§ 103.182 - Special due diligence programs for securities brokers and dealers, futures commission merchants, and introducing brokers.

(a) Private banking accounts. The requirements of 31 U.S.C. 5318(i) relating to due diligence and enhanced due diligence for private banking accounts shall apply, effective July 23, 2002, to a financial institution that is:

(1) A broker or dealer registered, or required to register, with the Securities and Exchange Commission under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.); or

(2) A futures commission merchant or introducing broker registered, or required to register, with the Commodity Futures Trading Commission under the Commodity Exchange Act (7 U.S.C. 1 et seq.).

(b) Correspondent accounts. A financial institution described in paragraph (a) of this section is exempt from the requirements of 31 U.S.C.5318(i) relating to due diligence and enhanced due diligence for certain correspondent accounts.

(c) Other compliance obligations of financial institutions unaffected. Nothing in this section shall be construed to relieve a financial institution from its responsibility to comply with any other applicable requirement of law or regulation, including title 31 of the United States Code and this part.