Printer Friendly

Orders issued under International Banking Act.

Aozora Bank, Ltd.

Tokyo, Japan

Order Approving Establishment of a Representative Office

Aozora Bank, Ltd. ("Bank"), Tokyo, Japan, a foreign bank within the meaning of the International Banking Act ("IBA"), has applied under section 10(a) of the IBA (12 U.S.C. [section] 3107(a)) to establish a representative office in New York, New York. The Foreign Bank Supervision Enhancement Act of 1991, which amended the IBA, provides that a foreign bank must obtain the approval of the Board to establish a representative office in the United States.

Notice of the application, affording interested persons an opportunity to submit comments, has been published in a newspaper of general circulation in New York, New York (New York Times, September 21, 2004). The time for filing comments has expired, and all comments have been considered.

Bank, with total consolidated assets of approximately $44.5 billion, (1) is the 46th largest bank in Japan. Bank provides a range of financial services to corporate and retail clients. Outside Japan, Bank operates three representative offices in Singapore, Seoul, and Jakarta. Bank's proposed New York office would be the first office in the United States under its current ownership. (2) A limited partnership, Cerberus NCB Acquisition, L.P. ("Acquisition"), Cayman Islands, holds approximately 62 percent of Bank's shares. (3) Two other companies, Tokio Marine & Nichido Fire Insurance Co., Ltd. and ORIX Corporation, both in Tokyo, each hold approximately 15 percent of Bank's shares. (4)

The proposed representative office would market Bank's services to existing and potential customers in the United States. The proposed office would also act as a liaison with customers of Bank and would conduct research on loan participation opportunities for Bank.

Under the IBA and Regulation K, in acting on an application by a foreign bank to establish a representative office, the Board must consider whether the foreign bank (1) engages directly in the business of banking outside of the United States, (2) has furnished to the Board the information it needs to assess the application adequately, and (3) is subject to comprehensive supervision on a consolidated basis by its home country supervisor (12 U.S.C. [section] 3107(a)(2); 12 CFR 211.24(d)(2)). (5) The Board also may consider additional standards set forth in the IBA and Regulation K (12 U.S.C. [section] 3105(d)(3)-(4); 12 CFR 211.24(c)(2)). The Board will consider that the supervision standard has been met if it determines that the applicant bank is subject to a supervisory framework that is consistent with the activities of the proposed representative office, taking into account the nature of such activities. (6) This is a lesser standard 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 sufficient for approval of representative office applications because representative offices may not engage in banking activities (12 CFR 211.24(d)(2)). This application has been considered under the lesser standard.

As noted above, Bank engages directly in the business of banking outside the United States. Bank also has provided the Board with information necessary to assess the application through submissions that address the relevant issues.

With respect to supervision by home country authorities, the Board previously has determined, in connection with applications involving other banks in Japan, that those banks were subject to home country supervision on a consolidated basis by their home country supervisor, Japan's Financial Services Agency ("FSA"). (7) Bank is supervised by the FSA on substantially the same terms and conditions as those other banks. As noted above, however, Bank is part of a larger U.S.-based financial group with a complex ownership structure and is controlled by entities in the Cayman Islands and the United States. (8) Based on all the facts of record, it has been determined that Bank is subject to a supervisory framework that is consistent with the activities of the proposed representative office, taking into account the nature of such activities.

The additional standards set forth in section 7 of the IBA and Regulation K (see 12 U.S.C. [section] 3105(d)(3)-(4); 12 CFR 211.24(c)(2)) have also been taken into account. The FSA has no objection to the establishment of the proposed representative office.

With respect to the financial and managerial resources of Bank, taking into consideration Bank's record of operations in its home country, its overall financial resources, and its standing with its home country supervisor, financial and managerial factors are consistent with approval of the proposed representative office. Bank appears to have the experience and capacity to support the proposed representative office and has established controls and procedures for the proposed representative office to ensure compliance with U.S. law, as well as controls and procedures for its worldwide operations generally.

Japan is a member of the Financial Action Task Force and subscribes to its recommendations regarding measures to combat money laundering and international terrorism. In accordance with these recommendations, Japan has enacted laws and created legislative and regulatory standards to deter money laundering, terrorist financing, and other illicit activities. Money laundering is a criminal offense in Japan, and credit institutions are required to establish internal policies, procedures, and systems for the detection and prevention of money laundering throughout their worldwide operations. Bank has policies and procedures to comply with these laws and regulations that are monitored by governmental entities responsible for anti-money-laundering compliance.

With respect to access to information on Bank's operations, the restrictions on disclosure in relevant jurisdictions in which Bank operates have been reviewed and relevant government authorities have been communicated with regarding access to information. Bank and its parent companies have committed to make available to the Board such information on the operations of Bank and any of its affiliates that the Board deems necessary to determine and enforce compliance with the IBA, the Bank Holding Company Act of 1956, as amended, and other applicable federal law. To the extent that the provision of such information to the Board may be prohibited by law or otherwise, Bank has committed to cooperate with the Board to obtain any necessary consents or waivers that might be required from third parties for disclosure of such information. In addition, subject to certain conditions, the FSA may share information on Bank's operations with other supervisors, including the Board. In light of these commitments and other facts of record, and subject to the condition described below, it has been determined that Bank has provided adequate assurances of access to any necessary information that the Board may request.

Based on the foregoing and all the facts of record, Bank's application to establish a representative office is hereby approved. (9) Should any restrictions on access to information on the operations or activities of Bank or its affiliates subsequently interfere with the Board's ability to obtain information to determine and enforce compliance by Bank or its affiliates with applicable federal statutes, the Board may require termination of any of Bank's direct or indirect activities in the United States. Approval of this application also is specifically conditioned on compliance by Bank with the conditions imposed in this order and the commitments made to the Board in connection with this application. (10) For purposes of this action, these commitments and conditions are deemed to be conditions imposed by the Board in writing in connection with its findings and decision and, as such, may be enforced in proceedings under applicable law.

By order, approved pursuant to authority delegated by the Board, effective June 29, 2005.

Robert deV. Frierson

Deputy Secretary of the Board

(1.) Unless otherwise indicated, data are as of March 31, 2005.

(2.) Bank was originally established in 1957 as the Nippon Fudosan Bank, Ltd. It was renamed the Nippon Credit Bank, Ltd. and by the mid-1990s operated both banking offices and nonbanking subsidiaries in the United States. The bank was intervened in 1998; U.S. operations were closed; and the government of Japan sold Bank's shares to private investors, who changed Bank's name to Aozora Bank, Ltd.

(3.) The general partner of Acquisition, Cerberus Aozora GP LLC ("Cerberus Aozora"), is a U.S. entity controlled by three other U.S. entities, Cerberus Japan Investment LLC, Cerberus Series One Holdings, LLC, and Richter Investment Corporation, that hold interests of 49 percent, 26 percent, and 25 percent, respectively, in Cerberus Aozora. These companies are members of the Cerberus group, a U.S.-based investment group.

(4.) Regional Japanese banks hold the remaining shares of Bank.

(5.) In assessing the supervision standard, the Board considers, among other factors, the extent to which the home country supervisors:

(i) ensure that the bank has adequate procedures for monitoring and controlling its activities worldwide;

(ii) obtain information on the condition of the bank and its 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; and

(v) evaluate prudential standards, such as capital adequacy and risk asset exposure, on a worldwide basis.

These are indicia of comprehensive, consolidated supervision. No single factor is essential, and other elements may inform the Board's determination.

(6.) 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).

(7.) See, e.g., Mitsubishi Tokyo Financial Group, Inc., 87 Federal Reserve Bulletin 349 (2001); Mizuho Holdings, Inc., 86 Federal Reserve Bulletin 776 (2000); The Sanwa Bank, Limited, 86 Federal Reserve Bulletin 54 (2000); The Fuji Bank, Limited, 85 Federal Reserve Bulletin 338 (1999).

(8.) Establishment of a representative office will not cause Bank and its parent companies to become subject to the Bank Holding Company Act.

(9.) Approved by the Director of the Division of Banking Supervision and Regulation, with the concurrence of the General Counsel, pursuant to authority delegated by the Board.

(10.) The Board's authority to approve the establishment of the proposed representative office parallels the continuing authority of the State of New York to license offices of a foreign bank. The Board's approval of this application does not supplant the authority of the State of New York to license the proposed office of Bank in accordance with any terms or conditions that it may impose.

Banco del Estado de Chile

Santiago, Chile

Order Approving Establishment of a Branch

Banco del Estado de Chile ("Bank"), Santiago, Chile, a foreign bank within the meaning of the International Banking Act ("IBA"), has applied under section 7(d) of the IBA (12 U.S.C. [section] 3105(d)) to establish a branch in New York, New York. The Foreign Bank Supervision Enhancement Act of 1991, which amended the IBA, provides that a foreign bank must obtain the approval of the Board to establish a branch in the United States.

Notice of the application, affording interested persons an opportunity to comment, has been published in a newspaper of general circulation in New York, New York (The Daily News, June 30, 2004). The time for filing comments has expired, and all comments have been considered.

Bank, with total assets of $15.4 billion, is the third largest commercial bank in Chile, (1) and is wholly owned by the Chilean state. It provides a variety of banking services to retail and corporate customers through more than 300 branches in Chile. It also provides through its subsidiaries stock brokerage, insurance brokerage, fund management, and financial advisory services. The proposed branch would be its first office outside Chile. Bank is a qualifying foreign banking organization under Regulation K (12 CFR 211.23(b)).

The proposed branch would engage in wholesale banking business focusing on trade finance and lending activities. In addition, Bank anticipates that the branch would conduct treasury operations, participate in loan syndicates, invest in fixed-income securities, and provide cash management services.

Under the IBA and Regulation K, in acting on an application by a foreign bank to establish a branch, the Board must consider whether the foreign bank (1) engages directly in the business of banking outside of the United States; (2) has furnished to the Board the information it needs to assess the application adequately; and (3) is subject to comprehensive supervision on a consolidated basis by its home country supervisor (12 U.S.C. [section] 3105(d)(2); 12 CFR 211.24(c)(1)). (2) The Board also may consider additional standards set forth in the IBA and Regulation K (12 U.S.C. [section] 3105(d)(3)-(4); 12 CFR 211.24(c)(2)-(3)).

As noted above, Bank engages directly in the business of banking outside the United States. Bank also has provided the Board with information necessary to assess the application through submissions that address the relevant issues.

With respect to supervision by home country authorities, the Federal Reserve previously has determined, in connection with applications involving other banks in Chile, that those banks were subject to home country supervision on a consolidated basis by their home country supervisor, the Superintendencia de Bancos e Instituciones Financieras ("SBIF"). (3) Bank is supervised by the SBIF on substantially the same terms and conditions as those other banks. Based on all the facts of record, it has been determined that Bank is subject to comprehensive supervision on a consolidated basis by its home country supervisor.

The additional standards set forth in section 7 of the IBA and Regulation K (see 12 U.S.C. [section] 3105(d)(3)-(4); 12 CFR 211.24(c)(2)-(3)) have also been taken into account. The SBIF has no objection to the establishment of the proposed branch.

Chile's risk-based capital standards are consistent with those established by the Basel Capital Accord ("Accord"). Bank's capital is in excess of the minimum levels that would be required by the Accord and is considered equivalent to capital that would be required of a U.S. banking organization. Managerial and other financial resources of Bank also are considered consistent with approval, and Bank appears to have the experience and capacity to support the proposed branch. Bank has established controls and procedures for the proposed branch to ensure compliance with U.S. law and for its operations in general.

Chile is a member of GAFISUD (Financial Action Task Force for South America), which is an observer organization to the Financial Action Task Force. Chile has enacted laws and adopted regulations to deter money laundering. Money laundering is a criminal offense in Chile, and financial institutions are required to establish internal policies, procedures, and systems for the detection and prevention of money laundering throughout their worldwide operations. Bank has policies and procedures to comply with these laws and regulations. Bank's compliance with applicable laws and regulations is monitored by its auditors and the SBIF.

With respect to access to information about Bank's operations, the restrictions on disclosure in relevant jurisdictions in which Bank operates have been reviewed and relevant government authorities have been communicated with regarding access to information. Bank has committed to make available to the Board such information on the operations of Bank and any of its affiliates that the Board deems necessary to determine and enforce compliance with the IBA, the Bank Holding Company Act, and other applicable federal law. To the extent that the provision of such information to the Board may be prohibited by law or otherwise, Bank has committed to cooperate with the Board to obtain any necessary consents or waivers that might be required from third parties for disclosure of such information. In addition, subject to certain conditions, SBIF may share information on Bank's operations with other supervisors, including the Board. In light of these commitments and other facts of record, and subject to the condition described below, it has been determined that Bank has provided adequate assurances of access to any necessary information that the Board may request.

Based on the foregoing and all the facts of record, Bank's application to establish a branch is hereby approved. (4) Should any restrictions on access to information on the operations or activities of Bank and its affiliates subsequently interfere with the Board's ability to obtain information to determine and enforce compliance by Bank or its affiliates with applicable federal statutes, the Board may require termination of any of Bank's direct or indirect activities in the United States. Approval of this application also is specifically conditioned on compliance by Bank with the conditions imposed in this order and the commitments made to the Board in connection with this application. (5) For purposes of this action, these commitments and conditions are deemed to be conditions imposed by the Board in writing in connection with its findings and decision and, as such, may be enforced in proceedings under applicable law.

By order, approved pursuant to authority delegated by the Board, effective June 20, 2005.

Robert de V. Frierson

Deputy Secretary of the Board

(1.) Asset data are as of March 31, 2005.

(2.) In assessing this standard, the Board considers, among other factors, the extent to which the home country supervisors:

(i) ensure that the bank has adequate procedures for monitoring and controlling its activities worldwide;

(ii) obtain information on the condition of the bank and its 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; and

(v) evaluate prudential standards, such as capital adequacy and risk-asset exposure, on a worldwide basis.

These are indicia of comprehensive, consolidated supervision. No single factor is essential, and other elements may inform the Board's determination.

(3.) See Banco de Chile, 90 Federal Reserve Bulletin 550 (2004); Banco de Credito e Inversiones S.A., 85 Federal Reserve Bulletin 446 (1999). See also, Banco de Chile, 80 Federal Reserve Bulletin 179 (1994).

(4.) Approved by the director of the Division of Banking Supervision and Regulation, with the concurrence of the general counsel, pursuant to authority delegated by the Board.

(5.) The Board's authority to approve the establishment of the proposed branch parallels the continuing authority of the State of New York to license offices of a foreign bank. The Board's approval of this application does not supplant the authority of the State of New York to license the proposed office of Bank in accordance with any terms or conditions that it may impose.

Banco Financiera Comercial Hondurena, S.A.

Tegucigalpa, Honduras

Order Approving Establishment of a Representative Office

Banco Financiera Comercial Hondurena, S.A. ("Bank"), Tegucigalpa, Honduras, a foreign bank within the meaning of the International Banking Act ("IBA"), has applied under section 10(a) of the IBA (12 U.S.C. [section] 3107(a)) to establish a representative office in Miami, Florida. The Foreign Bank Supervision Enhancement Act of 1991, which amended the IBA, provides that a foreign bank must obtain the approval of the Board to establish a representative office in the United States.

Notice of the application, affording interested persons an opportunity to submit comments, has been published in a newspaper of general circulation in Miami, Florida (Miami Daily Business Review, March 19, 2004). The time for filing comments has expired, and all comments received have been considered.

Bank, with total consolidated assets of approximately $612 million, (1) is the fourth largest commercial bank in Honduras and provides wholesale and retail banking services through a network of domestic branches. (2) In the United States, Bank has licenses to operate nonbank subsidiaries in Florida, Georgia, New York, North Carolina, and Virginia that engage in money remittance services. (3)

The proposed representative office is intended to act as a liaison between Bank's head office in Honduras and its existing and prospective customers in Honduras and the United States. The office would engage in representative functions in connection with the activities of Bank, solicit new business, provide information to customers concerning their accounts, inform U.S.- and Honduran-owned businesses of business opportunities existing in Honduras, and receive applications for extensions of credit and other banking services on behalf of Bank.

In acting on an application by a foreign bank to establish a representative office under the IBA and Regulation K, the Board must consider whether the foreign bank: (1) engages directly in the business of banking outside of the United States; (2) has furnished to the Board the information it needs to assess the application adequately; and (3) is subject to comprehensive supervision on a consolidated basis by its home country supervisor (12 U.S.C. [section] 3107(a)(2); 12 CFR 211.24(d)(2)). (4) The Board also may consider additional standards set forth in the IBA and Regulation K (12 U.S.C. [section] 3105(d)(3)-(4); 12 CFR 211.24(c)(2)). The Board will consider that the supervision standard has been met where it determines that the applicant bank is subject to a supervisory framework that is consistent with the activities of the proposed representative office, taking into account the nature of such activities. (5) This is a lesser standard than the comprehensive, consolidated supervision standard applicable to applications to establish branch or agency offices of a foreign bank. The Board considers the lesser standard sufficient for approval of representative office applications because representative offices may not engage in banking activities (12 CFR 211.24(d)(2)).

In connection with this application, Bank has provided certain commitments that limit the activities of the representative office. It has committed that the representative office would engage only in certain specified activities and would not make credit decisions on behalf of Bank, solicit deposits on behalf of Bank, or engage in activities related to securities trading, foreign exchange, or money transmission. Bank has also committed that the representative office would not solicit business for or promote the services of Bank's U.S. nonbank subsidiaries and would not share office space with those subsidiaries.

As noted above, Bank engages directly in the business of banking outside the United States. Bank also has provided the Board with information necessary to assess the application through submissions that address the relevant issues.

Bank has provided the following information regarding home country supervision. Bank is supervised by the National Commission on Banking and Insurance ("NCBI"). The NCBI is responsible for the regulation and supervision of financial institutions operating in Honduras.

The NCBI issues and implements regulations concerning accounting requirements, asset quality, management, operations, capital adequacy, loan classification and loan loss reserve requirements. In addition, the NCBI has authority to order corrective measures, impose sanctions, and assume management of a financial institution or liquidate it.

The NCBI supervises and regulates Bank in Honduras through a combination of on-site examinations and off-site monitoring. (6) On-site examinations are conducted on an annual basis and cover capital adequacy, asset quality, profitability, administrative efficiency, liquidity, and compliance with the law. If necessary, the NCBI can also conduct special on-site examinations. Off-site monitoring of Bank is conducted by the NCBI through the review of required monthly and quarterly reports. An external audit is also part of the supervisory process and must be conducted at least annually. (7)

Based on all the facts of record, including the commitments provided by Bank limiting the activities of the proposed office, it has been determined that Bank is subject to a supervisory framework that is consistent with the activities of the proposed representative office, taking into account the nature of such activities.

The additional standards set forth in section 7 of the IBA and Regulation K (see 12 U.S.C. [section] 3105(d)(3)-(4); 12 CFR 211.24(c)(2)) have also been taken into account. The NCBI has no objection to the establishment of the proposed representative office.

With respect to the financial and managerial resources of Bank, taking into consideration its record of operations in its home country, its overall financial resources, and its standing with its home country supervisor, financial and managerial factors are consistent with approval of the proposed representative office. Bank appears to have the experience and capacity to support the proposed representative office and has established controls and procedures for the proposed representative office to ensure compliance with U.S. law.

Although Honduras is not a member of the Financial Action Task Force ("FATF"), Honduras has enacted laws based on the general recommendations of the FATF. Additionally, Honduras is a member of the Caribbean Financial Action Task Force and participates in other international forums that address the prevention of money laundering. (8) Money laundering is a criminal offense in Honduras, and banks are required to establish internal policies and procedures for the detection and prevention of money laundering. (9) Legislation and regulation require banks to adopt know-your-customer policies, report suspicious transactions, and maintain records. Accordingly, Bank has established anti-money-laundering policies and procedures, which include the implementation of know-your-customer policies, suspicious activity reporting procedures, and related training programs and manuals. Bank's external auditors review compliance with requirements to prevent money laundering.

With respect to access to information on Bank's operations, the restrictions on disclosure in relevant jurisdictions in which Bank operates have been reviewed and relevant government authorities have been communicated with regarding access to information. Bank and its parent have committed to make available to the Board such information on the operations of Bank and any of its affiliates as the Board deems necessary to determine and enforce compliance with the IBA, the Bank Holding Company Act of 1956, as amended, and other applicable federal law. To the extent that the provision of such information to the Board may be prohibited by law or otherwise, Bank and Bank's parent have committed to cooperate with the Board to obtain any necessary consents or waivers that might be required from third parties for disclosure of such information. In addition, subject to certain conditions, the NCBI may share information on Bank's operations with other supervisors, including the Board. In light of these commitments and other facts of record, and subject to the condition described below, it has been determined that Bank has provided adequate assurances of access to any necessary information that the Board may request.

Based on the foregoing and all the facts of record, and subject to the commitments made by Bank and its parent and the terms and conditions set forth in this order, Bank's application to establish the representative office is hereby approved. (10) Should any restrictions on access to information on the operations or activities of Bank or any of its affiliates subsequently interfere with the Board's ability to obtain information to determine and enforce compliance by Bank or its affiliates with applicable federal statutes, the Board may require or recommend termination of any of Bank's direct and indirect activities in the United States. Approval of this application also is specifically conditioned on compliance by Bank and its parent with the conditions imposed in this order and the commitments made to the Board in connection with this application. (11) For purposes of this action, these commitments and conditions are deemed to be conditions imposed in writing by the Board in connection with its finding and decision and, as such, may be enforced in proceedings under applicable law. By order, approved pursuant to authority delegated by the Board, effective April 20, 2005.

Robert de V. Frierson

Deputy Secretary of the Board

(1.) Unless otherwise indicated, data are as of December 31, 2004.

(2.) Corporacion del Pacifico SA de CV ("CORPASA"), a Honduran holding company, is Bank's largest shareholder with a 51.3 percent ownership interest in Bank. CORPASA in turn is owned by members of the Atala family.

(3.) Bank owns its money remittance subsidiaries through Ficohsa Express Holding LLC, a holding company organized in Florida, which in turn is owned by Grupo Financiero Ficohsa Ltd, a company organized in the British Virgin Islands.

(4.) In assessing the supervision standard, the Board considers, among other factors, the extent to which the home country supervisors:

(i) ensure that the bank has adequate procedures for monitoring and controlling its activities worldwide;

(ii) obtain information on the condition of the bank and its 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; and

(v) evaluate prudential standards, such as capital adequacy and

risk asset exposure, on a worldwide basis. These are indicia of comprehensive, consolidated supervision. No single factor is essential, and other elements may inform the Board's determination.

(5.) 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).

(6.) The laws governing bank supervision in Honduras are in need of strengthening. The law was amended in September 2004 to require banks to obtain the prior authorization of the NCBI to establish foreign operations and to report monthly to the NCBI on their operations. The NCBI continues to work to obtain additional legislation that would allow it to supervise banks on a fully consolidated basis.

(7.) The external auditing firm must be approved by and registered with the NCBI.

(8.) Honduras is a member of the Organization of American States Inter-American Drug Abuse Control Commission Experts Group to Control Money Laundering. Honduras is also party to the 1988 UN Convention Against the Illicit Traffic of Narcotics and Psychotropic Substances, the UN International Convention Against Transnational Organized Crime and the UN International Convention for the Suppression of the Financing of Terrorism.

(9.) In 2002, legislation was enacted to strengthen the anti-money laundering regime in Honduras. Among other measures, the legislation expanded the definition of money laundering, strengthened enforcement, and established a financial intelligence unit within the NCBI.

(10.) Approved by the director of the Division of Banking Supervision and Regulation, with the concurrence of the general counsel, pursuant to authority delegated by the Board. See 12 CFR 265.7(d)(12).

(11.) The Board's authority to approve the establishment of the proposed representative office parallels the continuing authority of the State of Florida to license offices of a foreign bank. The Board's approval of this application does not supplant the authority of the State of Florida or its agent, the Florida Department of Financial Services, to license the proposed office of Bank in accordance with any terms or conditions that it may impose.
COPYRIGHT 2005 Board of Governors of the Federal Reserve System
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2005, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Author:de V. Frierson, Robert
Publication:Federal Reserve Bulletin
Geographic Code:9JAPA
Date:Jun 22, 2005
Words:5209
Previous Article:Orders issued under Bank Merger Act.
Next Article:Final enforcement decisions issued by the Board of Governors.
Topics:


Related Articles
Statements to the Congress.
ORDERS ISSUED UNDER BANK HOLDING COMPANY ACT.
FINAL RULE--AMENDMENT TO REGULATION A.
PENDING CASES INVOLVING THE BOARD OF GOVERNORS.
Announcements.
Adoption of final rule implementing Sarbanes-Oxley Act. (Announcements).
Orders issued under International Banking Act.
Final enforcement decisions issued by the Board of Governors.
Orders exempting bank transfer agents affected by Hurricane Katrina.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters