FIBA answers

Correspondent Banks Face New Challenges under the AML Act of 2020: Should Foreign Banks Worry?



Autor: IreneValiente

  1. In its Section 6308, AMLA expands the authority of the Department Treasury and the DOJ to seek and obtain banking records located abroad
  2. FIBA believes AMLA limits the ability of foreign banks to argue that the production of those documents would violate local banking laws and regulations
  3. The act makes U.S. institutions "monitor the foreign bank’s compliance with a subpoena and forces U.S. banks to get involved in foreign bank compliance"