Joyce Aston - Page 20

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          citizens.  Thus, as a U.S. resident, petitioner was prohibited from         
          depositing funds in the Los Angeles agency office of BCCI, S.A.9            
               Third, neither BCCI, S.A. nor its IOMB was subject to                  
          supervision and examination by Federal or State banking officials.          
          Although the Los Angeles agency office of BCCI, S.A. was licensed           
          by California and its U.S. activities were supervised by the                
          Federal Reserve Board, BCCI itself was not subject to supervision           
          and examination.  Records pertaining to the central bank were not           
          available to Federal and State regulators.  In fact, to the limited         
          extent the college of regulators scrutinized BCCI, U.S. regulators          
          were excluded.                                                              
               In sum, because the requirements of section 581 are in the             
          conjunctive, neither BCCI, S.A., its IOMB, nor its Los Angeles              
          agency office qualifies as a "bank" under section 165(l)(3)(A).             




               9    We do not construe the fact that petitioner may have              
          been able to withdraw funds from her IOMB of BCCI, S.A. account             
          at the Los Angeles agency office of BCCI, S.A. to mean that her             
          funds were "on deposit" in the Los Angeles agency office of BCCI,           
          S.A.  (For example, an individual with an account at the Orange             
          County Federal Employees Credit Union is able to withdraw funds             
          from that credit union account through an ATM machine at                    
          Barclay's Bank in London.  The fact that the funds in the                   
          California credit union account can be accessed at the Barclay's            
          Bank in London does not mean that the funds at the credit union             
          are "on deposit" at Barclay's Bank.)                                        







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