Regulatory Alerts2005-09-20
Added
Amendment to the Bank Secrecy Act Regulations Imposition of Special Measure Against Banco Delta Asia SARL
The Financial Crimes Enforcement Network proposes to impose a special measure against Banco Delta Asia SARL, prohibiting covered financial institutions from establishing, maintaining, or managing correspondent accounts for or on behalf of the bank. Covered financial institutions are required to apply special due diligence to their correspondent accounts, including notifying account holders that they may not provide Banco Delta Asia with access to the accounts and taking reasonable steps to identify indirect use of those accounts by the bank. The proposed rule defines Banco Delta Asia to include all its branches, offices, and subsidiaries, and defines covered financial institutions to encompass banks, credit unions, thrifts, broker-dealers, futures commission merchants, and certain investment companies.