Regulatory Alerts2007-02-16
Added
Amendment to the Bank Secrecy Act Regulations Imposition of Special Measure Against Banco Delta Asia, Including its subsidiaries Delta Asia Credit Limited and Delta Asia Insurance Limited, as a Financial Institution of Primary Money Laundering Concern
The Financial Crimes Enforcement Network imposes a special measure against Banco Delta Asia SARL and its subsidiaries, Delta Asia Credit Limited and Delta Asia Insurance Limited, designating them as financial institutions of primary money laundering concern. This final rule prohibits covered domestic financial institutions from opening or maintaining correspondent or payable-through accounts in the United States for or on behalf of these entities. The prohibition applies exclusively to Banco Delta Asia and its branches, offices, and subsidiaries, excluding Delta Asia Group (Holdings) Ltd. and its other subsidiaries. The rule becomes effective on April 18, 2007.