Difference between Sections 311 & 312 of USAPA

Section 311 allows for identifying customers using correspondent accounts, including obtaining information comparable to information obtained on domestic customers and prohibiting or imposing conditions on the opening or maintaining in the U.S. of correspondent or payable-through accounts for a foreign banking institution. FinCEN has issued regulations on correspondent banking with specific targeted foreign institutions.

Section 312 imposes due diligence and enhanced due diligence requirements on U.S. financial institutions that maintain correspondent accounts for foreign financial institutions or private banking accounts for non-U.S. persons. Rules under this section apply to all such correspondent accounts.