(1) This subchapter prescribes the regulations of the state banking board, issued pursuant to the Montana Foreign Capital Depository Act.

(2) For purposes of subchapter 8, the following definitions apply:

(a) "Act" means the Montana Foreign Capital Depository Act, 32-8-101, et seq., MCA.

(b) "Board" means the state banking board provided for in 2-15-1025, MCA.

(c) "Capital" means currency that is convertible to United States dollars or personal property, including tangible personal property.

(d) "Cash" or "funds" means currency, cashier's checks, money orders and other monetary instruments as defined in the Bank Secrecy Act (Public Law 91-508, October 1970) .   A copy of Public Law 91-508 may be obtained from the Division of Banking and Financial Institutions, Department of Administration, 846 Front Street, P.O. Box 200546, Helena, MT 59620-0546. The Bank Secrecy Act (Public Law 91-508) is hereby adopted and incorporated by reference.   Neither "cash" nor "funds" includes precious metals or other tangible personal property that may be held by a foreign capital depository.

(e) "Charter" means a certificate issued by the board through the commissioner to a corporation verifying that the corporation is authorized to conduct business in Montana as a foreign capital depository.

(f) "Commissioner" means the commissioner of banking and financial institutions provided for in 32-1-211, MCA.

(g) "Controlling person" means any person who directly or indirectly or acting through or in concert with one or more persons holds 5% or more of the equity in a foreign capital depository or who is otherwise determined by the board to exercise controlling authority over decisions affecting the management and operation of a foreign capital depository.

(h) "Customer" means a person who is using or has used the services of a foreign capital depository or for whom a foreign capital depository has acted as a fiduciary.

(i) "Department" means the department of administration established in 2-15-1001, MCA.   The "division of banking and financial institutions" is part of the department.

(j) "Foreign bank" means a bank that has its primary office outside the jurisdiction of the United States and is licensed under the laws of a foreign country or a political subdivision of a foreign country.

(k) "Foreign capital depository" or "depository" means a financial institution incorporated in Montana and chartered by the board to conduct business as a foreign capital depository in accordance with the act and solely at and using locations within the state of Montana.

(l) "Incorporators" means the persons who act as the original corporate organizers of a foreign capital depository pursuant to 35-1-215, MCA.

(m) "Money laundering" is the process through which the existence, illegal source, true ownership or unlawful application of illicitly derived funds is concealed or disguised to make the funds appear legitimate, thereby helping to evade detection, prosecution, seizure or taxation; or the use of such proceeds to conduct a financial transaction prescribed by 18 USC section 1956.

(n) "Nonresident alien" means a person who is not a citizen or a resident of the United States.

(o) "Person" means an individual, partnership, corporation, limited liability company, association, trust or other legal entity.