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Inactive Financial Institution Letters

Bank Secrecy Act
Multibanka, Riga, Latvia – Subject of Primary Money Laundering Concern
FIL-35-2005
April 29, 2005


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

Highlights:
  • 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 http://www.fincen.gov. Comments must be submitted on or before May 26, 2005, to Treasury via electronic mail at regcoments@fincen.treas.gov. 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.

Distribution:
FDIC-Supervised Banks (Commercial and Savings)

Suggested Routing:
Chief Executive Officer
BSA Compliance Office

Related Topics:
Bank Secrecy Act

Attachment:
Proposed Rule for Multibanka
        Proposed Rule for Multibanka - PDF 83k (PDF Help)

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

Printable Format:
FIL-35-2005 - PDF 46k (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 04/29/2005 communications@fdic.gov