Bank Secrecy Act VEF Banka, Riga, Latvia – Designation of Primary Money Laundering Concern
FIL-66-2006 July 26, 2006
The Department of the Treasury has designated VEF Banka, Riga, Latvia, 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.
On July 12, 2006, the Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued a final rule designating VEF Banka, Riga, Latvia, 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, VEF Banka.
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 VEF Banka indirectly.
The final rule will be effective August 14, 2006.
Please distribute this information to the appropriate personnel in your institution.
FDIC-Supervised Banks (Commercial and Savings)
Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 3501 North Fairfax Drive, Room E-1002, Arlington, VA 22226 (1-877-275-3342 or 703-562-2200).