Regulatory Alerts2008-03-20 | FinCEN Advisory – FIN-2008-A002Added
Guidance to Financial Institutions on the Continuing Money Laundering Threat Involving Illicit Iranian Activity (FinCEN Advisory – FIN-2008-A002)
The Financial Crimes Enforcement Network urges all financial institutions to exercise vigilance regarding transactions with Iranian institutions due to significant deficiencies in Iran's anti-money laundering and combating the financing of terrorism regime. The advisory specifically highlights risks associated with banks domiciled in Iran and their branches and subsidiaries abroad, including the Central Bank of Iran, Bank Melli, and Bank Saderat. It provides an updated list of specific Iranian financial entities and their locations that require heightened scrutiny. Financial institutions are also reminded of existing U.S. sanctions administered by the Office of Foreign Assets Control regarding Iranian government-owned banks and entities linked to terrorist activity or weapons proliferation.