Private Banking Account Law and Legal Definition
According to 31 CFR 103.175 [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 I -- Anti-Money Laundering Programs; Special Due Diligence for Correspondent Accounts and Private Banking Accounts], private banking account means “an account (or any combination of accounts) maintained at a covered financial institution that:
(1) Requires a minimum aggregate deposit of funds or other assets of not less than $ 1,000,000;
(2) Is established on behalf of or for the benefit of one or more non-U.S. persons who are direct or beneficial owners of the account; and
(3) Is assigned to, or is administered or managed by, in whole or in part, an officer, employee, or agent of a covered financial institution acting as a liaison between the covered financial institution and the direct or beneficial owner of the account.”
