END NOTES
22.
31 U.S.C.§ 5318(j) and (j)(4)(B). The term ‘physical presence’ means a place of business that–
(i) is maintained by a foreign bank;
(ii) is located at a fixed address (other than solely an electronic address) in a country in which the foreign bank is authorized to conduct banking activities, at which location the foreign bank??
(I) employs 1 or more individuals on a full-time basis; and
(II) maintains operating records related to its banking activities; and
(iii) is subject to inspection by the banking authority which licensed the foreign bank to conduct banking activities.
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