Regulatory Alerts2016-04-01
Added
Imposition of Special Measure Against FBME Bank Ltd. as a Financial Institution of Primary Money Laundering Concern
FinCEN imposes a prohibition on U.S. financial institutions from opening or maintaining correspondent accounts for, or on behalf of, FBME Bank Ltd., formerly known as the Federal Bank of the Middle East Ltd. This final rule replaces a previous July 2015 rule that was enjoined by the United States District Court for the District of Columbia before its effective date. The measure is based on findings that FBME remains a financial institution of primary money laundering concern due to inadequate anti-money laundering controls and continued facilitation of illicit financial activity. The rule becomes effective on July 29, 2016.