Regulatory Alerts2013-04-25
Added · Updated
Imposition of Special Measures against Halawi Exchange Co. as a Financial Institution of Primary Money Laundering Concern
FinCEN proposes to impose two special measures against Halawi Exchange Co. under 31 U.S.C. 5318A. The first measure requires covered financial institutions and principal money transmitters to collect and report specific information regarding any transaction involving Halawi Exchange within fifteen business days. The fifth measure prohibits covered financial institutions from opening or maintaining correspondent accounts for foreign banking institutions if such accounts are used to process transactions involving Halawi Exchange, while requiring special due diligence for all correspondent accounts.
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