Regulatory Alerts2014-07-08
Added
Notice of Finding That FBME Bank Ltd. Is a Financial Institution of Primary Money Laundering Concern
The Director of FinCEN found that FBME Bank Ltd., formerly known as Federal Bank of the Middle East, Ltd., is a financial institution operating outside the United States of primary money laundering concern. This finding, effective as of July 15, 2014, establishes reasonable grounds for concluding that the bank facilitates money laundering, terrorist financing, sanctions evasion, and other illicit activities through its weak anti-money laundering controls and extensive use of shell companies. The determination authorizes domestic financial institutions and financial agencies to take special measures to address these primary money laundering concerns.