Beware of Blacklisted Nauru Banks: ICC’s Financial Investigation Bureau Issues Warning

The International Chamber of Commerce’s (ICC) Financial Investigation Bureau (FIB) is warning financial institutions about several Nauru-registered banks that have been blacklisted for more than a decade but have re-emerged with new identities.

Background

• In 2002, Nauru was designated as a money laundering concern by the US Department of the Treasury.
• US financial institutions were prohibited from financial dealings with any Nauru-licensed institution.
• The US designation followed the introduction of the Patriot Act, which targeted offshore banks with no physical or legal residence in the world.

Concerns Raised by ICC’s FIB

• The FIB has expressed concern that some of these discredited Nauru financial institutions are now trying to rebrand themselves as new entities.
• Financial institutions need to be aware and vigilant about this.

List of Blacklisted Nauru Financial Institutions

The FIB maintains a comprehensive list of all the Nauru banks and financial institutions named by the US Department of the Treasury.

Potential Risks

• Financial institutions may be unknowingly trading with or maintaining correspondent relationships with these blacklisted Nauru financial institutions.
• Failure to identify such institutions can lead to potentially severe penalties.

Protective Measures

The FIB offers protective measures, such as asset tracking and guidance on how to exit correspondent relationships, to mitigate the risks.

Contact the FIB for More Details

Financial institutions seeking additional information and clarification are encouraged to contact the FIB at fib@icc-ccs.org.