Regulatory Alerts2006-07-12
Added
Amendment to the Bank Secrecy Act Regulations Imposition of Special Measure Against VEF Banka
The Financial Crimes Enforcement Network imposes a special measure against VEF Banka, a commercial bank in Latvia, as a financial institution of primary money laundering concern. This final rule prohibits covered domestic financial institutions and agencies from opening or maintaining correspondent or payable-through accounts in the United States for or on behalf of VEF Banka. Additionally, covered institutions are required to take reasonable steps to apply due diligence to their correspondent accounts to ensure no such account is used indirectly to provide services to VEF Banka. The rule becomes effective on August 14, 2006.