New York Codes, Rules and Regulations
Title 3 - BANKING
Chapter III - SUPERINTENDENT'S REGULATIONS
Subchapter A - BANKING ORGANIZATIONS
Part 323 - Acceptance Of Deposits From Noncitizens And Non-u.s. Residents By Licensed Agencies Of Foreign Banking Corporations
Section 323.1 - Explanation

Universal Citation: 3 NY Comp Codes Rules and Regs ยง 323.1
Current through Register Vol. 46, No. 12, March 20, 2024

Section 202-a(1)(c) of the Banking Law permits a licensed agency of a foreign banking corporation to accept deposits other than from citizens or residents of the United States as the superintendent shall define. The purpose of this Part is to define the term residents of the United States as used therein, and to provide for appropriate disclosures as to the uninsured status of such deposits. Unlike large-denomination obligations which may be issued to corporations and other business entities pursuant to section 202-a(1)(b) of the Banking Law and Part 81 of this Title, the deposits which may be taken pursuant to the terms of this Part 323 may be in amounts of less than $100,000 and may be taken from natural persons as well.

Disclaimer: These regulations may not be the most recent version. New York may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.