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Supplemental Information Regarding the Final Rule Imposing the Fifth Special Measure Against FBME Bank, Ltd.

aml-bsa-fincen · FinCEN · Rule · Published 2016-12-01 · 81 FR 86577

Document

Document number
2016-28752
Federal Register citation
81 FR 86577
CFR reference
31 CFR 1010
Type
Rule
Action
Supplement to final rule.
Category
aml-bsa-fincen
Sub-agency
FinCEN
Publication date
2016-12-01

Abstract

In its September 20, 2016 order, the U.S. District Court for the District of Columbia remanded to FinCEN the final rule imposing a prohibition on covered financial institutions from opening or maintaining correspondent accounts for, or on behalf of, FBME Bank, Ltd. In its memorandum opinion accompanying that order, the Court stated that the agency had not responded meaningfully to FBME's comments regarding the agency's treatment of aggregate Suspicious Activity Report (SAR) data. The Court found that those comments challenged FinCEN's interpretation of SAR data on at least four distinct grounds. In this supplement to the final rule, FinCEN provides further explanation addressing FBME's comments.

Source

Authoritative
Federal Register document
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