Regulatory Alerts2004-04-12
Added
Imposition of Special Measures Against Myanmar Mayflower Bank and Asia Wealth Bank
The Financial Crimes Enforcement Network imposes special measures requiring covered financial institutions to terminate any correspondent account established, maintained, administered, or managed in the United States for Myanmar Mayflower Bank or Asia Wealth Bank. Covered institutions must also ensure that correspondent accounts for other foreign banks are not used to provide banking services indirectly to these two Burmese banks, terminating such accounts if necessary within a commercially reasonable time. These prohibitions apply regardless of exemptions under Executive Order 13310, though accounts may be reestablished if the institution determines they will not be used to provide indirect services to the named banks.