RegAlert2015-03-10
Added · Updated
Imposition of Special Measure against Banca Privada d’Andorra as a Financial Institution of Primary Money Laundering Concern
The Director of the Financial Crimes Enforcement Network proposes to impose the fifth special measure under Section 311 of the USA PATRIOT Act against Banca Privada d’Andorra, a foreign financial institution found to be of primary money laundering concern. This proposed rule would prohibit covered U.S. financial institutions from establishing, maintaining, administering, or managing any correspondent account for or on behalf of Banca Privada d’Andorra. Additionally, covered institutions must apply special due diligence to all foreign correspondent accounts to guard against processing transactions involving the bank, including notifying relevant correspondent account holders that they may not provide Banca Privada d’Andorra or its subsidiaries with access to such accounts.
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(BILLINGCODE: 4810-02)
DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network
31 CFR Part 1010
RIN 1506-AB30
Imposition of Special Measure against Banca Privada d’Andorra as a Financial Institution of Primary Money Laundering Concern AGENCY: Financial Crimes Enforcement Network (“FinCEN”), Treasury. ACTION: Notice of proposed rulemaking. SUMMARY: In a finding, notice of which is published elsewhere in this issue of the Federal Register (“Notice of Finding”), the Director of FinCEN found that Banca Privada d’Andorra (“BPA”) is a financial institution operating outside of the United States that is of primary money laundering concern. FinCEN is issuing this notice of proposed rulemaking (“NPRM”) to propose the imposition of a special measure against BPA. DATES: Written comments on this NPRM must be submitted on or before [INSERT DATE 60 DAYS AFTER THE DATE OF PUBLICATION OF THIS DOCUMENT IN THE FEDERAL REGISTER]. ADDRESSES: You may submit comments, identified by 1506-AB30, by any of the following methods:
Federal E-rulemaking Portal: http://www.regulations.gov. Follow the instructions for submitting comments. Include 1506-AB30 in the submission.
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Lineage: In force
Source: Financial Crimes Enforcement Network — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works