Regulatory Alerts2011-07-26
Added
Withdrawal of the Finding of Primary Money Laundering Concern and the Final Rule against VEF Banka
FinCEN withdraws the finding that VEF Banka was a financial institution of primary money laundering concern and repeals the final rule imposing special measures against it. The repeal removes the obligation for covered financial institutions to terminate correspondent or payable-through accounts for VEF Banka and to apply specific due diligence measures. This action is effective August 1, 2011, and results from the revocation of VEF Banka's Latvian banking license and the court-ordered liquidation of the bank.
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