Regulatory Alerts2007-10-16
Added
Guidance to Financial Institutions on the Increasing Money Laundering Threat Involving Illicit Iranian Activity
The Financial Crimes Enforcement Network advises U.S. financial institutions to account for deficiencies in Iran’s anti-money laundering and counter-terrorist financing regime when applying enhanced due diligence. Institutions are directed to treat all customers and transactions associated with Iran as a primary risk determinant for risk-based identification and enhanced scrutiny regarding activities prohibited by United Nations Security Council Resolutions 1737 and 1747. The advisory further warns of increased efforts by Iranian entities to circumvent sanctions through deceptive practices involving shell companies and the removal of identifying information from transactions.