A decision by the US Treasury’s Financial Crimes Enforcement Network (FinCEN) to prohibit US financial institutions from opening or maintaining a correspondent account for, or on behalf of, the Federal Bank of the Middle East (FBME) has become final, a Central Bank of Cyprus press release said on Sunday.
The final rule, issued by FinCEN on Friday, confirms an original final rule dated July 29, 2015, the Central Bank says.
It adds that in the original rule FinCEN had described FBME Bank Ltd (FBME) as an institution of “primary money laundering concern” and had pointed in the direction of both money laundering and funding terrorism.
Source: CNA
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