Important Regulatory Notices
Notice Regarding Customer Identification Program ("CIP")
The USA PATRIOT Act (and other applicable U.S. Federal law and regulations) requires Standard Chartered Bank to obtain, verify, and record information that identifies each person who opens an account, including any account signatory. When you open an account, Standard Chartered Bank will ask for the name, address, date of birth and other information regarding such persons, and we will ask to see certain identifying documents that will allow us to identify such persons. We may also seek to obtain or verify certain information about such persons from third parties.
Also, Federal regulation requires Standard Chartered Bank to identify and verify the ultimate beneficial equity owners and a control person of certain legal entity customers. Standard Chartered Bank will also require certification of the accuracy and completeness of that information upon initial and subsequent account opening. Requiring the disclosure of key individuals who own or control a legal entity helps law enforcement investigate and prosecute crimes.
Any failure to fully comply with, or consent to, such requirements may lead to failure to establish, or the termination of, an account or service relationship.
May 11, 2018
Notice Regarding the Unlawful Internet Gambling Enforcement Act (UIGEA) of 2006
The Unlawful Internet Gambling Enforcement Act of 2006 (UIGEA) and the Federal Reserve's Regulation GG prohibits the U.S. offices of Standard Chartered Bank from conducting or processing transactions that are related, directly or indirectly, to unlawful internet gambling. The term "unlawful internet gambling", as used in this Notice, shall have the meaning set forth in 12 C.F.R. Section 132.2(bb). Restricted transactions generally include, but are not limited to, those in which credit, electronic fund transfers, checks, or drafts are knowingly accepted by gambling businesses in connection with the participation by others in unlawful internet gambling. It is the policy of Standard Chartered Bank to strictly prohibit the use of your account or business relationship with Standard Chartered Bank for such unlawful purpose.
Notice Regarding Section 311 of the USA PATRIOT Act
Pursuant to U.S. regulations issued under Section 311 of the USA PATRIOT Act, 31 C.F.R. Chapter X, Part 1010.651 through and including Part 1010.670, Standard Chartered Bank is prohibited from establishing, maintaining, administering or managing an account for, or on behalf of the following financial institutions listed below.
The Section 311 Special Measures regulations also require that Standard Chartered Bank notify you that your correspondent account with our financial institution may not be used to provide access or services to any of the jurisdictions or financial institutions, their branches, offices, or subsidiaries in any jurisdiction, listed below.
If we become aware that any of the jurisdictions or financial institutions, their branches, offices, or subsidiaries in any jurisdiction listed below are directly or indirectly using the correspondent account you hold at our financial institution, we will be required to take appropriate steps to prevent such access, including, where necessary, terminating your account.
The list of financial institutions enumerated by FinCEN as of February 13, 2018 is as follows:
- Banco Delta Asia (including its subsidiaries Delta Asia Credit Limited and Delta Asia Insurance Limited)
- Commercial Bank of Syria (including its subsidiary Syrian Lebanese Commercial Bank)
- Any banking institution of Burma (except to the extent permitted by 31 C.F.R. 1010.651(b)(3))
- FBME Bank Ltd. (formerly known as Federal Bank of the Middle East, Ltd.)
- Bank of Dandong
- Any banking institution of the Democratic People’s Republic of Korea
Please note that there are proposed rules pending that seek to include the following on the above-referenced list of prohibited financial institutions; however no final rules regarding these institutions have been issued as of February 13, 2018. There financial institutions are as follows:
- Halawi Exchange Co.
- Any banking institution of the Islamic Republic of Iran
- Kassem Rmeiti & Co. For Exchange (including Rmaiti Group SAL and Societe Rmaiti SARL (STE Rmeiti))
- ABLV Bank
We may from time to time apprise you of additional jurisdictions or entities that are added to this list as new restrictions are proposed or issued.
If you have any questions regarding this Notice, please contact your Relationship Manager or the Financial Crime Compliance department.
Click here to access the Standard Chartered Bank Americas U.S.A. Patriot Act Certification dated 4 February 2019.
Click here to access the Standard Chartered Wolfsberg Questionnaire.