correspondent account

(1) Bank definitions .— The following definitions shall apply with respect to a bank: (A) Account .— The term “account”— (i) means a formal banking or business relationship established to provide regular services, dealings, and other financial transactions; and (ii) includes a demand deposit, savings deposit, or other transaction or asset account and a credit account or other extension of credit. (B) Correspondent account .— The term “correspondent account” means an account established to receive deposits from, make payments on behalf of a foreign financial institution, or handle other financial transactions related to such institution. (C) Payable-through account .— The term “payable-through account” means an account, including a transaction account (as defined in section 19(b)(1)(C) of the Federal Reserve Act), opened at a depository institution by a foreign financial institution by means of which the foreign financial institution permits its customers to engage, either directly or through a subaccount, in banking activities usual in connection with the business of banking in the United States.


31 USC § 5318A(e)(1)

Scoping language

for purposes of this section
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