Regulatory Alerts2006-04-10
Added
Guidance to Financial Institutions on the Provision of Financial Services to Belarusian Senior Regime Elements Engaged in Illicit Activities
The Financial Crimes Enforcement Network advises U.S. financial institutions to guard against money laundering threats involving Belarusian senior regime elements seeking to move misappropriated state assets and illicit arms sale proceeds through the U.S. financial system. Financial institutions are reminded to implement risk-based policies and customer due diligence under 31 C.F.R. part 103, and to file Suspicious Activity Reports if transactions involve funds derived from illegal activity. The advisory also reiterates obligations under section 312 of the USA PATRIOT Act to maintain due diligence programs for private banking accounts of senior foreign political figures. Additionally, institutions are notified that Infobank, now renamed PJSC Trustbank, remains a foreign financial institution of primary money laundering concern subject to proposed special measures prohibiting correspondent accounts.