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Financial Institution Letter
Bank Secrecy Act Banco Delta Asia Sarl - Designation of Primary Money Laundering Concern
April 2, 2007
Notes
 
Summary: The Department of the Treasury has designated Banco Delta Asia SARL, Macau Special Administrative Region, China, 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 March 14, 2007, the Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued the attached final rule designating Banco Delta Asia SARL, Macau Special Administrative Region, China, 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, Banco Delta Asia SARL.
  • 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 Banco Delta Asia SARL indirectly.
  • The final rule will be effective April 18, 2007.

Distribution:
FDIC-Supervised Banks (Commercial and Savings)

Suggested Routing:
Chief Executive Officer
BSA Compliance Officer

Note:
FDIC financial institution letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/financial-institution-letters/2007/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 Fairfax Drive, Room E-1002, Arlington, VA 22226 (1-877) 275- 3342 or 703-562-2200.



FIL-30-2007
Attachments
Related Topics
Bank Secrecy Act
Last Updated: April 2, 2007