FinCEN Severs Access to U.S. Financial System for FBME Bank Ltd.

FinCEN Severs Access to U.S. Financial System for FBME Bank Ltd.

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) today issued a final rule, pursuant to Section 311 of the USA PATRIOT Act, which imposes “special measure five” against FBME Bank Ltd. (FBME), formerly known as the Federal Bank of the Middle East. Special measure five prohibits U.S. financial institutions from opening or maintaining correspondent accounts or payable through accounts for or on behalf of FBME.

 

News Release: http://www.fincen.gov/news_room/other/pdf/20150723.pdf

 

Final Rule: http://www.fincen.gov/statutes_regs/patriot/pdf/FBMEFinalRule20150723.pdf