### Question
How does the law define payable-through account?


### Answer
Under *31 U.S.C. § 5318A*, **payable-through account** is defined as:

> an account, including a transaction account (as defined in section 19(b)(1)(C) of the Federal Reserve Act), 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

#### Citation:
  - *31 U.S.C. § 5318A*
  - Heading: **SUBTITLE IV-MONEY > CHAPTER 53-MONETARY TRANSACTIONS > SUBCHAPTER II-RECORDS AND REPORTS ON MONETARY INSTRUMENTS TRANSACTIONS**

