Regulatory Alerts2004-04-12
Added
Imposition of Special Measures Against Burma
The rule prohibits certain U.S. financial institutions from establishing, maintaining, administering, or managing correspondent or payable-through accounts in the United States for, or on behalf of, Burmese banking institutions. This prohibition extends to accounts maintained for other foreign banks when used to provide financial services to a Burmese banking institution indirectly. The prohibition does not apply if the account operation is permitted under Executive Order 13310 and the Burma-related activities are solely for transactions exempt from or licensed pursuant to that Executive Order. A separate notice concurrently imposes a fifth special measure against Myanmar Mayflower Bank and Asia Wealth Bank, prohibiting such accounts notwithstanding any exemption or license under Executive Order 13310.