Regulatory Alerts2015-03-10
Added
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.