Form Fr K-2 - International Applications And Prior Notifications Under Subpart B Of Regulation K - Board Of Governors Of The Federal Reserve System Page 12
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18FR K-2
Page 12
Attachment B—Continued
IV. Home-Country Supervision
operations of Applicant. Describe the methods used by the
home-country supervisor to monitor compliance with these
13. Briefl y describe the bank regulatory system that exists in the
limitations.
home-country of Applicant and, if different, the home-country
V. Anti-Money-Laundering and Other Related
8
of any foreign bank in the ownership chain.
Your response
Measures
should identify Applicant’s primary home-country supervi-
sor and the major laws governing Applicant’s operations and
activities. Your description also should include a discussion of
14. Describe any home-country laws or regulations that are
each of the following:
designed to deter or prohibit money laundering, terrorist fi nanc-
ing, or other illicit activities. Also, describe the requirements
a. The scope and frequency of on-site examinations by the
that Applicant’s (and any parent foreign bank’s) home-country
home-country supervisor. Describe the scope and fre-
supervisor imposes on banks for the detection and prevention
quency of on-site examinations, identifying the operational
of money laundering, terrorist fi nancing, and other illicit activi-
areas reviewed and the general procedures used by the
ties, and the reporting of suspicious transactions.
home-country supervisor to evaluate asset quality and inter-
nal controls. Also, discuss the manner in which the home-
15. Discuss the actions taken by Applicant (and any parent foreign
country supervisor monitors the condition and operations of
bank) to ensure that the bank and its offi ces and subsidiar-
Applicant’s subsidiaries and foreign offi ces.
ies have implemented suffi cient safeguards to prevent such
operations from being used for purposes of money launder-
b. Off-site monitoring by the home-country supervisor. Discuss
ing, terrorist fi nancing, or other illicit activities. The response
the general type and frequency of fi ling of regulatory and
should describe:
fi nancial reports submitted by Applicant to the home-country
supervisor. Specify whether the reports contain information
a. The policies and procedures implemented with respect to
on the domestic and foreign subsidiaries of Applicant and,
anti-money-laundering policies and measures, including
if so, whether this information is provided on a consolidated
any customer due diligence, recordkeeping, and cash and/
basis or for each entity separately.
or suspicious transaction reporting requirements;
c. The role of external auditors. Discuss the general frequency,
b. The steps taken to ensure compliance with these policies
nature, and scope of review of Applicant (including subsid-
and procedures (including the nature and frequency of
iaries and foreign offi ces) performed by external auditors,
employee training and compliance monitoring by internal
particularly with respect to the review of asset quality and
auditors); and
internal controls. Discuss whether the home-country super-
visor sets standards for such reviews and the manner (if at
c. The extent to which these policies and procedures are sub-
all) by which the external audit results are communicated
ject to independent external audit and examination by the
to the home-country supervisor. Include a brief discussion
home-country supervisor.
of the general standards or requirements that apply to the
external auditors themselves.
The response should indicate whether the fi nancial institution-
specifi c recommendations of the Financial Action Task Force
d. Other applicable prudential Requirements. To the extent not
(‘‘FATF’’) have been implemented throughout the organiza-
previously addressed, describe any prudential limitations
tion.
9
The response also should confi rm (or modify as appro-
(e.g., with respect to capital adequacy, asset classifi cation
priate) that the anti-money-laundering and counter-terrorist
and provisioning, single or aggregate credit and foreign cur-
fi nancing policies and procedures would be implemented at
rency exposure limits, and liquidity) that are imposed on the
the proposed U.S. offi ce.
VI. Miscellaneous
8. If the Federal Reserve has previously determined that another bank
from Applicant’s home country is subject to comprehensive con-
16. List all jurisdictions (in addition to the home-country) in which
solidated supervision, Applicant may request a copy of the previous
application from the Federal Reserve under the Freedom of Informa-
Applicant has material operations.
10
For each such jurisdiction,
tion Act. After reviewing the record in the previous application, Appli-
cant may make a statement that it is subject to the same supervi-
sory regime as the foreign bank previously considered by the Federal
9. These recommendations can be obtained from the following website:
Reserve, rather than responding to each subpart of this question. In
addition, Applicant should confi rm that there have been no material
changes in the manner in which Applicant is supervised and regulated
10. Material operations exist in any jurisdiction in which the direct and
by its home country supervisor(s) since that previous application or,
indirect activities in that jurisdiction, in the aggregate, account for 5
if material changes have occurred, Applicant should describe such
percent or more of the consolidated, worldwide assets of the foreign
bank or its ultimate parent.
changes.
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