Sparkasse Aachen is a publicly owned savings and commercial bank working under public law with no foreign branches or subsidiaries. We are subject to laws and regulations against money laundering and terrorist financing in Germany. We hereby confirm that our bank has the means to intercept money laundering channels or chains involving the proceeds of terrorist activities, organized crime or others.
U.S. legislation obliges U.S. Banks, U.S. brokers and dealers in securities to provide information about banks with which they regularly do business.
Sparkasse Aachen is pleased to provide the following information:
Sparkasse Aachen maintains a physical presence. That means:
Sparkasse Aachen has a place of business at the following street address: Friedrich-Wilhelm-Platz 1-4, 52062 Aachen, Germany, where Sparkasse Aachen employs one or more individuals on a full-time basis and maintains operating records related to its banking activities.
The above address is in Germany, where Sparkasse Aachen is authorized to conduct banking activities.
Sparkasse Aachen is subject to inspection by Bundesanstalt für Finanzdienstleistungsaufsicht, Graurheindorfer Str. 108, 53117 Bonn, the banking authority that licensed Sparkasse Aachen to conduct banking activities.
No Correspondent Account maintained by a Covered Financial Institution may be used to indirectly provide banking services to certain foreign banks. Sparkasse Aachen hereby certifies that it does not use any Correspondent Account with a Covered Financial Institution to indirectly provide banking services to any foreign bank that does not maintain a physical presence in any country and that is not a regulated affiliate.
The German savings banks are predominantly organized under public law, a status which gives them legal and economic independence. Even though the savings banks sector is often referred to as municipal savings banks system or public sector banks, Sparkassen in Germany are not state owned. And unlike savings banks in other countries, they do not have members. Instead, they operate under municipal trusteeship (Sparkasse Aachen: 50 % City of Aachen and 50 % District of Aachen). This legal setting can be regarded as a tribute to the historic evolution of Sparkassen. Together with the public mandate and the regional principle, the municipal trusteeship is another cornerstone in the Sparkassen role model as regional retail bank with an intrinsic orientation towards public welfare, financial inclusion and sustainable growth within their business area. Sparkassen today are legally and economically independent institutions under public law. This legal form ensures that the population of the administrative region of the municipal trustee is adequately represented within the legal bodies of the Sparkasse (democratic legitimation) and can - mediated through its representatives in the supervisory board - safeguard that the Sparkasse fulfills its public mandate. However Sparkassen are not state-owned banks.
Sparkasse's responsible public bodies are municipalities (town, city), districts or special-purpose associations. This does not mean that they are the shareholders or owners of Sparkassen. Sparkassen are not assets of their municipality and so cannot be sold by the local government. The legal status of Sparkassen can be compared to foundations under public law. Sparkassen are fully independent in their day-to-day business. The responsible Management board is not formed by local politicians, but of licensed bankers, and thus acts impartially.
Due to this dovetailing of local authorities and Sparkassen, the German savings bank legislation occupies a special section under the German States laws on Municipalities (Kommunalrecht). Under the German system of legislation enshrined in Germany's Constitution, Sparkassen legislation falls under the decentralized legal jurisdiction of the German States (Laender). Hence, nearly all Laender have passed special state laws in order to regulate the organisation and business activities of Sparkassen.
Municipal trusteeship is a special legal aspect of German savings banks laws. It has historic roots which may not be directly transferrable to other legal systems. However, it can provide indications of how locally anchored banks can provide strong ties with their regions whilst remaining legally and financially independent. Municipalities and Sparkassen have a common interest in regional development. Sparkassen support their municipalities through their obligation to economic prosperity, regional development, and in social and cultural areas.
Name: Axel Kerber
Date: 1. July 2016
The following individual or entity:
Landesbank Hessen-Thueringen Girozentrale, New York Branch is a resident of the United States at the following street address:
420 Fifth Avenue, New York, New York 10018, United States of America
and is authorized to accept service of legal process on behalf of Sparkasse Aachen from the Secretary of the Treasury or the Attorney General of the United States pursuant to Section 5318(k) of title 31, United States Code.
Sparkasse Aachen hereby agrees to notify in writing each Covered Financial Institution at which it maintains any Correspondent Account of any change in facts or circumstances reported in this Certification. Notification shall be given within 30 calendar days of such change. Sparkasse Aachen understands that each Covered Financial Institution at which it maintains a Correspondent Account may provide a copy of this Certification to the Secretary of the Treasury and the Attorney General of the United States. Sparkasse Aachen further understands that the statements contained in this Certification may be transmitted to one or more departments or agencies of the United States of America for the purpose of fulfilling such departments' and agencies' governmental functions.
We, Sparkasse Aachen, certify that we have read and understood this Certification, that the statements made in this Certification are complete and correct, and that we are authorized to execute this Certification on behalf of Sparkasse Aachen.
Aachen, 1. July 2017