Regulatory Alerts2013-05-28
Added
Imposition of Special Measure against Liberty Reserve S.A. as a Financial Institution of Primary Money Laundering Concern
The Director of FinCEN proposes to impose the fifth special measure against Liberty Reserve S.A. as a financial institution of primary money laundering concern. This measure prohibits covered financial institutions from establishing, maintaining, administering, or managing any correspondent account for or on behalf of a foreign bank if such account is used to process transactions involving Liberty Reserve. Covered institutions must apply special due diligence to all foreign correspondent accounts, including notifying relevant account holders of the prohibition and implementing risk-based screening procedures to identify transactions involving Liberty Reserve.