+--------+---+------------------------+--------+----------------------+---+
| # O    | # |                        |        |                      | # |
|        | # |                        |        |                      |   |
| ##     | # |                        |        |                      |   |
|        | # |                        |        |                      | # |
|        |   |                        |        |                      |   |
|        | O |                        |        |                      |   |
|        | C |                        |        |                      | # |
|        | C |                        |        |                      | # |
|        |   |                        |        |                      |   |
|        | 2 |                        |        |                      |   |
|        | 0 |                        |        |                      |   |
|        | 0 |                        |        |                      |   |
|        | 2 |                        |        |                      |   |
|        | - |                        |        |                      |   |
|        | 3 |                        |        |                      |   |
|        | 7 |                        |        |                      |   |
+--------+---+------------------------+--------+----------------------+---+
|        | * |                        |        |                      |   |
|        | * |                        |        |                      |   |
|        | O |                        |        |                      |   |
|        | C |                        |        |                      |   |
|        | C |                        |        |                      |   |
|        | B |                        |        |                      |   |
|        | U |                        |        |                      |   |
|        | L |                        |        |                      |   |
|        | L |                        |        |                      |   |
|        | E |                        |        |                      |   |
|        | T |                        |        |                      |   |
|        | I |                        |        |                      |   |
|        | N |                        |        |                      |   |
|        | * |                        |        |                      |   |
|        | * |                        |        |                      |   |
+--------+---+------------------------+--------+----------------------+---+
| ## Com |   |                        |        |                      |   |
| ptroll |   |                        |        |                      |   |
| er of  |   |                        |        |                      |   |
| the Cu |   |                        |        |                      |   |
| rrency |   |                        |        |                      |   |
|        |   |                        |        |                      |   |
| > A    |   |                        |        |                      |   |
| dminis |   |                        |        |                      |   |
| trator |   |                        |        |                      |   |
| > of   |   |                        |        |                      |   |
| > Na   |   |                        |        |                      |   |
| tional |   |                        |        |                      |   |
| >      |   |                        |        |                      |   |
|  Banks |   |                        |        |                      |   |
+--------+---+------------------------+--------+----------------------+---+
| ## Su  |   | ## Bank Secrecy Act    | ##     | ## I                 |   |
| bject: |   | /Anti-Money Laundering | Descri | nterim Final Rule -  |   |
|        |   |                        | ption: | Special Due- Diligen |   |
|        |   |                        |        | ce Programs for Cert |   |
|        |   |                        |        | ain Foreign Accounts |   |
+--------+---+------------------------+--------+----------------------+---+

**TO:** Chief Executive Officers and Compliance Officers of ALL National
Banks and Federal Branches and Agencies, Department and Division Heads,
and All Examining Personnel

This bulletin transmits an interim final rule published by the U.S.
Treasury Department (Treasury) and the Financial Crimes Enforcement
Network (FinCEN) on July 23. The attached interim final rule provides
guidance for banks to comply with section 312 of the USA PATRIOT Act.
The rule also temporarily defers the application of section 312 for
certain financial institutions, other than banks, pending issuance by
Treasury and FinCEN of the final rule. The interim final rule and
section 312 became effective July 23, and Treasury anticipates issuing a
final rule no later than October 25.

Section 312 requires U.S. financial institutions to establish
due-diligence policies, procedures, and controls reasonably designed to
detect and report money laundering through correspondent accounts of
foreign banks and private banking accounts of non-U.S. citizens.

Comments on the interim final rule may be submitted to FinCEN on or
before August 22.

The interim final rule provides the following guidance:

-   A foreign correspondent banking due-diligence program will be
    reasonable if it focuses compliance efforts on the correspondent
    accounts that pose a high risk of money laundering based on an
    overall assessment of the money-laundering risks posed by the
    foreign correspondent institution. Priority should be placed on
    correspondent deposit accounts, correspondent accounts used to
    provide services to third parties, nonbank correspondent accounts,
    and accounts opened on or after July 23. Also, a reasonable
    due-diligence policy is one that comports with existing best
    practice standards (e.g., those issued by the New York Clearing
    House in March and the Bank for International Settlements in October
    2001).

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-   An enhanced due-diligence program for certain foreign banks
    designated as high risk will be reasonable if it comports with
    existing best practice standards for banks that maintain
    correspondent accounts for foreign banks. Also, it must focus
    enhanced due-diligence measures on those correspondent accounts
    identified as high risk in section 312. Priority should be placed on
    accounts opened on or after July 23.

A private banking due-diligence program will be reasonable if the
program is focused on those private banking accounts that present a high
risk of money laundering. Also, it will be reasonable if it is
consistent with applicable government guidance, so long as it
incorporates the minimum standards for private banking accounts outlined
in section 312. Priority should be placed on accounts opened on or after
July 23.

You can find a link to the interim final rule on the FinCEN Web site,
www.ustreas.gov/fincen/.

Questions about the interim final rule may be directed to your OCC
supervisory office, or the Compliance Division at (202) 874-4428.

David G. Hammaker

Deputy Comptroller for Compliance

Attachment -- [67 FR
48348](http://www.occ.treas.gov/fr/fedregister/67fr48348.pdf)