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The U.S. Treasury Department on Tuesday designated a Belarusian bank a primary money laundering concern under the Patriot Act for allegedly helping shell companies process over $1 billion in suspicious transactions. Under rules proposed Tuesday by the department's Financial Crimes Enforcement Network, or FinCEN, U.S. financial institutions would have to "take reasonable steps" to collect and report data on any transactions related to Belarus-based JSC CredexBank, including beneficial ownership information involving certain private banking and correspondent accounts. Financial institutions would additionally be prohibited from maintaining correspondent accounts for the bank in the United States, under the proposal, which would also...