Regulatory Alerts2011-04-15 | FinCEN Advisory – FIN-2011-A008Added
Guidance to Financial Institutions on Transactions Involving Banking Activities by Entities Originating in the Transnistria Region of Moldova
FinCEN advises U.S. financial institutions holding foreign correspondent accounts to conduct due diligence under 31 CFR § 1010.630(a) when assessing money laundering risks associated with financial institutions in the Transnistria region of Moldova. The advisory identifies specific entities, such as Trans-Dniester Republican Bank and Sberbank in Tiraspol, as unauthorized financial institutions not subject to Moldovan supervision or transaction reporting requirements. Institutions are required to file Suspicious Activity Reports if they know, suspect, or have reason to suspect that transactions involve funds derived from illegal activity or indicate money laundering or terrorist financing.