Regulatory Alerts2010-06-22 | FinCEN Advisory - FIN-2010-A008Added
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.