Bank fights FinCEN AML action to sever it from US system


page image

AML Compliance allegations lead to fight over severing of access to U.S. financial system

FBME Bank, based in Tanzania, is fighting once again to appeal implementation of U.S. FinCEN’s effort to sever the bank from access to the U.S. financial system.

The U.S. Treasury’s FinCEN agency in July of 2014 issued notice that FBME, formerly known as Federal Bank of the Middle East, had been designated by the agency as a “primary money laundering concern.” That FinCEN notices details the history of the bank and provides details of FinCEN allegations that “FBME facilitates money laundering, terrorist financing, transnational organized crime, fraud schemes, sanctions evasion, weapons proliferation, corruption by Politically- Exposed Persons, and other financial crimes.”

FBME has been fighting in court for three years to prevent the implementation of the FinCEN order, but last week a federal court in Washington, D.C. upheld the FinCEN action. FBME is appealing that ruling.

The bank, which does much of its business through a branch in Cyprus, in its appeal asserts that the FinCEN action will “inflict irreparable harm” without the bank having access to the full process of judicial review.


SURETY Eco–The AML Compliance Ecosystem for Peak Performance and Configurability

AML Compliance benefits tremendously from Ecosystem Thinking, specifically an extraordinarily configurable AML ecosystem. If you’re ready to explore the power of the software ecosystem in your AML Compliance work, contact us today to learn more about SURETY Eco, the end to end AML Ecosystem. You’ll be amazed at the power of innovative problem solving and Ecosystem Thinking to transform the effectiveness and efficiency of your AML Compliance efforts and achievements.

AML Compliance software solution SURETY Eco, the end-to-end AML Compliance Ecosystem