Regulatory Alerts2019-10-25
Added
Imposition of Fifth Special Measure Against the Islamic Republic of Iran as a Jurisdiction of Primary Money Laundering Concern
FinCEN prohibits U.S. financial institutions from opening or maintaining correspondent accounts for, or on behalf of, Iranian financial institutions. The rule also bans the use of foreign financial institutions’ correspondent accounts at covered U.S. financial institutions to process transactions involving Iranian financial institutions. This final rule, issued under Section 311 of the USA PATRIOT Act, becomes effective on November 14, 2019.