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Diplomacy in Action

2013 INCSR: Federal Deposit Insurance Corporation


Bureau of International Narcotics and Law Enforcement Affairs
Report
March 5, 2013

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In 2012, the Federal Deposit Insurance Corporation (FDIC) continued to work in partnership with several Federal agencies and international groups to combat money laundering and inhibit the flow of terrorist funding. These efforts were focused primarily on training and outreach initiatives. In partnership with the U.S. Department of State, the FDIC hosted three anti-money laundering/counter-financing of terrorism (AML/CFT) training sessions for 68 representatives from Bahrain, Bangladesh, Djibouti, Ethiopia, India, Indonesia, Kuwait, Malaysia, Niger, Oman, Philippines, Qatar, Thailand, and Yemen. The training addressed current trends and methodologies, the AML examination process, suspicious activity monitoring, customer due diligence, and foreign correspondent banking risks and controls

During the year, the FDIC met with six representatives from the Financial Monitoring Service of Azerbaijan and one representative from the Insurance Regulatory and Development Authority of India to discuss AML issues. Topics included AML examination policies and procedures, the USA PATRIOT Act rules, suspicious activity reporting requirements, and government information sharing mechanisms.

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