Regulatory Alerts2018-02-13
Added
Proposal of Special Measure Against ABLV Bank, AS as a Financial Institution of Primary Money Laundering Concern
FinCEN proposes a prohibition under Section 311 of the USA PATRIOT Act on the opening or maintaining of correspondent accounts in the United States for ABLV Bank, AS. This action follows a finding that ABLV is a foreign financial institution of primary money laundering concern due to institutionalized money laundering practices and inadequate controls. Written comments on this notice of proposed rulemaking must be submitted on or before April 17, 2018.