RegAlert2013-05-28
Added · Updated
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.
FINCEN published 7 documents in the last 30 days — get each new one by email the day it lands.
(BILLINGCODE: 4810-02)
DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network
31 CFR Chapter X
RIN 1506-AB23
Imposition of Special Measure against Liberty Reserve S.A. 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 was published elsewhere in this issue of the Federal Register (Notice of Finding), the Director of FinCEN found that Liberty Reserve S.A. (Liberty Reserve) is a financial institution operating outside of the United States that is of primary money laundering concern pursuant to 31 U.S.C. 5318A. FinCEN is issuing this notice of proposed rulemaking (NPRM) to propose the imposition of a special measure against Liberty Reserve.
Read the rest free, and get an email when FINCEN publishes again
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