Regulatory Alerts2016-03-01
Added
Withdrawal of Finding Regarding Banca Privada d'Andorra
FinCEN withdraws its March 13, 2015 finding that Banca Privada d’Andorra (BPA) is a financial institution of primary money laundering concern under Section 311 of the USA PATRIOT Act. The withdrawal becomes effective on March 4, 2016, due to subsequent developments including BPA's takeover by the Andorran agency AREB and the transfer of its legitimate assets to a bridge bank named Vall Banc. Consequently, FinCEN will not impose special measures against BPA, including the proposed prohibition on correspondent accounts.