Regulatory Alerts2005-04-26
Added
Proposed Imposition of Special Measures Against VEF Banka as a Financial Institution of Primary Money Laundering Concern
FinCEN proposes adding new § 103.191 to 31 CFR Part 103 to impose special measures against VEF Banka, a joint stock company in Latvia, as a financial institution of primary money laundering concern. The proposal requires covered financial institutions to terminate any U.S. correspondent accounts established for VEF and to apply special due diligence to guard against indirect use of such accounts by VEF. Covered institutions must notify accountholders that they may not provide VEF with access to the accounts, take reasonable steps to identify indirect use from transactional records, and document compliance with these notice requirements. Written comments on this proposed rulemaking are due by May 26, 2005.