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Financial Institution Letters

Bank Secrecy Act
Banco Delta Asia SARL – Subject of Primary Money Laundering Concern
FIL-96-2005
September 23, 2005


Summary: The Department of the Treasury has designated Banco Delta Asia SARL, Macau Special Administrative Region, China, to be a financial institution of primary money laundering concern and has issued proposed countermeasures.



Highlights:
  • On September 20, 2005, the Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) announced the designation of Banco Delta Asia SARL, Macau Special Administrative Region, China, as a financial institution of "primary money laundering concern" under Section 311 of the USA PATRIOT Act (see attached Federal Register notice).
  • Treasury is issuing the attached proposed rule to impose special measures against Banco Delta Asia SARL. 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, Banco Delta Asia SARL.
  • 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 Banco Delta Asia SARL 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 http://www.fincen.gov. Comments must be submitted on or before October 20, 2005, to Treasury via electronic mail at regcoments@fincen.treas.gov. Include RIN 1506-A83 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-A83 in the body of the text.
  • 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:
Federal Register Notice of Finding - PDF 104k (PDF Help)
Federal Register Notice of Proposed Rulemaking - PDF 64k (PDF Help)

Contact:
Senior Financial Analyst Debra L. Novak at SASFIL@FDIC.gov or (202) 898-3673.

Printable Format:
FIL-96-2005 - PDF 40k (PDF Help)

Note:
FDIC Financial Institution Letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/news/financial/2005/index.html.

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

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 09/23/2005 communications@fdic.gov