The United States government has established a new law regarding Anti-money Laundering, which is 'Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Act of 2001' (the 'USA PATRIOT Act').

Some significant terms from the USA Patriot Act is aimed at preventing money laundering and terrorist funding through corresponding foreign bank accounts that exist in American financial institutions.

In order to fulfill those requirements, American financial institutions set a regulation for all foreign banks that have or intend to have a corresponding account to fill out a standard form of certificate. The form was sent to all foreign banks that have a corresponding accounts, stipulating that those foreign banks should do the following :

  1. Proclaim that they are 'not a shell bank'.
  2. Proclaim that they will not allow 'those shell banks' to access corresponding accounts owned by American financial institutions.
  3. Identify the owner of the bank, and
  4. Identify an agent in the United States for processing requirements.

In order to fulfill the USA PATRIOT Act requirements, PT Bank Central Asia Tbk has filled in the form of cerfiticate which is valid for all accounts opened for PT Bank Central Asia Tbk by 'Covered Financial Institutions'.

Click here to see the Certificate. )