The United States’s financial intelligence unit (FinCEN) is proposing a 311 action against ABLV Bank. FinCEN asserts that ABLV Bank is a bank of prime money laundering concern, and that the bank has an ineffective AML/CFT and sanctions regime that has made the bank attractive for actors involved in criminal activity, weapons proliferation, corruption and sanctions evasion. FinCEN also indicates that the bank has provided financial services to individuals potentially involved in North Korean procurement or export of ballistic missiles.

ABLV Bank is headquartered in Latvia, with a subsidiary in Luxembourg and representative offices in Russia, Ukraine, Belarus, Kazakhstan, Azerbaijan, Uzbekistan, Cyprus, and Hong Kong. Given the scope of the assertions from FinCEN, any bank that has transacted with ABLV Bank should be taking a hard look at those transactions.

Join the conversation! 1 Comment

  1. […] implicated to this degree in sanctions evasion – it is in fact an all-too common occurrence. (ABLV Bank and Credit Bank Moscow are two recent […]

    Like

    Reply

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

Category

Compliance, Money Laundering, sanctions evasion, Terrorist Financing

Tags

, , ,