Regulatory Alerts2008-04-10
Added
Withdrawal of the Finding of Primary Money Laundering Concern and the Notice of Proposed Rulemaking Against First Merchant Bank
The Financial Crimes Enforcement Network withdraws its August 24, 2004 finding that First Merchant Bank is a financial institution of primary money laundering concern and its associated notice of proposed rulemaking as of April 10, 2008. This action removes the proposed prohibition on U.S. financial institutions opening or maintaining correspondent accounts for First Merchant Bank and its subsidiaries. The withdrawal is based on evidence that First Merchant Bank ceased operations, had its license cancelled by the Ministry of Finance of the Turkish Republic of Northern Cyprus, and that its parent and subsidiaries were dissolved or no longer exist.
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