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Financial Institution Letters

Bank Secrecy Act
Commercial Bank of Syria - Designation of Primary Money Laundering Concern
FIL-28-2006
March 30, 2006


Summary: The Department of the Treasury has designated Commercial Bank of Syria, including its subsidiary, Syrian Lebanese Commercial Bank, 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 15, 2006, the Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued a final rule announcing the designation of Commercial Bank of Syria, including its subsidiary, Syrian Lebanese Commercial Bank, to be a financial institution of "primary money laundering concern" under Section 311 of the USA PATRIOT Act. For purposes of this document, references to Commercial Bank of Syria include Syrian Lebanese Commercial Bank, and any other branch, office or subsidiary of Commercial Bank of Syria.
  • The final rule includes a special measure that prohibits or imposes conditions upon the opening or maintaining of correspondent or payable-through accounts by any domestic financial institution or domestic financial agency for, or on behalf of, Commercial Bank of Syria.
  • 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 Commercial Bank of Syria indirectly.
  • The final rule is effective on April 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:
Federal Register notice of final rule - PDF 88k (PDF Help)

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

Printable Format:
FIL-28-2006 - PDF 38k (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 FILs may be obtained through the FDIC's Public Information Center (1-877-275-3342 or 703-562-2200).



Last Updated 03/30/2006 communications@fdic.gov