(a) Definitions. The definitions in section 1010.605 apply to this section.
(b) Issuance to foreign banks. The
Secretary or the Attorney General may issue a summons or subpoena
to any foreign bank that maintains a correspondent account in the
United States and may request records related to such correspondent
account, including records maintained outside of the United States
relating to the deposit of funds into the foreign bank. The summons
or subpoena may be served on the foreign bank in the United States
if the foreign bank has a representative in the United States, or
in a foreign country pursuant to any mutual legal assistance treaty,
multilateral agreement, or other request for international law enforcement
assistance.
(c) Issuance to covered
financial institutions. Upon receipt of a written request from
a Federal law enforcement officer for information required to be maintained
by a covered financial institution under paragraph (a)(2) of section
1010.630, the covered financial institution shall provide the information
to the requesting officer not later than 7 days after receipt of the
request.
3-1705.91
(d) Termination upon receipt of notice. A covered financial institution shall terminate any correspondent
relationship with a foreign bank not later than 10 business days after
receipt of written notice from the Secretary or the Attorney General
(in each case, after consultation with the other) that the foreign
bank has failed:
(1) To
comply with a summons or subpoena issued under paragraph (b) of this
section; or
(2)
To initiate proceedings in a United States court contesting such summons
or subpoena.
(e) Limitation
on liability. A covered financial institution shall not be liable
to any person in any court or arbitration proceeding for terminating
a correspondent relationship in accordance with paragraph (d) of this
section.
(f) Failure to terminate
relationship. Failure to terminate a correspondent relationship
in accordance with this section shall render the covered financial
institution liable for a civil penalty of up to $10,000 per day until
the correspondent relationship is so terminated.
