Regulatory Alerts2012-05-30
Added
Imposition of Special Measure against JSC CredexBank as a Financial Institution of Primary Money Laundering Concern
FinCEN proposes to impose two special measures against JSC CredexBank, a Belarus-based financial institution found to be of primary money laundering concern. The first measure requires domestic financial institutions to maintain records and file reports concerning transactions with Credex, including details on participants, beneficial owners, and transaction descriptions. The fifth measure prohibits or conditions the opening or maintaining of correspondent or payable-through accounts for Credex by U.S. financial institutions. This notice of proposed rulemaking invites public comments on these measures by July 30, 2012.