private banking account
(4) Definitions .— For purposes of this subsection, the following definitions shall apply: (A) Offshore banking license .— The term “offshore banking license” means a license to conduct banking activities which, as a condition of the license, prohibits the licensed entity from conducting banking activities with the citizens of, or with the local currency of, the country which issued the license. (B) Private banking account .— The term “private banking account” means an account (or any combination of accounts) that— (i) requires a minimum aggregate deposits of funds or other assets of not less than $1,000,000; (ii) is established on behalf of 1 or more individuals who have a direct or beneficial ownership interest in the account; and (iii) is assigned to, or is administered or managed by, in whole or in part, an officer, employee, or agent of a financial institution acting as a liaison between the financial institution and the direct or beneficial owner of the account.