| Specifications | NYSE: IM 06-58: NYSE and NASD Joint Release Regarding Special Measures Against Specified Banks Pursu\ ant to Section 311 of the USA Patriot Act \August 2006\ |
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| Specifications | NYSE: IM 06-58: NYSE and NASD Joint Release Regarding Special Measures Against Specified Banks Pursu\ ant to Section 311 of the USA Patriot Act \August 2006\ |
| Business section |
| Specifications | NYSE: IM 06-58: NYSE and NASD Joint Release Regarding Special Measures Against Specified Banks Pursu\ ant to Section 311 of the USA Patriot Act \August 2006\ |
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| Content | Information Memo Member Firm Regulation NYSE Regulation, Inc. | 20 Broad Street New York, NY 10005 nyse.com Number 06-58 August 14, 2006 ATTENTION: CHIEF EXECUTIVE OFFICER, MANAGING PARTNERS, ANTI- MONEY LAUNDERING OFFICER, AND CHIEF COMPLIANCE OFFICER TO: ALL MEMBER ORGANIZATIONS SUBJECT: NYSE AND NASD JOINT RELEASE REGARDING SPECIAL MEASURES AGAINST SPECIFIED BANKS PURSUANT TO SECTION 311 OF THE USA PATRIOT ACT This is to remind member organizations that the Financial Crimes Enforcement Network (FinCEN) has issued a final rule imposing a special measure,1 which is effective as of August 14, 2006, against the Latvian bank VEF Banka and its subsidiaries, including Veiksmes Līzings.2 This measure is comparable to that imposed against the Commercial Bank of Syria and its subsidiaries, including Syrian Lebanese Commercial Bank, which became effective April 14, 2006.3 The special measures have been imposed in response to findings that these entities and their subsidiaries (the Specified Banks) are financial institutions of primary money laundering concern. Under the special measures, covered financial institutions, which includes broker-dealers, are subject to the following two primary requirements with respect to the Specified Banks: Prohibition of the Direct Use of Correspondent Accounts by the Specified Banks Covered financial institutions are prohibited from opening or maintaining a correspondent account4 in the United States for, or on behalf of, the Specified Banks. 1 The rule was issued pursuant to the authority contained in 31 U.S.C. 5318A of the Bank Secrecy Act. Section 311 of the USA PATRIOT Act added section 5318A to the Bank Secrecy Act, and granted the Secretary of the Treasury the authority, after finding that reasonable grounds exist for concluding that a foreign jurisdiction, foreign financial institution, international class of transactions, or type of account is of primary money laundering concern, to require domestic financial institutions and domestic financial agencies to take certain special measures against the primary money laundering concern. 2 See 71 FR 39554 (July 13, 2006) available at www.fincen.gov/vef_final_rule_070706.pdf. 3 See 71 FR 13265 (March 15, 2006) available at www.fincen.gov/noticeoffinalrule03152006.pdf. 4 For purposes of these final rules, a correspondent account is defined as an account established to receive deposits from, or make payments or other disbursements on behalf of, a foreign bank, or handle |
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