Regulatory Alerts2015-03-10
Added
Notice of Finding that Banca Privada d’Andorra is a Financial Institution of Primary Money Laundering Concern
The Director of the Financial Crimes Enforcement Network (FinCEN) found on March 6, 2015, that Banca Privada d’Andorra is a financial institution operating outside the United States of primary money laundering concern. This finding is based on evidence that high-level management facilitated transactions for third-party money launderers involved in organized crime, corruption, and fraud, while the bank's weak anti-money laundering controls allowed the movement of billions of dollars through U.S. correspondent accounts.