Is the CIP rule applicable to a banks foreign subsidiaries?
No. The CIP rule does not apply to any part of the bank located outside of the United States. Nevertheless, as a matter of safety and soundness, banks are encouraged to implement an effective CIP throughout their operations, including in their foreign offices, except to the extent that the requirements of the rule would conflict with local law.
Related Questions
- Is the CIP rule applicable to bank holding companies and their non-bank subsidiaries, or to savings and loan holding companies and their non-savings association subsidiaries?
- When will foreign central banks stop financing the U.S.? When will the tipping point occur?
- Is the CIP rule applicable to a banks foreign subsidiaries?
