Regulatory Alerts2014-07-22
Added
Imposition of Special Measure Against FBME Bank Ltd. as a Financial Institution of Primary Money Laundering Concern
The Financial Crimes Enforcement Network proposes to impose the fifth special measure under Section 311 of the USA PATRIOT Act against FBME Bank Ltd., defining it as a financial institution of primary money laundering concern. The proposed rule prohibits covered financial institutions from establishing, maintaining, administering, or managing any correspondent account for or on behalf of FBME. Additionally, covered institutions must apply special due diligence to all foreign correspondent accounts to guard against processing transactions involving FBME, including notifying foreign correspondent account holders that they may not provide FBME with access to such accounts. Written comments on this notice of proposed rulemaking must be submitted on or before September 22, 2014.