Special Measure Five Taken Against FBME
FinCEN announced final action known as “special measure five” against FBME Bank Ltd. (FBME), formerly known as the Federal Bank of the Middle East that prohibits U.S. financial institutions from opening or maintaining correspondent accounts or payable through accounts for or on behalf of FBME. The action is the result of findings against FBME that determined that the Bank is a primary money laundering concern under Section 311 of the USA PATRIOT Act. [7/24/15]