Regulatory Alerts2011-02-10
Added
Imposition of Special Measure against Lebanese Canadian Bank SAL as a financial institution of primary money laundering concern
FinCEN proposes to impose the fifth special measure against Lebanese Canadian Bank SAL (LCB) and its subsidiaries, prohibiting covered financial institutions from establishing, maintaining, or managing correspondent accounts for or on behalf of LCB. As a corollary, covered financial institutions must apply special due diligence to their correspondent accounts, including notifying account holders that LCB may not access these accounts and taking reasonable steps to identify indirect use by LCB. This notice of proposed rulemaking seeks public comments on or before April 18, 2011.
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