physical presence
Defined in 1 dictionary — U.S. Code
United States Code
31 U.S.C. § 5318 — under this section
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.