FinCen withdrawals under Section 311. EDD remains for the individuals and entities involved

 

 

FinCen announced on 2/19/16 the withdrawal of action under section 311 pertaining to Liberty Reserve (Costa Rica), JSC Credex Bank (Belarus) and Banca Privada (d’Andora) https://www.fincen.gov/whatsnew/html/20160219.html. This announcement and similar announcement updates important information about these organizations. However, what remains for financial institutions and businesses is the requirement to do continuous due diligence on the individuals, personal associates and associated businesses that are linked to these FinCen sanctioned businesses. The due diligence efforts should include but not be limited to continuous Negative News/Adverse media, Sanctions & Watch-lists and PEPs.

NominoData LLC provides due diligence solutions tools to conduct this type of research. For more information, please contact Rob Goldfinger @ rgoldfinger@nominodata.com