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FinCEN Issues Advisory on Abuse of the Citizenship-by-Investment Program Sponsored by the Federation of St. Kitts and Nevis
The Financial Crimes Enforcement Network (FinCEN) today issued an advisory to alert financial institutions that certain foreign individuals are abusing the Citizenship-by-Investment program sponsored by the Federation of St. Kitts and Nevis (SKN) to obtain SKN passports for the purpose of engaging in illicit financial activity. Financial institutions can mitigate exposure to such risk through customer due diligence, including risk-based identity verification consistent with existing customer identification program requirements. The advisory is available at http://www.fincen.gov/statutes_regs/guidance/pdf/FIN-2014-A004.pdf .
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