Foreign Bank Law and Legal Definition
According to 31 CFR 103.11 [Title 31 -- Money and Finance: Treasury; Subtitle B -- Regulations Relating to Money and Finance; Chapter I -- Monetary Offices, Department of the Treasury; Part 103 -- Financial Recordkeeping and Reporting of Currency and Foreign Transactions; Subpart A – Definitions], foreign bank means “a bank organized under foreign law, or an agency, branch or office located outside the United States of a bank. The term does not include an agent, agency, branch or office within the United States of a bank organized under foreign law.”
