Regulatory Alerts2013-04-25
Added · Updated
Imposition of Special Measures against Kassem Rmeiti & Co. For Exchange as a Financial Institution of Primary Money Laundering Concern
The Director of FinCEN proposes to impose first and fifth special measures against Kassem Rmeiti & Co. For Exchange as a financial institution of primary money laundering concern. Covered financial institutions and principal money transmitters would be required to collect and report specific information regarding any transaction involving the entity, including participant identities, legal capacity, and transaction purpose. Additionally, covered financial institutions would be prohibited from opening or maintaining correspondent accounts for foreign banking institutions if such accounts are used to process transactions involving the entity, and would be required to apply special due diligence to all correspondent accounts.
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