Regulatory Alerts2003-11-25
Added
Imposition of Special Measures Against Myanmar Mayflower Bank and Asia Wealth Bank as Financial Institutions of Primary Money Laundering Concern
This proposed rule designates Myanmar Mayflower Bank and Asia Wealth Bank as financial institutions of primary money laundering concern and imposes special measures under 31 U.S.C. 5318A. Covered financial institutions are required to terminate any correspondent accounts established, maintained, administered, or managed in the United States for these two Burmese banks. The prohibition also extends to indirect correspondent accounts where a foreign bank uses its U.S. correspondent account to provide banking services to the designated institutions, requiring termination within a commercially reasonable time. An exception exists only if the account operation is not prohibited by Executive Order 13310 and transactions are limited to those exempted or authorized by regulation, order, directive, or license under that Executive Order.