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The emergence of jihadist units fighting in Syria against forces loyal to the government poses an immense challenge for banks utilizing U.S. Treasury Department licenses in the country, say sanctions experts.
U.S. financial institutions must freeze any account and block any payment linked to the Syria Islamic International Bank (SIIB), the U.S. Treasury Department announced Wednesday.
The U.S. Treasury Department last year froze $77 million in assets tied to the Syrian government under sanctions against state sponsors of terrorism, according to a report published Wednesday.
With the issuance Thursday of broad economic sanctions against Syria, banks in the United States are collaborating on a list of accounts and clients tied to the Middle Eastern government.
American banks must block any transaction tied to Syria's largest bank and report the freeze to the U.S. Treasury Department's Office of Foreign Assets Control, under sanctions issued Wednesday.
Caught between pressure from U.S. lawmakers to crack down harder on Iran and Syria and the desire to act in concert with America's allies, the White House is walking a fine line in its use of economic sanctions.
The Financial Crimes Enforcement Network warns about the risks involving Syrian PEP transactions, New Zealand issues new AML regulations, and more, in this week's roundup.
The U.S. Treasury Department will announce sanctions against Syrian President Bashar al-Assad and six of his senior officials in response to Syria's violent suppression of anti-government protests, the Associated Press reported Wednesday.
Large banks are bracing for possible orders from the Obama administration to freeze assets of individuals in the Syrian government that could come as early as this week, say compliance professionals.
Egmont also admitted India, Armenia, Belarus and Niue during its annual plenary meeting, a spokesperson for the U.S. Financial Crimes Enforcement Network confirmed.
