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Friday, March 9, 2018
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.