Regulatory Alerts2016-03-01
Added
Withdrawal of Finding and Notice of Proposed Rulemaking Regarding Banca Privada d'Andorra
The Financial Crimes Enforcement Network withdraws its notice of proposed rulemaking seeking to impose the fifth special measure regarding Banca Privada d’Andorra. This action is taken because subsequent developments, including regulatory oversight and asset restructuring by Andorran authorities, have mitigated the money laundering risks previously associated with the bank. Consequently, the agency has determined that Banca Privada d’Andorra is no longer a primary money laundering concern warranting special measures under Section 311 of the USA PATRIOT Act. The withdrawal of the notice of proposed rulemaking is effective as of March 4, 2016.