Regulatory Alerts2011-02-10
Added
Finding that Lebanese Canadian Bank SAL is a financial institution of primary money laundering concern
The Director of the Financial Crimes Enforcement Network (FinCEN) finds that reasonable grounds exist for concluding that the Lebanese Canadian Bank SAL (LCB) is a financial institution of primary money laundering concern. This finding, effective February 17, 2011, is based on information that LCB has been routinely used by drug traffickers and money launderers to move hundreds of millions of dollars monthly, including funds linked to the Ayman Joumaa network and Hizballah. The determination cites LCB's failure to adequately control transactions, inadequate due diligence on high-risk customers, and complicity by LCB managers in laundering activities.
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