Regulatory Alerts2012-10-01
Added
Repeal of the Final Rule Imposing Special Measures and Withdrawal of the Findings of Primary Money Laundering Concern Against Myanmar Mayflower Bank and Asia Wealth Bank
FinCEN repeals the final rule published on April 12, 2004, which imposed special measures against Myanmar Mayflower Bank and Asia Wealth Bank, and withdraws the findings that these entities were financial institutions of primary money laundering concern. The repeal removes section 1010.652 from Title 31 of the Code of Federal Regulations, thereby eliminating the obligations for covered financial institutions to terminate correspondent or payable-through accounts for these banks and to apply due diligence regarding their indirect use. This action is effective October 1, 2012, and results from the revocation of the banks' licenses by the Government of Burma and the cessation of their business activities.