The U.S. Treasury Department ordered banks to sever their ties with a Tanzania-based financial institution that purportedly caters to clients seeking to circumvent compliance controls. In a notice of finding Thursday, the Financial Crimes Enforcement Network (FinCEN) proposed designating FBME Bank Ltd. a "primary money laundering concern" under Sec. 311 of the U.S. Patriot Act. The formal designation would prohibit U.S. banks from providing correspondent accounts for the financial institution and require them to monitor for related transactions. From April 2013 to April 2014, FBME Bank processed over $387 million in payments through the U.S. financial system that "exhibited indicators...
The U.S. financial intelligence unit rejected claims that its most recent attempt to blacklist a Tanzanian and Cypriot lender as a "primary money laundering concern" was based mostly on analysis of suspicious activity reports.
The U.S. Treasury Department Tuesday designated a Belarusian bank a primary money laundering concern under the Patriot Act for allegedly helping shell companies transact over a billion dollars in suspicious transactions.
A Beirut-based lender acted as a "primary money laundering concern" by handling hundreds of millions of dollars for drug traffickers and a designated terrorist organization, U.S. officials said Thursday.