US Treasury Imposes Section 311 Measures Against Latvia’s 2nd Largest Bank

IMPORTANT: The full content of this page is available to premium users only.

Friday, March 9, 2018
Author: 
Bruce Zagaris
Volume: 
34
Issue: 
3
Abstract: 

On February 13, 2018, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a finding and notice of proposed rulemaking (NPRM), pursuant to Section 311 of the USA PATRIOT Act, prohibiting the opening or maintaining of a correspondent account in the United States for, or on behalf of, ABLV Bank.  FinCEN proposed the action based on its finding in the NPRM that ABLV is a foreign bank of primary money laundering concern.  Written comments on the NPRM are due April 17, 2018.