banks with U.S. offices at http://www.federalreserve.gov/releases/iba/default.htm.''

    Dated: December 30, 2002.
Cynthia L. Clark,
Deputy Chief Counsel, Financial Crimes Enforcement Network, Federal 
Register Liaison.
[FR Doc. 03-192 Filed 1-3-03; 8:45 am]
BILLING CODE 4810-02-P