Regulatory Alerts2016-10-19
Added
Conditional Exception to Bank Secrecy Act Regulations Relating to the Burma Section 311 Final Rule
The Financial Crimes Enforcement Network grants a conditional exception permitting covered U.S. financial institutions to maintain correspondent accounts for Burmese banking institutions, despite the prohibitions in 31 CFR 1010.651. This relief applies beginning October 7, 2016, provided that the covered financial institution subjects the account to the due diligence obligations set forth under Section 312 of the USA PATRIOT Act and its implementing regulation at 31 CFR 1010.610.