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Explanation: Ref. 1:
Correspondent Accounts. A correspondent account is defined in the regulations as an account established "to receive deposits from, make payments on behalf of a foreign financial institution, or handle other financial transactions related to such an institution." A foreign financial institution means a foreign bank and any other person organized under foreign law, which, if organized in the U.S., would be required to establish an Anti-Money-Laundering program pursuant to the Act and its implementing regulations.
Institute Comments on Correspondent Account Rules Proposed Under ...
... registered with the SEC, but not investment companies or their agentsfrom establishing,
maintaining, administering, or managing a correspondent account in ...