Regulatory Alerts2015-07-23
Added
Imposition of Special Measure Against FBME Bank Ltd. as a Financial Institution of Primary Money Laundering Concern
This final rule imposes the fifth special measure against FBME Bank Ltd., prohibiting U.S. financial institutions from opening or maintaining correspondent or payable-through accounts for the bank. The measure is effective August 28, 2015, and follows a finding that FBME is a financial institution of primary money laundering concern due to systemic anti-money laundering control failures and facilitation of illicit activities. FinCEN determined that despite third-party audits identifying recurring deficiencies, the bank's compliance program remained inadequate to address the risks posed by its customers.