Regulatory Alerts2017-11-02
Added
Imposition of Special Measure Against Bank of Dandong as a Financial Institution of Primary Money Laundering Concern
The rule prohibits covered U.S. financial institutions from opening or maintaining correspondent accounts for, or on behalf of, Bank of Dandong Co., Ltd. It further requires these institutions to take reasonable steps not to process transactions involving Bank of Dandong through the correspondent accounts of foreign banking institutions in the United States. Covered institutions must also apply special due diligence to their foreign correspondent accounts that is reasonably designed to guard against their use to process transactions involving Bank of Dandong. This final rule becomes effective on December 8, 2017.