### Question
Can you define what correspondent account means?


### Answer
**Correspondent account** is defined as the following in *31 U.S.C. § 5318A*:

> an account established to receive deposits from, make payments on behalf of a foreign financial institution, or handle other financial transactions related to such institution

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

