BSA Blast on sanction violations abroad

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July 16, 2014 – The summer edition of NAFCU’s BSA Blast focuses on the recent violations of U.S. sanction laws by France’s largest bank, as well as how to recognize suspicious funnel account activity and other advice from the Financial Crimes Enforcement Network.

The quarterly e-newsletter is offered as a member service to cover the latest compliance issues and industry activity related to the Bank Secrecy Act and the Treasury Department’s Office of Foreign Assets Control.

In this issue, NAFCU Regulatory Paralegal Shari Pogach detailed how Paris-based BNPP – the fourth largest bank in the world – became the first global bank to agree to plead guilty to violations of the International Emergency Economic Powers Act and the Trading With the Enemy Act, after concealing billions of dollars of transactions for clients in Sudan, Iran and Cuba.

The newsletter also features updates on a scam involving individuals obtaining citizenship from the Federation of St. Kitts and Nevis to evade U.S. sanctions or commit financial crime. Other articles focus on a FinCEN advisory on the red flags that might indicate a funnel account in conjunction with trade-based money laundering; and agency Director Jennifer Shasky Calvery’s recent speeches on anti-money laundering efforts.

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NAFCU BSA Blast