Regulatory Alerts2012-05-25
Added
Finding that JSC CredexBank Is a Financial Institution of Primary Money Laundering Concern
The Director of FinCEN finds that JSC CredexBank is a financial institution of primary money laundering concern, effective May 25, 2012. This determination is based on the bank's engagement in high volumes of transactions indicative of money laundering on behalf of shell corporations and its history of ownership by opaque shell entities. The finding authorizes the imposition of special measures against the bank under section 311 of the USA PATRIOT Act.