Regulatory Alerts2008-03-20 | FinCEN Advisory – FIN-2008-A004Added
Guidance to Financial Institutions on the Money Laundering Threat Involving the Republic of Uzbekistan (FinCEN Advisory – FIN-2008-A004)
The Financial Crimes Enforcement Network informs banks and other financial institutions operating in the United States to apply increased due diligence to correspondent accounts maintained for foreign financial institutions, specifically those in the Republic of Uzbekistan. This guidance follows the suspension of Uzbekistan's anti-money laundering and combating the financing of terrorism regime, which includes decrees that prohibit inquiries into the sources of cash deposits and suspend reporting and customer identification requirements. Covered institutions must establish risk-based policies to detect suspicious activity and file Suspicious Activity Reports if transactions involve funds derived from illegal activity or indicate money laundering or terrorist financing.