RegAlert2010-06-22 | FinCEN Advisory - FIN-2010-A008Added · Updated
Update on the Continuing Illicit Finance Threat Emanating from Iran (FinCEN Advisory - FIN-2010-A008)
FinCEN supplements prior guidance on the money laundering, terrorism finance, and proliferation finance threats emanating from Iran by highlighting specific provisions of United Nations Security Council Resolution 1929. The advisory advises U.S. financial institutions to exercise vigilance and implement risk-mitigation measures, including enhanced due diligence for correspondent accounts held with institutions maintaining relationships with Iran. It specifically warns against new relationships with Iranian banks if there is a suspected link to proliferation and urges scrutiny of transactions involving entities such as the Islamic Revolutionary Guard Corps and the Islamic Republic of Iran Shipping Lines. The document also updates the list of Iranian banks subject to heightened scrutiny, adding Bank Keshavarzi, Bank Melli Iran in Baku, Bank of Regional Cooperation Islamic for Development and Investment, First East Export Bank, and Melli Bank PLC in Hong Kong.
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Advisory
FIN-2010-A008
Issued: June 22, 2010
Subject: Update on the Continuing Illicit Finance Threat Emanating from Iran The Financial Crimes Enforcement Network (FinCEN) is issuing this advisory to supplement information previously provided on the serious threat of money laundering, terrorism finance, and proliferation finance emanating from the Islamic Republic of Iran,1 UNSCR 1929 contains a number of new provisions which build upon and expand the financial sanctions imposed in previous resolutions (UNSCRs 1737, 1747, and 1803) and which are designed to prevent Iran from abusing the international financial system to facilitate its illicit conduct. The resolution’s measures include a call for States, in addition to implementing their obligations pursuant to resolutions 1737, 1747, 1803, and 1929, to prevent the provision of any financial service – including insurance and reinsurance – or asset that does or could contribute to Iran’s proliferation activities; and to prohibit on their territories new relationships with Iranian banks, including the opening of any new branches of Iranian banks, if there is a suspected link to proliferation. The UNSCR also requires States to ensure their nationals exercise vigilance when doing business with any Iranian firm, including the Islamic Revolutionary Guard Corps (IRGC) and the Islamic Republic of Iran Shipping Lines (IRISL), when there is a possibility that such business could contribute to Iran’s proliferation activities. and to provide guidance to financial institutions regarding United Nations Security Council Resolution (UNSCR) 1929, adopted on June 9, 2010. These Security Council actions, in addition to Financial Action Task Force (FATF) statements regarding the risks posed by Iran and calling for countries to impose countermeasures,2
- the Iranian financial sector, including the Central Bank of Iran;
illustrate the increasing risk to the integrity of the international financial system posed by:
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Lineage: In force
Show all related documents (16)
- Issued under
- Executive Order No. 13382 dated 2005-06-28not in RegAlert
- Refers to
- Guidance to Financial Institutions on the Continuing Money Laundering Threat Involving Illicit Iranian Activity (FinCEN Advisory – FIN-2008-A002)2008Guidance to Financial Institutions on the Increasing Money Laundering Threat Involving Illicit Iranian Activity2007
- Referred to by
- Advisory on the Financial Action Task Force-Identified Jurisdictions with Anti-Money Laundering and Combating the Financing of Terrorism Deficiencies2020FinCEN Advisory FIN-2019-A007: FATF-Identified Jurisdictions with AML/CFT Deficiencies and Relevant U.S. Actions2019FinCEN Advisory FIN-2019-A004 on FATF-Identified Jurisdictions with AML/CFT Deficiencies2019Advisory on the Financial Action Task Force-Identified Jurisdictions with Anti-Money Laundering and Combatting the Financing of Terrorism Deficiencies2019Advisory on the Financial Action Task Force-Identified Jurisdictions with Anti-Money Laundering and Combatting the Financing of Terrorism Deficiencies (FinCEN Advisory FIN-2018-A007)2018Advisory on the Iranian Regime’s Illicit and Malign Activities and Attempts to Exploit the Financial System2018
+7 more
Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies (FinCEN Advisory FIN-2018-A004)2018Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies2015Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies2014Guidance to Financial Institutions Based on the Financial Action Task Force Updated Lists of Jurisdictions with Strategic Anti-Money Laundering and Counter-Terrorist Financing Deficiencies2014Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies (FinCEN Advisory - FIN-2013-A008)2013Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies (FinCEN Advisory – FIN-2013-A006)2013Finding that the Islamic Republic of Iran is a Jurisdiction of Primary Money Laundering Concern2011
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