RegAlert2024-01-29
Added · Updated
Proposal of Special Measure regarding Al-Huda Bank, as a Foreign Financial Institution of Primary Money Laundering Concern
FinCEN proposes to find Al-Huda Bank, an Iraq-based foreign financial institution, to be of primary money laundering concern due to its exploitation of the Central Bank of Iraq dollar auction to support designated foreign terrorist organizations. The notice proposes special measure five, which would prohibit covered domestic financial institutions and agencies from opening or maintaining correspondent or payable-through accounts for or on behalf of Al-Huda Bank. Written comments on this proposed rule must be submitted on or before March 1, 2024.
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Source: Financial Crimes Enforcement Network — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works