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Financial Institution Letters

Bank Secrecy Act
VEF Banka, Riga, Latvia – Designation of Primary Money Laundering Concern
FIL-66-2006
July 26, 2006


Summary: The Department of the Treasury has designated VEF Banka, Riga, Latvia, as a financial institution of primary money laundering concern and has issued the attached final rule restricting domestic financial institutions' banking relationships with this entity.

Highlights:
  • On July 12, 2006, the Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued a final rule designating VEF Banka, Riga, Latvia, to be a financial institution of "primary money laundering concern" under Section 311 of the USA PATRIOT Act.
  • The final rule includes a special measure that prohibits or imposes conditions upon the opening or maintaining of correspondent or payable-through accounts in the U.S. for, or on behalf of, VEF Banka.
  • This prohibition extends to correspondent or payable-through accounts maintained for other foreign banks when such accounts are used by the foreign bank to provide financial services to VEF Banka indirectly.
  • The final rule will be effective August 14, 2006.
  • Please distribute this information to the appropriate personnel in your institution.

Distribution:
FDIC-Supervised Banks (Commercial and Savings)

Suggested Routing:
Chief Executive Officer
BSA Compliance Officer

Related Topics:
Bank Secrecy Act

Attachment:
Final Rule - PDF 84k (PDF Help)

Contact:
Review Examiner Debra L. Novak at SASFIL@FDIC.gov or (202) 898-3673

Printable Format:
FIL-66-2006 - PDF 36k (PDF Help)

Note:
FDIC Financial Institution Letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/news/financial/2006/index.html.

To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html.

Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 3501 North Fairfax Drive, Room E-1002, Arlington, VA 22226 (1-877-275-3342 or 703-562-2200).



Last Updated 3/26/2012 communications@fdic.gov