Commercial Bank of Syria - Designation of Primary Money Laundering Concern

Bank Secrecy Act (BSA)
Patriot ActFederal Deposit Insurance Corporation (FDIC)Anti-Money Laundering

The Department of the Treasury has designated Commercial Bank of Syria, including its subsidiary, Syrian Lebanese Commercial Bank, 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.

Highlights:

- On March 15, 2006, the Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued a final rule announcing the designation of Commercial Bank of Syria, including its subsidiary, Syrian Lebanese Commercial Bank, to be a financial institution of "primary money laundering concern" under Section 311 of the USA PATRIOT Act. For purposes of this document, references to Commercial Bank of Syria include Syrian Lebanese Commercial Bank, and any other branch, office or subsidiary of Commercial Bank of Syria.

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