Regulatory Alerts2009-07-23 | FinCEN Advisory – FIN-2009-A005Added
Withdrawal of Advisory FIN-2008-A003 (FinCEN Advisory – FIN-2009-A005)
FinCEN withdraws Advisory FIN-2008-A003, which previously mandated enhanced scrutiny for transactions involving the area of Cyprus administered by Turkish Cypriots. This withdrawal follows significant progress by the region in addressing anti-money laundering and counter financing of terrorism deficiencies identified by the Financial Action Task Force. U.S. financial institutions remain obligated to report suspicious activity and comply with all applicable laws, noting that transactions involving banks in this region may not be readily apparent due to limitations in standardized messaging systems.
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