RegAlert2011-08-10 | FinCEN Advisory – FIN-2011-A013Added · Updated
Guidance to Financial Institutions on the Commercial Bank of Syria (FinCEN Advisory – FIN-2011-A013)
The Financial Crimes Enforcement Network reminds U.S. financial institutions of the continuing obligation to exercise due diligence regarding correspondent accounts to guard against the indirect use of those accounts by the Commercial Bank of Syria. The advisory warns that the Commercial Bank of Syria continues to maintain U.S. dollar-denominated accounts in Europe, the Middle East, and Asia, and may attempt to circumvent prohibitions through nested account activity. Financial institutions are advised to monitor for suspicious indicators such as transactions involving jurisdictions where the foreign financial institution has no known business or volumes exceeding expected activity. Additionally, U.S. financial institutions are reminded of their requirement under the Bank Secrecy Act to report suspicious transactions conducted or attempted by, at, or through the institution.
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Department of the Treasury
Financial Crimes Enforcement Network
Advisory
FIN-2011-A013
Issued: August 10, 2011
Subject: Guidance to Financial Institutions on the Commercial Bank of Syria In coordination with Wednesday’s designation of the Commercial Bank of Syria for its provision of financial services to entities previously sanctioned by the United States for their proliferation activities, the Financial Crimes Enforcement Network (FinCEN) is issuing this Advisory today to alert U.S. financial institutions of information on the Commercial Bank of Syria’s continued involvement in illicit financial activities. On March 15, 2006, FinCEN issued a Final Rule under Section 311 of the USA PATRIOT Act prohibiting U.S. financial institutions from opening or maintaining a correspondent account in the United States for or on behalf of the Commercial Bank of Syria, directly or indirectly, and requiring all covered financial institutions to review their account records to ensure they do not maintain accounts directly for, or on behalf of, the Commercial Bank of Syria. 1 This Final Rule followed a Notice of Proposed Rulemaking (NPRM) and Finding on May 18, 2004, which determined that the Commercial Bank of Syria was (1) used by persons associated with terrorist organizations; and (2) used as a conduit for the laundering of proceeds generated from the illicit sale of Iraqi oil.2
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Lineage: In force
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- Referred to by
- Advisory on the Financial Action Task Force-Identified Jurisdictions with Anti-Money Laundering and Combating the Financing of Terrorism and Counter-Proliferation Deficiencies2021Advisory on the Financial Action Task Force-Identified Jurisdictions with Anti-Money Laundering, Combating the Financing of Terrorism, and Proliferation Deficiencies2020Advisory on the Financial Action Task Force-Identified Jurisdictions with Anti-Money Laundering and Combating the Financing of Terrorism Deficiencies2020Advisory on the Financial Action Task Force-Identified Jurisdictions with Anti-Money Laundering and Combating the Financing of Terrorism Deficiencies2020FinCEN Advisory FIN-2019-A007: FATF-Identified Jurisdictions with AML/CFT Deficiencies and Relevant U.S. Actions2019FinCEN Advisory FIN-2019-A004 on FATF-Identified Jurisdictions with AML/CFT Deficiencies2019
+17 more
Advisory on the Financial Action Task Force-Identified Jurisdictions with Anti-Money Laundering and Combatting the Financing of Terrorism Deficiencies2019Advisory on the Financial Action Task Force-Identified Jurisdictions with Anti-Money Laundering and Combatting the Financing of Terrorism Deficiencies (FinCEN Advisory FIN-2018-A007)2018Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies (FinCEN Advisory FIN-2018-A004)2018Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies (FinCEN Advisory FIN-2018-A001)2018Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies2017Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies2017Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies (FinCEN Advisory – FIN-2017-A001)2017Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies2016Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies (FinCEN Advisory - FIN-2016-A002)2016Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies (FinCEN Advisory – FIN-2016-A001)2016Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies (FinCEN Advisory – FIN-2015-A002)2015Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies2015Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies2014Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies2014Guidance to Financial Institutions Based on the Financial Action Task Force Updated Lists of Jurisdictions with Strategic Anti-Money Laundering and Counter-Terrorist Financing Deficiencies2014Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies (FinCEN Advisory - FIN-2013-A008)2013Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies (FinCEN Advisory – FIN-2013-A006)2013
Source: Financial Crimes Enforcement Network — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works