The Influence Of The Long Arm Jurisdiction In Anti-money Laundering Law On The United States Branches Of Chinese Banks

With the gradual acceleration of the internationalization of China's banking industry,Chinese Banks have set up more and more branches around the world,especially in the United States,which has the largest business category and scope.For example,bank of China,agricultural bank of China,China construction bank and other Banks have opened branches in New York.In addition,most domestic joint-stock Banks,regional commercial Banks and urban commercial Banks have opened us dollar clearing accounts in the us.In recent years,with the increasing depth and breadth of the application of the long arm jurisdiction principle in the financial field,its influence on the daily operation of the international banking industry is also expanding.How the Chinese government should protect the legitimate rights and interests of Chinese Banks overseas from the perspective of macro policies,and how Banks should promote internal compliance and supervision to better adapt to the U.S.financial management environment has become an urgent issue.This paper is divided into three chapters:The first chapter briefly describes the background,and briefly introduces the US laws and regulations on anti-money laundering,the status of supervision and law enforcement,and the regulations related to the “long arm jurisdiction principle”.TheLaws and Regulations section mainly introduces the Bank Secrecy Law with the cornerstone significance and the Patriot Act,which defines the "long arm jurisdiction principle" for the first time.The law enforcement aspect focuses on the core role of FinCEN in the field of anti-money laundering law enforcement in the United States.After that,he interprets the provisions of Article 317 of the Patriot Act,“The Long Arm Jurisdiction of Foreign Money Laundering”.On the basis of clarifying the definition of this article,it is pointed out that the abuse of “long arm jurisdiction” by the United States is the expansion of power.The second chapter expounds the classic cases of the "long arm jurisdiction principle" in the US anti-money laundering law,and discusses the legal theory and judicial practice status of the "long arm jurisdiction principle" in the United States in recent years.In this chapter,the author first clarifies the boundary of the “long arm jurisdiction principle” and its conflict with international common principles.Secondly,this article focuses on the Bank of China's Bangladeshi letter of credit incident and the ABC's New York branch was punished,detailed the details of the case and the corresponding legal analysis.In addition,this article also lists the external sanctions of the US anti-money laundering law enforcement agencies in the past three years.More than ten cases.Through the listing and analysis of the above cases,the impact of the US “long arm jurisdiction principle” on the operation of Chinese banks was summarized.The third chapter solves the problem,and combines the full text to present the current coping policies that can be adopted by the corresponding domestic authorities and the solutions that Chinese banks can take.First of all,the author from the macro level to face the government can make recommendations,first of all should clear the Chinese government's position,against the US abuse of long-armed jurisdiction on Chinese banks sanctions,followed by the update of "foreign financial institutions management measures" and strengthen international communication and cooperation.Second,this article also provides advice to banks.First of all,it is recommended that banks can invoke the "inconvenient court principle" to defend the US anti-moneylaundering "long arm jurisdiction" and replace the jurisdictional court.Secondly,this article will also propose from the micro level to the bank to improve its own compliance work,suggesting that banks can further follow up on international sanctions,seriously identify the types of sanctions,and strictly control customer access.