Regulatory Alerts2011-01-20 | FinCEN Advisory – FIN-2011-A001Added
Guidance to Financial Institutions on Recent Events in Tunisia (FinCEN Advisory – FIN-2011-A001)
U.S. financial institutions are required to apply enhanced scrutiny to private banking accounts held by or on behalf of senior foreign political figures and to monitor transactions potentially involving misappropriated state assets, bribery proceeds, or other public corruption proceeds originating in or diverted from Tunisia. Institutions must file Suspicious Activity Reports if they know, suspect, or have reason to suspect that transactions relating to senior foreign political figures involve illicit funds, lack a lawful purpose, or indicate money laundering or terrorist financing. Covered institutions are also reminded of their obligation to maintain written due diligence programs for private banking accounts held for non-U.S. persons to detect and report known or suspected money laundering or other suspicious activity.