The U.S. government has enacted new legislation on anti-money laundering, namely 'Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Act of 2001' (the 'USA PATRIOT Act').
Several key provisions of the USA Patriot Act are aimed at preventing money laundering and financing of terrorists through the correspondent accounts of foreign banks in American financial institutions.
U.S. financial institutions require all foreign banks that already have or intend to have an account with them to fill out a standard certificate form. form sent to all foreign banks that have correspondent accounts, requires the foreign banks to carry out the following:
- Stating that they are not 'banks that do not operate in real (shell bank)'.
- It said it would not allow "shell banks" access to correspondent accounts belonging to U.S. financial institutions.
- Identify the owner of the bank, and identify an agent in the United States for process purposes.
To meet the requirements of USA Patriot Act, PT Bank Pan Indonesia Tbk (PaninBank) has filled out the certification form. This certification applies to all accounts opened to PT Bank Pan Indonesia Tbk (PaninBank) by 'Covered Financial Institutions'.
