US Federal Reserve_ attachment _ Money Laundering _ Financial Action Task Force On Money Laundering international money laundering cases

Through its offices and subsidiaries, lloyds UK offers banking services in a number of countries worldwide. In the united states, lloyds UK operates a b ranch in new york, new york, and an agency in miami, florida, and owns several U.S. Subsidiaries that engage in nonbanking activities. The proposed representative office would act as a liaison between bank and its existing an d potential custom ers in the united S tates. The office’s activities would include soliciting new business, providing information to customers concerning their accounts with bank, and maintaining client data and records. Under the IBA and regulation K, in acting on an application by a foreign bank to establish a r epresentative office, the board shall take into account whether (1) the foreign bank has furnished the information the board needs to assess the application adequately; (2) the foreign bank and any foreign bank parent engage directly in the business of banking outside of the united states; and (3) the foreign bank and any foreign bank parent are subject to comprehensive supervision on a consolidated basis by their home country supervisors (12 U.S.C.International money laundering cases

§ 3107(a)(2); 12 CFR 211.24(d)(2)).

This is a lesser s tandard than the comprehensive, consolidated supervision standard applicable to proposals to establish branch or agency offices of a foreign bank. The board considers the lesser standard s ufficient for approval of representative office applications because representative offices may not engage in banking activities (12 C FR 211.24(d)(2)). This application has been consid ered under the lesser standard. As noted above, bank and lloyds UK engage directly in the business of banking outside the united state s. Bank also has provided th e board with information necessary to assess the application through submissions that address the relevant issues. Subsidiaries and offices through regular examination reports, audit reports, or otherwise; (iii) obtain information on the dealings with and relationship between the bank and its affiliates, both foreign and domestic; (iv) receive from the bank financial reports that are consolidated on a worldwide basis or comparable information that permits analysis of the bank’s financial condition on a worldwide consolidated basis; (v) evaluate prudential standards, such as capital adequacy and risk asset exposure, on a worldwide basis.International money laundering cases these are indicia of comprehensive, consolidated supervision. No single factor is essential, and other elements may inform the board’s determination. See, e.G., jamaica national building society, 88 federal reserve bulletin 59 (2002); RHEINHYP rheinische hypothekenbank AG, 87 federal reserve bulletin 558 (2001); see also promstroybank of russia, 82 federal reserve bulletin 599 (1996); komercni banka, a.S., 82 federal reserve bulletin 597 (1996); commercial bank “ion tiriac,” S.A., 82 federal reserve bulletin 592 (1996).

Through its offices and subsidiaries, lloyds UK offers banking services in a number of countries worldwide. In the united states, lloyds UK operates a b ranch in new york, new york, and an agency in miami, florida, and owns several U.S. Subsidiaries that engage in nonbanking activities. The proposed representative office would act as a liaison between bank and its existing an d potential custom ers in the united S tates.International money laundering cases the office’s activities would include soliciting new business, providing information to customers concerning their accounts with bank, and maintaining client data and records. Under the IBA and regulation K, in acting on an application by a foreign bank to establish a r epresentative office, the board shall take into account whether (1) the foreign bank has furnished the information the board needs to assess the application adequately; (2) the foreign bank and any foreign bank parent engage directly in the business of banking outside of the united states; and (3) the foreign bank and any foreign bank parent are subject to comprehensive supervision on a consolidated basis by their home country supervisors (12 U.S.C. § 3107(a)(2); 12 CFR 211.24(d)(2)).

This is a lesser s tandard than the comprehensive, consolidated supervision standard applicable to proposals to establish branch or agency offices of a foreign bank.International money laundering cases the board considers the lesser standard s ufficient for approval of representative office applications because representative offices may not engage in banking activities (12 C FR 211.24(d)(2)). This application has been consid ered under the lesser standard. As noted above, bank and lloyds UK engage directly in the business of banking outside the united state s. Bank also has provided th e board with information necessary to assess the application through submissions that address the relevant issues. Subsidiaries and offices through regular examination reports, audit reports, or otherwise; (iii) obtain information on the dealings with and relationship between the bank and its affiliates, both foreign and domestic; (iv) receive from the bank financial reports that are consolidated on a worldwide basis or comparable information that permits analysis of the bank’s financial condition on a worldwide consolidated basis; (v) evaluate prudential standards, such as capital adequacy and risk asset exposure, on a worldwide basis.International money laundering cases these are indicia of comprehensive, consolidated supervision. No single factor is essential, and other elements may inform the board’s determination. See, e.G., jamaica national building society, 88 federal reserve bulletin 59 (2002); RHEINHYP rheinische hypothekenbank AG, 87 federal reserve bulletin 558 (2001); see also promstroybank of russia, 82 federal reserve bulletin 599 (1996); komercni banka, a.S., 82 federal reserve bulletin 597 (1996); commercial bank “ion tiriac,” S.A., 82 federal reserve bulletin 592 (1996).