Regulatory Alerts2004-08-24
Added
Imposition of Special Measure Against First Merchant Bank OSH Ltd and Subsidiaries
This proposed rulemaking imposes a special measure against First Merchant Bank OSH Ltd, including its subsidiaries FMB Finance Ltd, First Merchant International Inc, First Merchant Finance Ltd, and First Merchant Trust Ltd, designating them as financial institutions of primary money laundering concern. The measure prohibits covered financial institutions from maintaining correspondent accounts for Infobank and requires special due diligence to prevent indirect use by Infobank through such accounts. Covered institutions must notify account holders that they may not provide Infobank with access to these accounts and take reasonable steps to identify any indirect use based on transactional records.