Form Fr K-2 - International Applications And Prior Notifications Under Subpart B Of Regulation K - Board Of Governors Of The Federal Reserve System Page 9
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18FR K-2
Page 9
Attachment A —Continued
Your description also should include a discussion of each of
supervisor to enforce Applicant’s compliance with prudential
the following:
controls and other supervisory or regulatory requirements.
a. The scope and frequency of on-site examinations by the
g. Prior approval requirements. Indicate whether prior approval
home-country supervisor. Describe the scope and fre-
of the home-country supervisor is needed for Applicant
quency of on-site examinations, identifying the operational
to make investments in other companies, or generally to
areas reviewed and the general procedures used by the
establish overseas offi ces. Indicate the type of information
home-country supervisor to evaluate asset quality and inter-
the home-country supervisor reviews in making its determi-
nal controls. Also, discuss the manner in which the home-
nation.
country supervisor monitors the condition and operations of
Applicant’s subsidiaries and foreign offi ces.
16. Indicate what other domestic regulatory authorities, if any, in
addition to the primary home-country supervisor, supervise
b. Off-site monitoring by the home-country supervisor. Discuss
subsidiaries or particular activities of Applicant. Briefl y describe
the general type and frequency of fi ling of regulatory and
the fi nancial and/or examination requirements, including the
fi nancial reports submitted by Applicant to the home-country
general scope and frequency of on-site examinations, if any,
supervisor. Specify whether the reports contain information
of each such regulatory authority. Also, discuss whether such
on the domestic and foreign subsidiaries of Applicant and,
regulatory authorities exchange information with the primary
if so, whether this information is provided on a consolidated
home-country supervisor, including fi nancial or other supervi-
basis or for each entity separately.
sory information.
c. The role of external auditors. Discuss the general frequency,
V. Anti-Money-Laundering and Other Related
nature, and scope of review of Applicant (including subsid-
Measures
iaries and foreign offi ces) performed by external auditors,
particularly with respect to the review of asset quality and
17. Describe any home-country laws or regulations that are
internal controls. Discuss whether the home-country super-
designed to deter or prohibit money laundering, terrorist fi nanc-
visor sets standards for such reviews and the manner (if at
ing, or other illicit activities. Also, describe the requirements
all) by which the external audit results are communicated
that Applicant’s (and any parent foreign bank’s) home-country
to the home-country supervisor. Include a brief discussion
supervisor imposes on banks for the detection and prevention
of the general standards or requirements that apply to the
of money laundering, terrorist fi nancing, and other illicit activi-
external auditors themselves.
ties, and the reporting of suspicious transactions.
d. Transactions with affi liates. Indicate whether (and, if so, dis-
18. Discuss the actions taken by Applicant (and any parent foreign
cuss how) the home-country supervisor regulates and moni-
bank) to ensure that the bank and its offi ces and subsidiar-
tors Applicant’s transactions with its affi liates (e.g., through
ies have implemented suffi cient safeguards to prevent such
reporting requirements, lending limits, or other restrictions).
operations from being used for purposes of money launder-
Defi ne the home country’s defi nition of ‘‘affi liate’’ for this pur-
ing, terrorist fi nancing, or other illicit activities. The response
pose (if different from the Federal Reserve’s defi nition),
4
and
should describe:
specify whether any such restrictions apply to ‘‘upstream,’’
‘‘downstream,’’ or ‘‘sister’’ affi liates.
a. The policies and procedures implemented with respect to
anti-money-laundering policies and measures, including
e. Other applicable prudential requirements. To the extent not
any customer due diligence, recordkeeping, and cash and/
previously addressed, describe any prudential limitations
or suspicious transaction reporting requirements;
(e.g., with respect to capital adequacy, asset classifi cation
and provisioning, single or aggregate credit and foreign cur-
b. The steps taken to ensure compliance with these policies
rency exposure limits, and liquidity) that are imposed on the
and procedures (including the nature and frequency of
operations of Applicant. Describe the methods used by the
employee training and compliance monitoring by internal
home-country supervisor to monitor compliance with these
auditors); and
limitations.
c. The extent to which these policies and procedures are sub-
f. Remedial authority of the home-country supervisor. Des-
ject to independent external audit and examination by the
cribe the general methods available to the home-country
home-country supervisor.
4. An ‘‘affi liate’’ of a foreign bank or of a parent of a foreign bank means
The response should indicate whether the fi nancial institution-
any company that controls, or is controlled by, or is under common
specifi c recommendations of the Financial Action Task Force
control with, the foreign bank or the parent of the foreign bank.
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