Regulatory Alerts2013-05-28
Added
Notice of Finding That Liberty Reserve S.A. Is a Financial Institution of Primary Money Laundering Concern
The Director of the Financial Crimes Enforcement Network (FinCEN) found that Liberty Reserve S.A. is a financial institution operating outside the United States that is of primary money laundering concern, effective May 28, 2013. This finding authorizes domestic financial institutions and financial agencies to take special measures to address the risk posed by Liberty Reserve. The determination is based on Liberty Reserve's structure facilitating anonymous transactions, lack of customer due diligence, and extensive use for illicit activities including fraud, ransom payments, and terrorism financing.