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Financial Institution Letter

Bank Secrecy Act Multibanka, Riga, Latvia – Subject of Primary Money Laundering Concern

Summary: The Department of the Treasury has designated Multibanka, Riga, Latvia, to be of primary money laundering concern and has issued proposed countermeasures.

  • On April 21, 2005, the Department of the Treasury's (Treasury) Financial Crimes Enforcement Network (FinCEN) announced the designation of Multibanka, Riga, Latvia, to be a financial institution of "primary money laundering concern" under Section 311 of the USA PATRIOT Act.
  • Treasury, acting through FinCEN, is issuing a proposed rule to impose special measures against Multibanka. The proposed rule would prohibit U.S. financial institutions from opening or maintaining correspondent or payable-through accounts in the U.S. for, or on behalf of, Multibanka. This proposed 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 Multibanka indirectly.
  • Treasury is soliciting written comments regarding this proposed rule. The proposed rule can be found on the FinCEN Web site under "What's New" at . Comments must be submitted on or before May 26, 2005, to Treasury via electronic mail at . Include RIN 1506-AA81 in the subject line of the message. Comments may also be submitted by paper mail to FinCEN, P.O. Box 39, Vienna, Virginia 22183. Include RIN 1506-AA81 in the body of the text.
  • Please distribute this information to the appropriate personnel in your institution.

FDIC-Supervised Banks (Commercial and Savings)

Suggested Routing:
Chief Executive Officer
BSA Compliance Office

FDIC Financial Institution Letters (FILs) may be accessed from the FDIC's Web site at .

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Paper copies of FDIC FILs may be obtained through the FDIC's Public Information Center, 801 17th Street, NW, Room 100, Washington, DC 20434 (1-877-275-3342 or (703) 562-2200).

Related Topics
Bank Secrecy Act
Last Updated: April 29, 2005