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Inactive Financial Institution Letters

Bank Secrecy Act
VEF Banka, Riga, Latvia - Subject of Primary Money Laundering Concern
April 29, 2005

Summary: The Department of the Treasury has designated VEF Banka, 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 VEF Banka, 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 VEF Banka. 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, VEF Banka. 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 VEF Banka 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-AA82 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-AA82 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 Officer

Related Topics:
Bank Secrecy Act

Proposed Rule for VEF Banka
        Proposed Rule for VEF Banka - PDF 84k (PDF Help)

Senior Financial Analyst Debra L. Novak at or (202) 898-3673

Printable Format:
FIL-36-2005 - PDF 46k (PDF Help)

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

To receive FILs electronically, please visit

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).

Last Updated 04/29/2005

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