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If at first you don’t succeed: FinCEN tries again to sanction FBME Bank Ltd

FBME Bank Ltd: Re-opening of comment period and availability of supplemental information

On July 29, 2015, FinCEN issued a Final Rule imposing the fifth special measure against FBME Bank Ltd.
(FBME) with an effective date of August 28, 2015. On August 27, 2015, the United States District Court for
the District of Columbia granted FBME’s motion for a preliminary injunction and enjoined the Final Rule
from taking effect. On November 6, 2015, the Court granted the Government’s motion for voluntary
remand to allow for further rulemaking proceedings. On November 27, 2015, FinCEN published in the
Federal Register a Notice to re-open the Final Rule for 60 days to solicit additional comment in connection
with the rulemaking, particularly with respect to the unclassified, non-protected documents that support
the rulemaking and whether any alternatives to the prohibition of the opening or maintaining of
correspondent accounts with FBME would effectively mitigate the risk to domestic financial institutions.
The Notice can be found at
http://www.gpo.gov/fdsys/pkg/FR-2015-11-27/pdf/2015-30119.pdf. The
unclassified, non-protected documents that support the rulemaking are available at
http://www.regulations.gov
[Docket ID: FINCEN_FRDOC_0001].

Link:

FinCEN Notice

 

Categories: Anti-Money Laundering FinCEN Updates Section 311 Sanctions

eric9to5

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