NEW LEGISLATION EXPANDS SCOPE OF FOREIGN BANK RECORDS US AUTHORITIES CAN OBTAIN

On 15 January, KYC 360 reported that US authorities receive more power to obtain documents from foreign banks with US correspondent accounts under recently passed legislation – contained in the National Defense Authorization Act (NDAA).  New provisions allow the US Treasury or Attorney General to subpoena records related to any account at a foreign bank with correspondent accounts in the US.  The law applies to records held in the US or abroad that are subject to federal criminal investigations or civil forfeiture actions.  Previously, the government’s authority was limited to records related to the correspondent accounts, including those related to the deposit of funds into a foreign bank.

https://www.riskscreen.com/kyc360/news/defense-act-expands-scope-of-foreign-bank-records-u-s-authorities-can-obtain/

If you would like to make a (polite) gesture and make a (very) modest contribution to my ongoing with my relocation, removal and computer costs, I have a page at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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