Title 31

SECTION 566.316

566.316 Payable-through account.

§ 566.316 Payable-through account.

The term payable-through account means an account, including a transaction account as defined in § 566.317, opened at a depository institution by a foreign financial institution by means of which the foreign financial institution permits its customers to engage, either directly or through a subaccount, in banking activities usual in connection with the business of banking in the United States.

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