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Update Regarding Imposition of Fifth Special Measure against FBME Bank, Ltd.

May 09, 2017 / Source: FinCEN

Immediate Release: May 05, 2017
In its April 14, 2017 order granting FinCEN's motion for summary judgment, the U.S. District Court for the District of Columbia lifted the stay blocking the implementation of the March 31, 2016 Final Rule imposing a prohibition on opening or maintaining correspondent accounts for, or on behalf of, FBME Bank, Ltd. pursuant to Section 311 of the USA PATRIOT Act.  On April 28, 2017, the U.S. Court of Appeals for the District of Columbia Circuit denied FBME's motion for stay pending appeal.  Accordingly, the Final Rule is in effect.  FBME is appealing the district court's decision.